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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.
AM Best has affirmed the A (Excellent) Financial Strength Rating and 'a' (Excellent) Long-Term Issuer Credit Rating of AES Global Insurance Company (AGIC) with a stable outlook. The ratings reflect AGIC's very strong balance sheet, strong operating performance, and appropriate risk management. As a single-parent captive for The AES [NYSE: AES], AGIC demonstrates favorable underwriting results and low expense structure while serving as an integral part of AES's risk management framework. The ratings acknowledge AGIC's strategic importance to AES, a Fortune 500 global energy company operating in generation, distribution, and energy storage.
AES reported Q3 2024 financial results with GAAP Diluted EPS of $0.72, up from $0.32 in Q3 2023, and Adjusted EPS of $0.71, compared to $0.60 last year. The company completed 1.2 GW of construction and secured 2.2 GW of new contracts, including renewables PPAs and data center load growth. Net Income was $210 million, down from $291 million in Q3 2023. AES reaffirmed its 2024 guidance, expecting Adjusted EPS in the upper half of $1.87-$1.97 range and Adjusted EBITDA towards the low end of $2,600-$2,900 million due to extreme weather in Colombia and lower Energy Infrastructure margins.
The AES (NYSE: AES) has announced its quarterly common stock dividend. The Board of Directors has declared a dividend of $0.1725 per share, which will be payable on November 15, 2024. Shareholders of record at the close of business on November 1, 2024 will be eligible for this dividend.
For additional information regarding dividends paid by AES, including tax treatment, investors can visit the company's website at www.aes.com. The relevant information can be found by navigating to the 'Investors' section, then 'Stock Information', and finally 'Dividend History'.
The AES (NYSE: AES) will hold a conference call on Friday, November 1, 2024, at 9:00 a.m. ET to review its third quarter 2024 financial results. The call will feature prepared remarks and a Q&A session, and it will be open to the media and public in a listen-only mode via telephone and webcast. To join the teleconference, dial 1-833-470-1428 (international callers: +1-404-975-4839) at least ten minutes before the start, using the Participant Access Code 132288. Access to the call and presentation materials will be available on the AES website under 'Investors' then 'Presentations and Webcasts'. A webcast replay will be accessible shortly after the call's completion on the AES website.
AES has announced a strategic partnership with CDPQ, selling a 30% indirect equity interest in AES Ohio for approximately US$546 million. This expands their existing partnership at AES Indiana, creating a similar ownership structure for both utilities. The deal is expected to close in the first half of 2025.
Key points:
- AES Ohio plans to invest over US$1.5 billion from 2024 through 2027 to improve system reliability
- Anticipated compound annual rate base growth in the mid-teens through 2027
- Potential for peak load increase of over 50% by 2030 due to growing data center demand
- CDPQ commits to funding its pro rata share of AES Ohio's near-term capital requirements
- This transaction brings AES's total asset sales to over US$2.7 billion of its US$3.5 billion target for 2023-2027
Mill Creek Renewables (MCR) has announced the start of commercial operations at Great Cove Solar, the largest solar project in Pennsylvania. The 220 MW project spans two solar facilities across 1,600 acres in Franklin and Fulton Counties. With over 485,000 panels, it can generate enough electricity to power approximately 38,060 homes.
The project will supply power to the University of Pennsylvania campus in Philadelphia and the University of Pennsylvania Health System, which operates medical facilities throughout Pennsylvania and New Jersey. MCR expressed gratitude to their client, AES, for the partnership and looks forward to future collaborations with businesses committed to renewable energy.
AES (NYSE: AES) reported strong Q2 2024 financial results, highlighting record sales with data center hyperscalers. Key achievements include:
1. Signing 2.5 GW of new agreements, with 2.2 GW directly with data center customers.
2. Increasing the backlog of signed long-term PPAs to 12.6 GW.
3. Completing 1.6 GW of construction or acquisition year-to-date, on track for 3.6 GW in 2024.
Financial highlights:
- Adjusted EPS of $0.38, up from $0.21 in Q2 2023
- Adjusted EBITDA with Tax Attributes of $843 million, up from $607 million in Q2 2023
AES now expects to achieve the upper half of its 2024 Adjusted EPS guidance range of $1.87 to $1.97 and reaffirms its 7% to 9% annualized growth target through 2027.
AES has introduced Maximo, an AI-powered robot designed to revolutionize solar panel installation. This groundbreaking technology can install panels in half the time and at half the cost of traditional methods, working alongside human crews to meet the rapidly growing demand for renewable energy. Maximo has already installed nearly 10 MW of solar and is projected to install 100 MW by 2025.
AES plans to utilize Maximo in constructing up to 5 GW of its solar backlog over the next three years, including the 2 GW Bellefield project in California. The robot's AI-powered features include computer vision for precise panel placement, continuous learning for efficiency improvements, and image reconstruction to overcome challenging lighting conditions.
The AES (NYSE: AES) announced a quarterly dividend of $0.1725 per share. This dividend is payable on August 15, 2024, to shareholders of record as of August 1, 2024. Investors can find additional information regarding the dividends, including tax treatment, on the AES website under 'Investors' and 'Dividend History.'
The AES (NYSE: AES) will hold a conference call to discuss its Q2 2024 financial results on August 2, 2024, at 10:00 a.m. ET. The call will feature prepared remarks and a Q&A session. Media and the public can listen in a listen-only mode via telephone or webcast. To join, dial 1-833-470-1428, with international callers dialing +1-404-975-4839, and use the Participant Access Code 863773. The webcast and presentation materials will be available on the AES website under 'Investors' and then 'Presentations and Webcasts.' A replay will be accessible post-call on www.aes.com.