# EDGAR Filing Document

**Accession Number:** 0001587650
**File Stem:** 0001587650-26-000008
**Filing Date:** 2026-3
**Character Count:** 60773
**Document Hash:** 3704647ddf3515ecc45a82d9552c1736
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001587650-26-000008.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001587650-26-000008

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Appalachian Consumer Rate Relief Funding LLC
- **CENTRAL INDEX KEY:** 0001587650
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 463706150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-191392-01
- **FILM NUMBER:** 26814501

**BUSINESS ADDRESS:**
- **STREET 1:** 1 RIVERSIDE PLAZA, 28TH FLOOR
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-716-1000

**MAIL ADDRESS:**
- **STREET 1:** 1 RIVERSIDE PLAZA, 28TH FLOOR
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

?xml version='1.0' encoding='ASCII'? aep-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-K** 

(Mark One)

☒&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2025

☐&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from __________ to_________

Commission File Number of issuing entity: 333-191392-01 <br> Central Index Key Number of issuing entity: <u>0001587650</u>

<u>APPALACHIAN CONSUMER RATE RELIEF FUNDING LLC</u>

(Exact name of issuing entity as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 46-3706150 |
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization) | |

---

<u>1 Riverside Plaza, Columbus, Ohio</u> 43215 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (614) 716-3627

Commission File Number of depositor and sponsor: 1-03457 <br> Central Index Key Number of depositor and sponsor: <u>0000006879</u>

APPALACHIAN POWER COMPANY <br> (Exact name of depositor and sponsor as specified in its charter)

---

| | |
|:---|:---|
| Virginia | 54-0124790 |
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization) | |

---

<u>1 Riverside Plaza, Columbus, Ohio</u> 43215 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (614) 716-1000

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| | | | | |
|:---|:---|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: None | Securities registered pursuant to Section 12(b) of the Act: None | Securities registered pursuant to Section 12(b) of the Act: None | Securities registered pursuant to Section 12(b) of the Act: None | |
| Securities registered pursuant to Section 12(g) of the Act: None | Securities registered pursuant to Section 12(g) of the Act: None | Securities registered pursuant to Section 12(g) of the Act: None | Securities registered pursuant to Section 12(g) of the Act: None | |
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | Yes | ☐ | No | ⌧ |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. | Yes | ☐ | No | ⌧ |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ⌧ | No | ☐ |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | Yes | ⌧ | No | ☐ |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. Check One: | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. Check One: | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. Check One: | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934, as amended. Check One: | | | | |
| Large accelerated filer | ☐ | Accelerated filer | ☐ | | | | |
| Non-accelerated filer | ⌧ | Smaller reporting company | ☐ | | | | |
| | | Emerging growth company | ☐ | | | | |
| Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ⌧ |

---

The registrant does not have any voting or non-voting common equity held by non-affiliates.

Documents incorporated by reference: A portion of the proxy statement relating to the 2026 Annual Meeting of Shareholders of American Electric Power Company, Inc. is incorporated by reference in Item 11 of Part III of this report.

Auditor Firm Id: 238&nbsp;&nbsp;&nbsp;&nbsp; Auditor Name: PricewaterhouseCoopers LLP&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Auditor Location: Columbus, Ohio

------

**PART I**

**Item 1. Business.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1A. Risk Factors.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cybersecurity.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 2. Properties.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 3. Legal Proceedings.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 8. Financial Statements and Supplementary Data.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9A. Controls and Procedures.**

Omitted pursuant to General Instruction J of Form 10-K.

------

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**PART III**

**Item 10. Directors and Executive Officers of the Registrant.**

Appalachian Consumer Rate Relief Funding LLC (the Company) has four managers. At least two managers must not be, and must not have been for at least five years prior to the date of his or her appointment: (i) a direct or indirect legal or beneficial owner of the Company or Appalachian Power Company (APCo) or any of their respective affiliates, (ii) a relative, supplier, employee, officer, director (other than as an independent director), manager (other than as an independent manager), contractor or material creditor of the Company or APCo or any of their respective affiliates or (iii) a person who controls (whether directly, indirectly or otherwise) APCo or its affiliates or any creditor, employee, officer, director, manager or material supplier or contractor of APCo or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are the managers of the Company as of March 25, 2026:

