12/17/1999

MICHIGAN COMMISSION APPROVES SETTLEMENT RELATED TO AEP-CSW MERGER

Columbus, Ohio, and Dallas, Dec.16, 1999 -- The Michigan Public Service Commission (MPSC) approved a Settlement Agreement with American Electric Power (NYSE: AEP) today related to the pending merger of AEP and Central and South West Corporation (NYSE: CSR). In approving the Settlement Agreement, the MPSC has agreed to not oppose the merger at the federal level. AEP has agreed to share merger savings with Michigan customers as well as AEP shareowners; establish performance standards that will maintain or improve customer service and system reliability; join a regional transmission organization by Dec. 31, 2000; and establish affiliate rules to protect consumers and promote fair competition. Michigan's jurisdictional share of the net guaranteed merger savings -- approximately $25.4 million over the next eight years -- will be split between Michigan customers and AEP shareowners, with customers receiving approximately 55 percent of the savings. Once the merger is consummated, Michigan customers will receive their share of the savings through credits of approximately 1 percent to 1.5 percent every year. The credits will continue for at least eight years and will not be affected by any changes to the current regulatory structure in Michigan. The agreement extends by one year -- to January 1, 2005 -- AEP's base rate filing limitation put into effect today in a separate MPSC Order. "The MPSC has recognized -- as have many other states and customer groups -- that our merger provides many benefits for the consumer," said E. Linn Draper Jr., AEP's chairman, president and chief executive officer. "The combined companies will be a very efficient, low-cost energy provider. Our customers, who already receive electricity prices far below the national average, will reap the added benefit of sharing in the cost savings brought by the merger." AEP and CSW announced their intention to merge on Dec. 22, 1997. The merger requires approvals by the FERC, the Federal Communications Commission and the Securities and Exchange Commission and clearance by the Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Upon completion of the merger, the new company will be called American Electric Power. The administrative law judge who presided over the FERC merger hearing found the AEP-CSW merger to be in the public interest. AEP and CSW also reached a settlement with the FERC trial staff in which the staff supports a finding that the merger will have no adverse effect on competition. The merger has received approval from state regulatory commissions in Arkansas, Louisiana, Oklahoma and Texas, the four states within CSW’s service territory. AEP and CSW have announced settlement agreements with the International Brotherhood of Electrical Workers (IBEW) and the Utility Workers Union of America (UWUA) resulting in the IBEW and UWUA local unions withdrawing their opposition to completion of the merger; as well as with the Indiana Utility Regulatory Commission (IURC) resulting in Indiana customers receiving merger benefits and including a commitment by the IURC not to oppose the merger during consideration of the merger agreement by the FERC and the SEC. AEP and CSW also have announced a settlement agreement with key parties in Kentucky that has been approved by the Kentucky Public Service Commission, as well as a settlement agreement with the Missouri Public Service Commission addressing that commission’s concerns about the effect of the merger on retail competition in the state. The Public Utility Commission of Ohio (PUCO) has notified the FERC that the PUCO is no longer opposing the pending merger or seeking conditions on the merger. Additionally, AEP and CSW have reached settlements with a variety of wholesale customers who had intervened in federal proceedings. The Nuclear Regulatory Commission has approved a license transfer application related to the merger. Central and South West Corp. is a global, diversified public utility holding company based in Dallas. CSW owns four electric operating subsidiaries serving 1.7 million customers in Texas, Oklahoma, Louisiana and Arkansas; a regional electricity company in the United Kingdom; other international energy operations and non-utility subsidiaries involved in energy-related investments, telecommunications, energy efficiency and financial transactions. AEP, a global energy company, is one of the United States’ largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio. ### News releases and other information about CSW can be found on the World Wide Web at http://www.csw.com.

For More Information, Contact: For American Electric Power Pat Hemlepp 614/223-1620 For Central and South West Larry Jones 214/777-1276

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