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The AES Corporation reports news on its global power business, including electricity generation assets, utility operations, and a portfolio that includes renewable energy, gas, coal, and oil facilities. Company updates commonly cover operating and financial results, portfolio and contract matters, shareholder voting items, and capital-structure actions tied to its debt and credit arrangements.
Recent AES news also includes consent solicitations and amendments involving senior notes, along with governance and security-holder matters. These items frame AES as a NYSE-listed power company whose recurring disclosures connect generation operations, utility ownership, and corporate finance activity.
The AES Corporation (NYSE: AES) has acquired a 49.9% stake in AES Colón from Inversiones Bahia, Ltd., increasing its ownership to 100%. AES Colón operates a 381 MW LNG-fired power plant and an LNG storage facility. The plant's output is fully contracted until 2028, enhancing AES' commitment to cleaner energy in Panama. This strategic move aims to maximize the value of AES' regional LNG business and integrate new partners into these assets, promising synergies and operational flexibility.
On August 19, 2021, AES selected Borrego to engineer and construct three utility-scale solar projects in Michigan, marking Borrego's entry into the state's clean energy market. The projects, with a total capacity of 72 MW-DC, are set to generate around 104,500 megawatt-hours annually, enough to power over 9,000 households. Ownership will transfer to AES post-completion, with electricity sold to Consumers Energy under a long-term power purchase agreement. This partnership highlights Borrego's ongoing growth and commitment to supporting renewable energy goals in Michigan.
AES reported Q2 2021 financial results, achieving a diluted EPS of $0.03, an increase from $(0.13) in Q2 2020. Adjusted EPS rose to $0.31 compared to $0.25 last year. The company secured regulatory approvals for over $2 billion in new investments, aiming for a 9% annual growth rate through 2025. AES signed 1.8 GW of new renewable energy PPAs, expanding its backlog to 8.5 GW. The coal generation target is set to under 10% by 2025, following the retirement of 1.1 GW of coal capacity. Moody's revised AES' Ba1 rating outlook to positive, reflecting financial improvement.
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.