Columbus, Ohio and Dallas, Texas (June 19, 1998) -- Central Power and Light Company (CPL), a subsidiary of Central and South West Corporation (CSW) (NYSE: CSR) today filed a license transfer application with the Nuclear Regulatory Commission (NRC) in connection with the proposed merger between CSW and American Electric Power Company, Inc. (NYSE: AEP). The application requests the NRC's consent to the indirect transfer of control of CPL's interests in the NRC licenses issued with respect to the South Texas Project (STP) nuclear power plant, which would result from the proposed merger between CSW, CPL's parent company, and AEP. CPL will continue to own a 25.2 percent share of the South Texas Project nuclear power plant, located near Bay City, Texas, and CPL's name will remain on the NRC operating license. The merger will have no effect on either the technical management or operation of the nuclear power plant. The STP Nuclear Operating Company will continue management of the power plant's operations. Today's filing marks the fifth of several regulatory filings that will be made to obtain approval of the proposed merger. As previously reported, on April 30, CSW and AEP submitted filings to the Public Utility Commission of Texas and the Federal Energy Regulatory Commission seeking favorable rulings relating to the proposed merger. CSW and AEP submitted a similar filing to the Louisiana Public Service Commission on May 15 and to the Arkansas Public Service Commission on June 12. CSW and AEP will file an application with the Oklahoma Corporation Commission shortly. The parties plan to make other required federal filings with the Securities and Exchange Commission, the Federal Communications Commission and the Department of Justice and/or the Federal Trade Commission later this year. AEP and CSW anticipate obtaining all necessary regulatory approvals and completing the merger during the first half of 1999. However, there can be no assurance that AEP and CSW will obtain all necessary regulatory approvals, or when such approvals will be obtained. Shareholders for both companies in May voted overwhelming to support the merger. Central and South West Corporation 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. 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. --- News releases and other information about CSW can be found on the World Wide Web at http://www.csw.com. --- This news release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are: whether or not the proposed merger of AEP and CSW ultimately is consummated, the timing of consummation and the effects of any conditions imposed by regulators on the merged companies; electric load and customer growth; abnormal weather conditions; available sources and cost of fuel and generating capacity; the speed and degree to which competition enters the power generation, wholesale and retail sectors of the electric utility industry; state and federal legislative and regulatory initiatives that, among other things, increase competition, threaten cost and investment recovery and affect rate structures; the ability of the combined company to successfully reduce its cost structure; the degree to which the combined company develops nonregulated business ventures; the economic climate and growth in the service territories of the two companies; the amount of savings generated by the merger; the inflationary trends and interest rates and the other risks detailed from time to time in the two companies' SEC reports.