A Positive Outlook
Our projected operating earnings range is $3.40 to $3.60 per share for 2015, and $3.45 to $3.85 per share for 2016. We expect to achieve these results through a combination of robust capital investments with timely recovery in our regulated utilities, and continued cost control.
We intend to keep O&M spending in check and expect to invest approximately between $3.8 billion and $4.4 billion per year in capital between 2015 through 2017. If there is unallocated capital in generation and distribution, we will continue to redeploy it to transmission, which has local reliability improvement projects as well as new construction projects ready to go as soon as resources become available. In 2014, the AEP Board approved an incremental $300 million of capital to invest in our transmission business. Our investments are focused on delivering value to our customers and our investors.
We are optimistic about AEP’s future. We have a clear vision for the future as we’re investing in our infrastructure to better serve our customers, engaging our employees, and learning to adapt to transformative changes in our industry. Our success will pay financial rewards to our investors, our work force will be engaged and our customers will realize greater reliability. At AEP, we assume success and we manage, plan and work to realize it.