---

| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Age</u> | <u>Background</u> |
| Trevor I. Mihalik | 59 | President and manager of the Company. Vice president and chief financial officer of Appalachian Power Company, executive vice president and chief financial officer of American Electric Power Company, Inc. (AEP), and executive vice president, chief financial officer and director of American Electric Power Service Corporation, a subsidiary of AEP (Service Corporation) since January 2025. |
| Matthew D. Fransen | 49 | Manager of the Company. Vice president and treasurer of Appalachian Power Company, treasurer of AEP and senior vice president-treasury and finance of the Service Corporation since December 1, 2024. Joined the Service Corporation in January 2002 and was appointed as director-strategic initiatives in 2010, appointed managing director-strategic initiatives in 2013, became vice president-renewables in February 2016 and vice president-regulated infrastructure development in June 2021. Treasurer of certain other AEP System companies. |
| Sean Emerick | 60 | Manager of the Company. Lead project & program manager since October 2022 for CT Corporation Staffing, Inc., a subsidiary of CT Corporation System. Director, special services, CT Corporation, since 2014. From 2011 to 2014, regional service manager for CT Corporation and, prior to that, vice president and general manager of corporate services at National Registered Agents, Inc. from 2007 to 2011. |
| William Bleier | 35 | Manager of the Company. Associate Director, Customer Service for CT Corporation since 2020. From 2017 to 2020 served as Service Manager, Large Corporations and prior to that served as Account Manager, Mid-Market from 2014 to 2017.  |

---

**Code of Conduct**

The Company is a wholly owned subsidiary of APCo which in turn is an indirect subsidiary of AEP. AEP has adopted a code of conduct and ethics which applies to all of its subsidiaries. AEP maintains a corporate governance page on its website which includes key information about its corporate governance initiatives, including AEP's Principles of Corporate Governance and AEP's Principles of Business Conduct. The corporate governance page can be found at *www.aep.com/investors/governance*.

**Item 11. Executive Compensation.**

Other than the annual independent manager fee of $1,500 paid to CT Corporation System, the Company does not pay any compensation to its executive officers or managers.

The information required by this item with respect to APCo is incorporated herein by reference to the material under *Compensation Discussion and Analysis* of the definitive proxy statement of American Electric Power Company, Inc. for the 2026 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on March 18, 2026.

**Item 12. Security Ownership of Certain Beneficial Owners and Management.**

None.

------

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

None.

**Item 14. Principal Accountant Fees and Services.**

Omitted pursuant to General Instruction J of Form 10-K.

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

**(a) Documents filed as a part of this report:**

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| | |
|:---|:---|
| 1. | Financial Statements. |
|  | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| 2. | Financial Statement Schedules. |
|  | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| 3. | Exhibits required by Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith): |
|  | See Exhibits listed below, which are incorporated herein by reference. |

---

------

**(b) Exhibits required by this Form and Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith)**

<u>[3.1 Certificate of Formation of the Issuing Entity filed with the Delaware Secretary of State on August 19, 2013 (incorporated by reference to exhibit 3.1 included as an exhibit to the Sponsor's Registration Statement on Form S-3 dated September 26, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813000989/efc13-630_ex31.htm)</u>

<u>[3.2 Amended and Restated Limited Liability Company Agreement of the Issuing Entity executed as of October 28, 2013 (incorporated by reference to exhibit 3.2 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex32.htm)</u>

<u>[4.1 Indenture dated as of November 15, 2013 between the Issuing Entity and U.S. Bank National Association providing for the issuance of Senior Secured Consumer Rate Relief Bonds (incorporated by reference to exhibit 4.1 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex41.htm)</u>

<u>[4.2 Form of Senior Secured Consumer Rate Relief Bonds (included as Exhibit A to the Indenture filed as Exhibit 4.1) (incorporated by reference to exhibit 4.1 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex41.htm)</u>

<u>[10.1 Consumer Rate Relief Property Sale Agreement dated as of November 15, 2013 between the Issuing Entity and Appalachian Power Company, as seller (incorporated by reference to exhibit 99.2 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex992.htm)</u>

