SWEPCo Years Ended December 31, Description 2020 2019 2018 (in millions) Retail Revenues Residential Sales $ 637.4  $ 645.3  $ 666.0  Commercial Sales 471.5  490.6  502.6  Industrial Sales 332.1  342.3  346.2  Other Retail Sales 9.1  9.1  8.9  Total Retail Revenues 1,450.1  1,487.3  1,523.7  Wholesale Revenues Off-system Sales 162.0  194.7  216.8  Transmission 87.0  72.6  94.2  Total Wholesale Revenues 249.0  267.3  311.0  Other Electric Revenues 16.5  20.6  20.9  Provision for Rate Refund (19.0) (30.6) (63.7) Total Electric Generation, Transmission and Distribution Revenues 1,696.6  1,744.6  1,791.9  Sales to Affiliates 39.0  4.9  28.4  Other Revenues 2.9  1.4  1.6  Total Revenues $ 1,738.5  $ 1,750.9  $ 1,821.9  General FINANCING ENVIRONMENTAL AND OTHER MATTERS General 8 AEP subsidiaries are currently subject to regulation by federal, state and local authorities with regard to air and water-quality control and other environmental matters, and are subject to zoning and other regulation by local authorities. The environmental issues that management believes are potentially material to the AEP System are outlined below. AEP’s subsidiaries have also utilized, and expect to continue to utilize, additional financing arrangements, such as securitization financings and leasing arrangements, including the leasing of coal transportation equipment and facilities. AEP’s revolving credit agreement (which backstops the commercial paper program) includes covenants and events of default typical for this type of facility, including a maximum debt/capital test. In addition, the acceleration of AEP’s payment obligations, or the obligations of certain of its major subsidiaries, prior to maturity under any other agreement or instrument relating to debt outstanding in excess of $50 million, would cause an event of default under the credit agreement. As of December 31, 2020, AEP was in compliance with its debt covenants. With the exception of a voluntary bankruptcy or insolvency, any event of default has either or both a cure period or notice requirement before termination of the agreement. A voluntary bankruptcy or insolvency of AEP or one of its significant subsidiaries would be considered an immediate termination event. See “Financial Condition” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2020 Annual Report for additional information. Companies within the AEP System generally use short-term debt to finance working capital needs. Short-term debt may also be used to finance acquisitions, construction and redemption or repurchase of outstanding securities until such needs can be financed with long-term debt. In recent history, short-term funding needs have been provided for by cash on hand and AEP’s commercial paper program. Funds are made available to subsidiaries under the AEP corporate borrowing program. Certain public utility subsidiaries of AEP also sell accounts receivable to provide liquidity. See “Financial Condition” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2020 Annual Report for additional information.