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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.
AES Corporation has raised its renewable energy growth target by 40%, aiming for 3-4 GW of long-term PPAs annually through 2025. The company plans to reduce coal generation to below 10% by 2025 and achieve net-zero carbon emissions from electricity sales by 2040. AES maintains an average annual growth target of 7-9% for Adjusted EPS and Parent Free Cash Flow, supported by significant investments in renewables and US utilities. Key developments include a $1.5 billion valuation for Uplight and a feasibility study for a green hydrogen project in Chile.
AES Indiana has announced a partnership with Motor to boost electric vehicle (EV) adoption in Indiana. This initiative aims to simplify the EV charging process and reduce rates for all customers, including those without electric cars. AES Indiana plans to implement a new charging rate and offer incentives for EV owners. The collaboration will enhance the customer experience through a digital platform that facilitates EV subscriptions, purchases, and community sharing solutions. This partnership is designed to provide economic and environmental benefits while supporting a greener energy transition.
AES Corporation (NYSE: AES) announced the resignation of Jeffrey Ubben from its Board of Directors, effective March 1, 2021. Ubben served on the board since January 2018 and played a key role during AES' transformation towards sustainability and renewable energy. His resignation is attributed to his new role on ExxonMobil's Board of Directors. AES leadership expressed gratitude for Ubben's contributions and remains focused on accelerating energy transition and innovation.
The AES Corporation reported its financial results for 2020, achieving a diluted EPS of $0.06, down from $0.45 in 2019. However, the adjusted EPS rose to $1.44, surpassing the previous year's $1.36. The company signed new PPAs for 3 GW of renewables, increasing its backlog to 6.9 GW. Notably, it reduced coal generation to 25% of total generation. For 2021, AES anticipates an adjusted EPS between $1.50 and $1.58. The company focuses on sustainable solutions, maintaining its leading position in the energy storage market through Fluence.
The AES Corporation (NYSE: AES) announced the closure of $154.2 million in non-recourse debt financing for the Luna Storage project, a 400-megawatt hour lithium-ion battery storage initiative in Lancaster, California. This financing, one of the largest for standalone battery storage, was facilitated by KeyBanc Capital Markets and others. The project is set to help integrate renewable energy into the grid, ensuring greater reliability for Clean Power Alliance customers. The Luna Storage facility expects to start operations later in 2021.
The AES Corporation (NYSE: AES) will host a virtual Investor Day on March 3, 2021, at 9:00 a.m. EST, focusing on its strategy and financial outlook. The event aims to provide insights into AES's approach to delivering greener energy solutions. Participants can listen via telephone or webcast, with access details provided. A replay will be available post-event on AES's website. This gathering highlights AES's commitment to operational excellence and innovation in energy solutions, empowering stakeholders to engage in the company’s strategic energy transitions.
Indianapolis Power & Light Company (IPL), a subsidiary of AES Corporation (NYSE: AES), has announced the acquisition of a 195 megawatt solar project in Clinton County, Indiana. Managed by Invenergy, the project will be operational by 2023, generating sufficient electricity to power over 30,000 homes. This acquisition aims to diversify IPL's electric generation portfolio and is projected to create 200 temporary construction jobs. The deal awaits approval from the Indiana Utility Regulatory Commission.
The Dayton Power and Light Company (DP&L), a subsidiary of AES (NYSE: AES), announced several senior leadership changes to enhance its service capabilities. Tom Raga will expand his role to lead government affairs for AES US Utilities in Ohio and Indiana. Aaron Cooper has been appointed as Chief Commercial Officer, having over 30 years of experience in the utility sector. Brandi Davis-Handy joins as Chief Public Relations Officer, bringing two decades of communications experience. These changes are part of DP&L's strategy to innovate and improve customer service.
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