<u>[10.2 Servicing Agreement dated as of November 15, 2013 between the Issuing Entity and Appalachian Power Company, as servicer (incorporated by reference to exhibit 99.1 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex991.htm)</u>

<u>[10.3 Administration Agreement dated as of November 15, 2013 between the Issuing Entity and Appalachian Power Company, as servicer (incorporated by reference to exhibit 99.3 included as an exhibit to the Sponsor's Current Report on Form 8-K dated November 6, 2013).](https://www.sec.gov/Archives/edgar/data/6879/000090514813001032/efc13-668_ex993.htm)</u>

<u>[\*31.1 Certification pursuant to Rule 13a-14(d)/15d-14(d).](apcocrrf10-kex3112025.htm)</u>

<u>[\*33.1 Report on assessment of compliance with servicing criteria for asset-backed issuers for Appalachian Power Company, as servicer.](apcocrrf10-kex3312025.htm)</u>

<u>[\*33.2 Report on assessment of compliance with servicing criteria for asset-backed issuers for U.S. Bank National Association, as Indenture Trustee.](apcocrrf10-kex3322025.htm)</u>

<u>[\*34.1 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of PricewaterhouseCoopers LLP on behalf of Appalachian Power Company, as servicer.](apcocrrf10-kex3412025.htm)</u>

<u>[\*34.2 Attestation report on assessment of compliance with servicing criteria for asset-backed securities of Ernst & Young LLP for U.S. Bank National Association, as Indenture Trustee.](apcocrrf10-kex3422025.htm)</u>

<u>[\*35.1 Servicer compliance statement of Appalachian Power Company, as servicer.](apcocrrf10-kex3512025.htm)</u>

\*104 Cover Page Interactive Data File - The cover page iXBRL tags are embedded within the inline XBRL document.

**(c) Not Applicable.**

**Item 1112(b). Significant Obligors of Pool Assets.** 

None.

**Item 1114(b)(2). Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.**

None.

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**Item 1115(b). Certain Derivatives Instruments.**

None.

**Item 1117. Legal Proceedings.** 

None.

**Item 1119. Affiliations and Certain Relationships and Related Transactions.**

Appalachian Consumer Rate Relief Funding LLC is a wholly-owned subsidiary of Appalachian Power Company.

**Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.**

The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Securities and the related attestation report for Appalachian Power Company included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K identified no material instances of noncompliance by Appalachian Power Company with the servicing criteria set forth in Item 1122 of Regulation AB.

The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Securities and the related attestation report for U.S. Bank National Association included as Exhibits 33.2 and 34.2, respectively, to this Form 10-K identified no material instances of noncompliance by U.S. Bank National Association with the servicing criteria set forth in Item 1122 of Regulation AB.

See Exhibits 33.1, 33.2, 34.1 and 34.2 to this Form 10-K.

**Item 1123 of Regulation AB. Servicer Compliance Statement.** 

See Exhibit 35.1 to this Form 10-K.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, this 30th day of March, 2026.

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| |
|:---|
| Appalachian Consumer Rate Relief Funding LLC |
| (Issuing Entity) |
| By: Appalachian Power Company, as Servicer |
| <u>/s/ Matthew D. Fransen</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthew D. Fransen |
| Treasurer and Senior Officer in Charge of<br> the Servicing Function |

---

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SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No such annual report, proxy statement, form of proxy or other soliciting material has been sent to Noteholders. The registrant will not be sending an annual report or proxy material to its Noteholders subsequent to the filing of this form.

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO RULE 13a-14(d)/15d-14(d)**

I, Matthew D. Fransen, certify that:

1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Appalachian Consumer Rate Relief Funding LLC (the "Exchange Act periodic reports");

2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

4. I am responsible for reviewing the activities performed by Appalachian Power Company, as Servicer, and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the Servicing Agreement dated as of November 6, 2013 between Appalachian Consumer Rate Relief Funding LLC, as the Issuing Entity, and the Servicer, in all material respects; and

5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and the related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rule 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

6. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank National Association, as Indenture Trustee.

