AES Tops List of Largest Corporate Energy Providers Globally by BNEF

Rhea-AI Summary

AES has been ranked as the top seller of clean energy to corporations globally in 2024 by BloombergNEF (BNEF), marking its third consecutive year as a leader in the rankings. The company's position is notably strengthened by its partnerships with major technology companies, including Amazon, which ranked as the top corporate buyer in 2024.

The BNEF Corporate Energy Market Outlook report revealed that corporate clean energy contracts reached a record high in 2024, with a 36% year-over-year increase from 46 GW to 62 GW. AES CEO Andrés Gluski highlighted strong and growing demand for clean energy, particularly from AI data centers and advanced manufacturing, emphasizing renewables and energy storage as the fastest solutions for America's economic growth needs.

Positive

• Achieved #1 ranking as global corporate clean energy seller for third consecutive year
• Record corporate clean energy contracts with 36% YoY growth (46 GW to 62 GW)
• Strong partnership with Amazon, the top corporate buyer in 2024

Negative

• None.

Ranking Marks Third Consecutive Year as a Top Seller

ARLINGTON, Va., Feb. 18, 2025 /PRNewswire/ -- The AES Corporation (NYSE: AES) has been ranked as the top seller of clean energy to corporations globally in 2024, according to BloombergNEF's (BNEF) Corporate Energy Market Outlook. This marks the third consecutive year AES has been a leader in the rankings, which track the volume of corporate Power Purchase Agreement (PPA) signings.

BNEF's ranking reflects AES' position as one of the largest energy providers to technology companies globally, including Amazon, which ranked as the top corporate buyer in 2024.

"We see demand for clean energy from the corporate sector as strong and growing, especially from AI data centers and advanced manufacturing. This prestigious ranking reflects our continuing partnerships with leading corporations to provide tailored solutions, within the timeframe they need," said Andrés Gluski, AES president and CEO. "Renewables and energy storage have by far the fastest time to market and will continue to provide most of the additional power needed for America's economic growth."

According to the BNEF report, corporations signed contracts for a record amount of clean energy in 2024, representing a 36% year-over-year increase, from 46 GW to 62 GW.

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.

Any Stockholder who desires a copy of the Company's 2023 Annual Report on Form 10-K filed February 26, 2024 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com.

Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of Company information. The information AES posts through these channels may be deemed material. Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website. The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

Press Release
Investor Relations: Susan Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Stephanie Cathcart 571-294-6824, stephanie.cathcart@aes.com

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SOURCE The AES Corporation

FAQ

What was AES 's ranking in BNEF's Corporate Energy Market Outlook for 2024?

AES ranked as the top seller of clean energy to corporations globally in 2024, according to BloombergNEF's Corporate Energy Market Outlook.

How much did corporate clean energy contracts grow in 2024 according to BNEF?

Corporate clean energy contracts grew by 36% year-over-year in 2024, increasing from 46 GW to 62 GW.

How many consecutive years has AES been a leader in BNEF's clean energy rankings?

AES has been a leader in BNEF's rankings for three consecutive years.

Who was the largest corporate buyer of clean energy from AES in 2024?

Amazon was the largest corporate buyer of clean energy in 2024, according to the BNEF report.

What sectors are driving clean energy demand for AES in 2024?

AI data centers and advanced manufacturing are driving strong demand for clean energy, according to AES.