OCC Approves Plans by AEP and CSW To Submit Amended Filing for Merger Approval

Columbus, Ohio, and Dallas, Texas (Oct. 26, 1998) - The Oklahoma Corporation Commission (OCC) has approved plans by American Electric Power Company, Inc. ("AEP")[NYSE: AEP] and Central and South West Corporation ("CSW")[NYSE: CSR] to submit an amended filing seeking approval of the proposed merger of the two companies. OCC Administrative Law Judge Robert Goldfield on Oct. 1 said he would recommend to the commission that the merger filing currently before the OCC be dismissed without prejudice for lack of information regarding the potential impact of the merger on the retail electric market in Oklahoma. The administrative law judge's oral recommendation was in response to motions from Oklahoma Gas and Electric Company, the Municipal Electric Systems of Oklahoma, Inc., and the Oklahoma Association of Electric Cooperatives. Subsequent meetings regarding power flow and retail market studies were held between the parties and resulted in an agreement on criteria for the additional studies. On Oct. 21, Judge Goldfield approved these criteria, as well as AEP and CSW's plans to file an amended application along with the additional studies. The amended application will be used to supplement the original filing. AEP and CSW have already begun preparation of the additional studies and expect to be able to submit the amended application along with the results of the studies in a few weeks. Submission of the amended application would reset Oklahoma's 90-day statutory time period for OCC action on the merger phase of the application. All other material in the written record in the merger case will be preserved since the proceeding is not being dismissed. The companies anticipate that the OCC will establish a procedural schedule that will result in the issuance of a final order in Oklahoma in the first quarter of 1999. The revision to the Oklahoma procedural schedule should not affect the timing of the merger closing, which is targeted for completion during the first half of 1999. "By working together, the parties were able to resolve perceived deficiencies in our original filing," said Mark Roberson, CSW vice president, regulatory affairs. "We're pleased that the parties were able to reach a mutually agreeable approach, especially since the judge's initial recommendations did not question the merits of the merger." On Aug. 14 AEP and CSW jointly filed a request with the OCC for approval of their proposed merger. Similar requests have been filed at the Arkansas Public Service Commission, the Louisiana Public Service Commission, the Public Utility Commission of Texas, the Federal Energy Regulatory Commission (FERC) and the Securities and Exchange Commission (SEC). Testimony submitted in those filings outlines the expected combined company benefits of the merger to AEP and CSW customers and shareholders, which include: · $2 billion in net non-fuel cost savings over 10 years; · $98 million in net fuel savings over 10 years; · Improved capital structure and increased financial strength; · Increased diversity in customer base, generating resources and service territory; · Optimization of business practices and continued high-quality service; · Support for restructuring of retail electric markets; and · Support for an independent system operator. AEP and CSW have proposed a regulatory plan in Oklahoma that provides for: · Approximately $11.8 million in fuel cost savings to Oklahoma customers of CSW's Public Service Company of Oklahoma (PSO) subsidiary during the 10 years following completion of the merger; · A commitment not to raise base rates above current levels prior to Jan. 1, 2002, for PSO retail customers in Oklahoma and to share approximately one-half of the savings from synergies created by the merger during the first 10 years following the merger. Under this plan, approximately $78.6 million of these non-fuel merger-related savings will be used to reduce future costs to PSO's retail customers; and · A commitment to continue the current high level of customer service and to identify opportunities and implement measures to further improve service quality. The Arkansas Commission has granted conditional approval of the merger subject to approval of the regulatory proposal associated with the merger. Central and South West Corporation is a Dallas-based public utility holding company that owns four U.S. electric utility subsidiaries with 1.7 million customers, a regional electricity company serving 2 million customers in the United Kingdom, and nonutility subsidiaries involved in energy-related investments as well as subsidiaries that offer telecommunications, energy efficiency and financial transactions. On Dec. 22, 1997, CSW announced a definitive merger agreement for a tax-free, stock-for-stock transaction with AEP. American Electric Power Company, Inc., 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.

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

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