---

| |
|:---|
| Date: March 27, 2026 |
| <br><u>/s/ Matthew D. Fransen &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Name: Matthew D. Fransen<br>Title: Treasurer and Senior Officer in Charge of the<br>Servicing Function, Appalachian Power Company, as <br>Servicer |

---

## Exhibit 33.1

**EXHIBIT 33.1**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-BACKED ISSUERS**

The undersigned hereby certifies that he is the duly elected and acting Treasurer and Senior Officer in Charge of the Servicing Function of American Electric Power Service Corporation as service corporation affiliate of Appalachian Power Company ("APCo"), AEP Texas Inc. ("AEP Texas"), Kentucky Power Company ("KPCo"), and Southwestern Electric Power Company ("SWEPCo"), each a Servicer ("Servicer"), each as a party participating in the servicing function under Item 1122 of Regulation AB, and hereby reports on each Servicer's assessment of compliance with the servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB, as follows:

(1)The undersigned is responsible for assessing compliance with the servicing criteria applicable to each Servicer. The servicing criteria specified in paragraph (d) of Item 1122 of Regulation AB are applicable to each Servicer, excluding the inapplicable servicing criteria as set forth in Appendix A hereto (such criteria after giving effect to such exclusions, the "Applicable Servicing Criteria"). This report covers the asset-backed securities transactions serviced by APCo, AEP Texas, KPCo, and SWEPCo for which each Servicer performs servicing functions for the transactions listed in Appendix B (the "Platform");

(2)Each Servicer used the criteria in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the applicable servicing criteria for the asset-back securities for which it serves as Servicer;

(3)Each Servicer has determined that it is in compliance with the applicable servicing criteria for the asset-backed securities for which it acts as Servicer as of December 31, 2025 and for the period January 1, 2025 through December 31, 2025, which is the period covered by this report on Form 10-K;

(4)Each Servicer attests to only the asset-backed securities for which it acts as Servicer; and

(5)PricewaterhouseCoopers LLP, an independent registered public accounting firm, has issued an attestation report on each Servicers' assessment of compliance with the applicable servicing criteria for the asset-backed securities for which it acts as servicer as of December 31, 2025 and for the period January 1, 2025 through December 31, 2025, which is the period covered by this report on Form 10-K.

Date: March 27, 2026

APPALACHIAN POWER COMPANY,

as Servicer

AEP TEXAS INC.,

as Servicer

KENTUCKY POWER COMPANY,

as Servicer

SOUTHWESTERN ELECTRIC POWER COMPANY,

as Servicer

/s/ Matthew D. Fransen

![image_0.jpg](image_0.jpg)

Name: Matthew D. Fransen

Title: Treasurer and Senior Officer in Charge of

the Servicing Function, American Electric Power Service Corporation

as service corporation affiliate of Appalachian Power Company,

AEP Texas Inc., Kentucky Power Company, and Southwestern Electric Power Company as Servicers

------

**Appendix A**

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| | | | |
|:---|:---|:---|:---|
| | **SERVICING CRITERIA** | **APPLICABLE** <br>**SERVICING CRITERIA**  | **INAPPLICABLE SERVICING CRITERIA** |
| **Reference** | **Criteria** | **Performed by Servicer**  | |
| | **General Servicing Considerations** | | |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  | X |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | X |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information | X  |  |
|  | **Cash Collection and Administration** |  |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X |  |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |

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| | | | |
|:---|:---|:---|:---|
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |
|  | **Investor Remittances and Reporting** |  |  |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | **X** |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with canceled checks, or other form of payment, or custodial bank statements. | X |  |
|  | **Pool Asset Administration** |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |
| 1122(d)(4)(ii) | Pool asset and related documents are safeguarded as required by the transaction agreements | X |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  | **X** |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool assets documents. | X  |  |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | X  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X  |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X  |  |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X  |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. | X <sup>1</sup> |  |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  | X |

---

<sup>1</sup> This criterion is not applicable for Appalachian Consumer Rate Relief Funding LLC.

------

**Appendix B**

Appalachian Consumer Rate Relief Funding LLC<sup>1</sup>

AEP Texas Restoration Funding LLC<sup>2</sup>

Kentucky Power Cost Recovery LLC<sup>3</sup>

SWEPCO Storm Recovery Funding LLC<sup>4</sup>

1 Appalachian Power Company is the Servicer of record for the Senior Secured Consumer Rate Relief Bonds, Series A.

2 AEP Texas Inc. is the Servicer of record for the Senior Secured System Restoration Bonds.

3 Kentucky Power Company is the Servicer of record for the Series 2025 Senior Secured Recovery Bonds.

4 Southwestern Electric Power Company is the Servicer of record for the Series 2024-A Senior Secured Storm Recovery Bonds.

