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The AES Corporation (NYSE: AES) is a Fortune 500 global energy company dedicated to accelerating the future of energy. Operating in 15 countries, AES serves more than 2.5 million customers with its diverse portfolio, including over 35 gigawatts of generation capacity, spanning renewable energy (53%), gas (27%), coal (18%), and oil (2%). With a workforce of 18,500 people, AES focuses on delivering affordable, sustainable energy solutions to meet the world's evolving power needs. The company has achieved significant milestones, including signing new contracts for 5.6 GW of renewables in 2023 and completing the construction of 3.5 GW of renewable projects the same year. AES's financial performance is robust, with 2023 revenues of $12.7 billion and adjusted EBITDA of $2.8 billion. Recent strategic moves include the sale of its 47.3% equity interest in AES Brasil for approximately $640 million and a $950 million issuance of green notes to fund eligible green projects. AES continues to solidify its position as a leader in providing smarter, greener energy solutions through innovation, operational excellence, and strategic partnerships. For more information, visit www.aes.com.
The AES Corporation (NYSE: AES) announced a collaboration with X, the moonshot factory, to advance clean energy integration into the grid. This partnership aims to develop tools for real-time grid virtualization in Indiana and Ohio, enhancing grid reliability and operational efficiency while reducing costs. Key executives emphasized the significance of these innovations for a sustainable energy future. This initiative builds on AES's prior strategic alliance with Google aimed at leveraging technology to optimize energy distribution.
AES Indiana plans to acquire and construct a 250 MW solar and 180MWh energy storage facility in Pike County, Indiana, enhancing its shift to renewable energy sources. The Petersburg Solar Project aims to power 45,000 homes during peak hours and create economic benefits, including job creation and new tax revenue for the community. Developed by NextEra Energy Resources, the project is pending approval from the Indiana Utility Regulatory Commission, with expectations to be operational by May 1, 2024. AES Indiana has achieved a 67% emissions decrease since 2015.
The AES Corporation (NYSE: AES) has declared a quarterly dividend of $0.1505 per share, set to be paid on August 16, 2021, to shareholders on record as of August 2, 2021. This reflects the company's ongoing commitment to returning value to its shareholders while advancing its strategic energy initiatives. Investors can find more details regarding the dividend and its tax treatment on the company's website under the 'Investors' section.
The AES Corporation (NYSE: AES) signed an historic agreement with Chile's government to retire 1,097 MW of coal generation by 2025, representing about 20% of the nation's coal capacity. This initiative supports AES' strategic decarbonization plan, aiming to eliminate approximately 6 million tons of CO2 emissions. The company is investing $3 billion in renewable energy projects in Chile and Colombia, targeting net-zero emissions by 2040. The announcement is aligned with AES' goal to reduce coal generation to less than 10% by 2025, with no impact on its 2021 guidance or growth forecasts.
The AES Corporation (NYSE: AES) will hold a conference call on August 5, 2021, at 9:00 a.m. EDT to discuss its Q2 2021 financial results. This event will be accessible to the public via telephone and webcast. Participants can listen by calling 1-888-317-6003 or +1-412-317-6061 for international calls, with the Conference ID 0382752. A replay will be available after the call on the AES website. The company emphasizes its commitment to delivering innovative energy solutions, improving lives, and fostering operational excellence.
The AES Corporation (NYSE: AES) has announced a partnership with Uplight to enhance customer engagement and energy management. This collaboration aims to accelerate the transition to a cleaner energy future by utilizing Uplight’s Connect Platform, which leverages extensive energy data and machine learning. AES plans to roll out over 15 solutions from Uplight, offering personalized energy insights to help customers save money and participate in low-carbon initiatives. The partnership is set to innovate new products and deepen customer-centric services over the next five years.
AES Ohio has achieved a significant milestone with the approval of its settlement agreement by the Public Utility Commission of Ohio. This enables a $249 million investment in smart grid technology over four years, enhancing reliability and customer service. The plan includes upgrading to smart meters, creating a self-healing grid, and offering rebate programs for electric vehicle equipment. Despite a minimal expected monthly bill increase of $0.94, AES Ohio maintains the lowest residential rates among Ohio's investor-owned utilities, promising substantial customer benefits.
AES Indiana has received approval from the Indiana Utility Regulatory Commission to acquire the Hardy Hills solar project, a 195-megawatt initiative in Clinton County, Ind. This project will contribute to AES Indiana's transition towards renewable energy, aiming for construction to begin in fall 2021 and commercial operation by 2023. It is projected to power over 30,000 homes during peak hours and will create 200 temporary construction jobs. The investment is expected to offer long-term savings, enhance reliability, and improve sustainability performance for customers.
AES Corporation reported Q1 2021 results, revealing a diluted EPS of ($0.22), down from $0.22 in Q1 2020, primarily due to increased impairment expenses. The company reaffirmed its adjusted EPS guidance for 2021 at $1.50 to $1.58 and average annual growth target of 7% to 9% through 2025. Notably, AES signed 1,088 MW of new renewable PPAs, including a significant agreement with Google for 500 MW of carbon-free energy in Virginia. AES also secured a 20-year agreement for excess LNG capacity in Central America, strengthening its position in clean energy and innovative solutions.
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