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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.
On November 25, 2020, Dayton Power & Light Company (DP&L), a subsidiary of AES Corporation (NYSE:AES), announced plans to enhance service reliability across its 24-county territory in Ohio while maintaining the lowest rates among investor-owned utilities. Key investments will support recovery from 2019 tornado damage and offer customers more control over energy use. An application to update delivery rates will be submitted to the Public Utilities Commission of Ohio on November 30, 2020, with a potential monthly bill increase of $11.26 for typical residential customers.
The AES Corporation (NYSE: AES) has priced $800 million of 1.375% senior notes due 2026 and $1 billion of 2.450% senior notes due 2031, amounting to a total of $1.8 billion in new notes. The net proceeds will fund eligible green projects and refinance existing senior notes, including the 5.500% notes due 2025 and 6.000% notes due 2026. A closing date is expected on December 4, 2020, subject to conditions.
The AES Corporation (NYSE: AES) has launched cash tender offers for its outstanding senior notes, including 5.500% notes due 2025, 6.000% notes due 2026, and 5.125% notes due 2027. The offers are part of a strategy to amend the indentures governing these securities, seeking to eliminate restrictive covenants. The consent solicitations and tender offers expire on December 17, 2020. AES aims to finance the purchases and is not contingent on a minimum amount of securities being tendered. Payments are due shortly after the expiration date, with an anticipated final settlement on December 21, 2020.
The AES Corporation (NYSE: AES) has announced plans for a private offering of Senior Notes due 2026 and 2031, subject to market conditions. The proceeds will be allocated to eligible green projects while also funding the tender offers for its existing senior notes. This includes redeeming $65 million of 4.500% notes due 2023 and $63 million of 5.500% notes due 2024. The New Notes will only be offered to qualified institutional buyers and have not been registered under the Securities Act.
The AES Corporation (NYSE: AES) announced a merger with Alberta Investment Management Corporation (AIMCo) to combine the sPower solar development platform with AES' clean energy business. This strategic move aims to enhance the transition to cleaner energy solutions in the US. The merged platform will manage a 12 GW development pipeline, with 75% ownership by AES and 25% by AIMCo. The merger promises improved product offerings and innovation, benefiting customers aiming for sustainable energy goals. The transaction is expected to close in the coming months, pending customary conditions.
AM Best has upgraded the Financial Strength Rating of AES Global Insurance Company (AGIC) from B++ to A- (Excellent) and its Long-Term Issuer Credit Rating from bbb+ to a-. The outlook for these ratings is stable. This upgrade reflects AGIC's strong balance sheet strength and operating performance. Over the past five years, AGIC's surplus has more than doubled, indicating improved risk-adjusted capitalization and effective risk management. AGIC plays a crucial role in AES Corporation's overall risk management strategy, enhancing investor confidence.
The AES Corporation (NYSE: AES) reported its Q3 2020 results, revealing a diluted EPS of ($0.50), down from $0.32 in Q3 2019, affected by impairments and sales losses. Adjusted EPS was $0.42, slightly lower than $0.48 a year prior. Notably, AES restored a second investment-grade rating and reduced coal generation to 29% of total output. The company secured 556 MW of new renewables, achieving a total of 2.1 GW for the year. AES maintains a renewables backlog of 6.8 GW, while reaffirming its 2020 Adjusted EPS guidance of $1.32 to $1.42 and a 7% to 9% annual growth target through 2022.
On October 29, 2020, Indianapolis Power & Light Company (IPL), a subsidiary of AES Corporation, appointed Kristina Lund as president and CEO. Lund brings nearly 15 years of experience at AES, most recently serving as Chief Product Officer for carbon-free energy. She aims to enhance customer value through innovative digital solutions and lead a $1.2 billion grid modernization plan. Lisa Krueger will transition to Executive Chairman, overseeing strategic growth for IPL and its parent company. This leadership change is expected to further improve service for IPL's 500,000 customers.
Dayton Power & Light Company (DP&L), a subsidiary of The AES Corporation (NYSE: AES), has appointed Kristina Lund as its new president and CEO. DP&L serves approximately 527,000 customers in west central Ohio. Lund, a senior energy executive with nearly 15 years at AES, aims to lead DP&L through digital transformations and improve customer value. She emphasizes investments in technology and infrastructure, including a recently filed smart grid settlement. Lisa Krueger will become Executive Chairman of DP&L's board, continuing to lead strategic growth.
The AES Corporation (NYSE: AES) has launched a new brand signifying its leadership in the clean energy sector and unveiled new product offerings to assist organizations in achieving their energy goals. AES is a key player in the renewable energy market, adding 2 to 3 gigawatts (GW) annually and has a backlog of 6 GW in projects. The new branding underscores AES's commitment to technological innovation in the energy industry and partnering with customers like Kaua'i Island Utility Cooperative to promote sustainability.
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