## Exhibit 33.2

**EXHIBIT 33.2**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-**

**BACKED ISSUERS FOR U.S. BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE**

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025 with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform**<sup>1</sup> **(the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment of compliance with the applicable servicing criteria as of and for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

Corporate Trust ABS Platform (A) &nbsp;&nbsp;&nbsp;&nbsp;1

------

U.S. BANK NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>/s/ Joe Nardi</u> 

Name: Joe Nardi

Title: Executive Vice President

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>/s/ Joe Nardi</u> 

Name: Joe Nardi

Title: Executive Vice President

Dated: February 26, 2026

Corporate Trust ABS Platform (A) &nbsp;&nbsp;&nbsp;&nbsp;2

------

**EXHIBIT A to Management's Assertion**

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| <br>**<u>General Servicing Considerations</u>** | <br>**<u>General Servicing Considerations</u>** | <br>**<u>General Servicing Considerations</u>** | <br>**<u>General Servicing Considerations</u>** |
| <br>1122(d)(1)(i) | <br>Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | <br>**X** |  |
| <br>1122(d)(1)(ii) | <br>If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.  | <br>**X**<sup>2</sup> |  |
| <br>1122(d)(1)(iii) | <br>Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.  |  | <br>**X** |
| <br>1122(d)(1)(iv) | <br>A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.  | <br>**X** |  |
| <br>1122(d)(1)(v) | <br>Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | <br>**X**<sup>3</sup> |  |
| <br>**<u>Cash Collection and Administration</u>** | <br>**<u>Cash Collection and Administration</u>** | <br>**<u>Cash Collection and Administration</u>** | <br>**<u>Cash Collection and Administration</u>** |
| <br>1122(d)(2)(i) | <br>Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.  | <br>**X** |  |
| <br>1122(d)(2)(ii) | <br>Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.  | <br>**X** |  |
| <br>1122(d)(2)(iii) | <br>Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.  | <br>**X**<sup>4</sup> |  |
| <br>1122(d)(2)(iv) | <br>The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.  | <br>**X** |  |
| <br>1122(d)(2)(v) | <br>Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.  | <br>**X** |  |
| <br>1122(d)(2)(vi) | <br>Unissued checks are safeguarded so as to prevent unauthorized access.  | <br>**X** |  |

---

<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

Corporate Trust ABS Platform (A) &nbsp;&nbsp;&nbsp;&nbsp;3

------

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| <br>1122(d)(2)(vii) <br>&nbsp;&nbsp;&nbsp;&nbsp; | <br>Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.  | <br>**X** |  |
| <br>**<u>Investor Remittances and Reporting</u>** | <br>**<u>Investor Remittances and Reporting</u>** | <br>**<u>Investor Remittances and Reporting</u>** | <br>**<u>Investor Remittances and Reporting</u>** |
| <br>1122(d)(3)(i) | <br>Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.  | <br>**X** |  |
| <br>1122(d)(3)(ii) | <br>Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.  | <br>**X**  |  |
| <br>1122(d)(3)(iii) | <br>Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements.  | <br>**X** |  |
| <br>1122(d)(3)(iv) | <br>Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.  | <br>**X** |  |
| <br>**<u>Pool Asset Administration</u>** | <br>**<u>Pool Asset Administration</u>** | <br>**<u>Pool Asset Administration</u>** | <br>**<u>Pool Asset Administration</u>** |
| <br>1122(d)(4)(i)  | <br>Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.  |  | <br>**X** |
| <br>1122(d)(4)(ii) | <br>Pool assets and related documents are safeguarded as required by the transaction agreements. |  | <br>**X** |
| <br>1122(d)(4)(iii) | <br>Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.  | <br>**X** |  |
| <br>1122(d)(4)(iv) | <br>Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.  |  | <br>**X** |

---

Corporate Trust ABS Platform (A) &nbsp;&nbsp;&nbsp;&nbsp;4

------

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| <br>1122(d)(4)(v) | <br>The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance.  |  | <br>**X** |
| <br>1122(d)(4)(vi) | <br>Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.  |  | <br>**X** |
| <br>1122(d)(4)(vii) | <br>Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.  |  | <br>**X** |
| <br>1122(d)(4)(viii) | <br>Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).  |  | <br>**X** |
| <br>1122(d)(4)(ix) | <br>Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.  |  | <br>**X** |
| <br>1122(d)(4)(x) | <br>Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.  |  | <br>**X** |
| <br>1122(d)(4)(xi) | <br>Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.  |  | <br>**X** |
| <br>1122(d)(4)(xii) | <br>Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.  |  | <br>**X** |
| <br>1122(d)(4)(xiii) | <br>Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.  |  | <br>**X** |
| <br>1122(d)(4)(xiv)  | <br>Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.  |  | <br>**X** |
| <br>1122(d)(4)(xv) | <br>Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.  | <br>**X** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Corporate Trust ABS Platform (A) &nbsp;&nbsp;&nbsp;&nbsp;5

## Exhibit 34.1

**Exhibit 34.1**

**Report of Independent Registered Public Accounting Firm**

To the Management of American Electric Power Service Corporation as service corporation affiliate of Appalachian Power Company, AEP Texas Inc., Southwestern Electric Power Company and Kentucky Power Company

We have examined American Electric Power Service Corporation's, as service corporation affiliate of Appalachian Power Company, AEP Texas Inc., Southwestern Electric Power Company and Kentucky Power Company (the "Company") compliance with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the asset backed securities transactions serviced by Appalachian Power Company, AEP Texas Inc., Southwestern Electric Power Company and Kentucky Power Company for which each servicer performs servicing functions for the transactions (the "Platform") as described in the accompanying Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers, as of December 31, 2025 and for the year then ended, excluding criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(vi), 1122(d)(3)(ii), 1122(d)(4)(iii), 1122(d)(4)(v),1122(d)(4)(ix), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv), which the Company has determined are not applicable to the servicing activities performed by it with respect to the Platform. Appendix B to management's assertion identifies the individual asset backed transactions and securities defined by management as constituting the Platform. American Electric Power Service Corporation's management, as service corporation affiliate of Appalachian Power Company, AEP Texas Inc., Southwestern Electric Power Company and Kentucky Power Company, is responsible for its assertion and for the Company's compliance with the applicable servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the applicable servicing criteria based on our examination.

Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the applicable servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Platform, testing of selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the applicable servicing criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that American Electric Power Service Corporation, as service corporation affiliate of Appalachian Power Company, AEP Texas Inc., Southwestern Electric Power Company and Kentucky Power Company complied with the aforementioned applicable servicing criteria as of and for the year ended December 31, 2025 for the Platform, in all material respects.

/s/ PricewaterhouseCoopers LLP

Columbus, Ohio

March 30, 2026

## Exhibit 34.2

**EXHIBIT 34.2** 

**ATTESTATION REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR**

**ASSET-BACKED SECURITIES OF ERNST & YOUNG LLP ON BEHALF OF U.S. BANK NATIONAL**

**ASSOCIATION, AS INDENTURE TRUSTEE**

Report of Independent Registered Public Accounting Firm

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

<u>/s/ Ernst & Young LLP</u>

&nbsp;&nbsp;&nbsp;&nbsp;

Minneapolis, Minnesota

February 26, 2026

## Exhibit 35.1

**EXHIBIT 35.1**

**SERVICER COMPLIANCE STATEMENT**

I, Matthew D. Fransen, certify that:

(a) A review of Appalachian Power Company's (the "Servicer") activities during the reporting period covered by this Report on Form 10-K and of its performance under that certain Servicing Agreement dated as of November 6, 2013 between Appalachian Consumer Rate Relief Funding LLC, as the Issuing Entity, and the Servicer (the "Servicing Agreement") has been made under my supervision.

(b) To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the reporting period.

Date: March 27, 2026

<u>/s/ Matthew D. Fransen &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Matthew D. Fransen

Title: Treasurer and Senior Officer in Charge of

the Servicing Function, Appalachian Power Company, as Servicer

<br>