AES Corp (AES)

Business Description

AES is a diversified power generation and utility company organized into four strategic business units (SBUs) based on technology: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The company operates two main lines of business: generation and utilities, involving owning and operating power plants to generate and sell power, as well as distributing and selling electricity to end-user customers in various sectors . AES emphasizes its strategic focus on renewable energy and innovative technologies, indicating significant investment in these areas for future growth .

Utilities - Comprises regulated utilities such as AES Indiana, AES Ohio, and AES El Salvador, which generate, purchase, distribute, transmit, and sell electricity to end-user customers.
Renewables - Includes solar, wind, energy storage, and hydro generation facilities, focusing on sustainable energy solutions.
Energy Infrastructure - Involves natural gas, LNG, coal, pet coke, diesel, and oil generation facilities, including operations in Chile.
New Energy Technologies - Focuses on green hydrogen initiatives and investments in companies like Fluence, Uplight, and 5B, which are involved in innovative energy technologies.

Key Metrics

View all financials →

Executive Team

Name	Position	Start Date	Short Bio
Stephen Coughlin	Executive Vice President & Chief Financial Officer	October 2021	Stephen Coughlin, 52 years old, has served as Executive Vice President and Chief Financial Officer at AES since October 2021. He previously led AES's Corporate Strategy and Financial Planning teams and was CEO of Fluence. He joined AES in 2007 and holds degrees from the University of Virginia and UC Berkeley .
Bernerd Da Santos	Executive Vice President & President of the Renewables SBU	June 2023	Bernerd Da Santos, 60 years old, has served as Executive Vice President and President of the Renewables SBU since June 2023. He has held several positions at AES, including COO and EVP. He joined AES in 2000 and holds multiple degrees, including an MBA from Universidad José Maria Vargas .
Ricardo Manuel Falú	Executive Vice President & Chief Operating Officer	February 2024	Ricardo Manuel Falú, 44 years old, has served as Executive Vice President and Chief Operating Officer at AES since February 2024. He joined AES in 2003 and has held various positions, including President of the Andes region. He holds a CPA degree from Universidad Nacional de Salta and an Executive MBA from IAE Business School .
Paul L. Freedman	Executive Vice President, General Counsel & Corporate Secretary	February 2021	Paul L. Freedman, 53 years old, has served as Executive Vice President, General Counsel, and Corporate Secretary at AES since February 2021. He has been with AES since 2007 and previously worked at the U.S. Agency for International Development. He holds a B.A. from Columbia University and a J.D. from Georgetown University .
Andrés R. Gluski	President & Chief Executive Officer	September 2011	Andrés R. Gluski has been serving as the President and Chief Executive Officer of AES since September 2011. Under his leadership, AES has become a leader in clean technologies. He has held various senior roles at AES since 2000, including EVP and COO .
Tish Mendoza	Executive Vice President & Chief Human Resources Officer	February 2021	Tish Mendoza, 48 years old, has served as Executive Vice President and Chief Human Resources Officer at AES since February 2021. She joined AES in 2011 and has held various HR leadership roles. She holds a bachelor's degree in Business Administration and Human Resources and has earned certificates in Leadership and HR Management .

Questions to Ask Management

With the expected 50%+ load growth in AES Indiana and AES Ohio, how confident are you in your ability to supply the necessary generation capacity, given the planned coal-to-gas conversions and reliance on renewables, and what challenges do you foresee in meeting this demand?
Considering the rise in generative AI and the significant demand for data centers, how is AES planning to secure critical components, such as domestically produced solar panels and batteries, to meet domestic content requirements and avoid potential new tariffs?
How will the current lower interest rate environment impact the profitability of your future projects, especially those yet to be built, and are there opportunities for incremental benefits from reduced financing costs?
You have reported that you are nearly two-thirds of the way to achieving your $3.5 billion asset sale target by 2027; can you provide more details on which specific non-core assets or business segments you are considering for future sales, and how this aligns with your overall strategic focus?
Could you elaborate on the timeline and strategies for your projects to qualify for the domestic content bonus tax credits, specifically addressing the implications for returns in both your solar and storage projects, and how any potential delays might affect your financial projections?

Program Details	Program 1
Approval Date	July 7, 2010
End Date/Duration	No expiration date
Total additional amount	$500 million
Remaining authorization amount	$264 million (as of 2024-12-21)
Details	Authorized extension in December 2010

Debt Maturity Schedule

Year	Amount Due (in millions)	Debt Type	Interest Rate	% of Total Debt
2024	$1,700	Recourse Debt	N/A	5.8% = (1,700 / 29,400) * 100
2024	$200	Term Loan	N/A	0.7% = (200 / 29,400) * 100
2025	$456	Construction Loan	6.59%	1.6% = (456 / 29,400) * 100
2028	$900	Senior Notes	5.45%	3.1% = (900 / 29,400) * 100
2028	$350	Credit Agreement	8.85%	1.2% = (350 / 29,400) * 100
2029	$500	Senior Unsecured Notes	6.30%	1.7% = (500 / 29,400) * 100
2054	$650	First Mortgage Bonds	5.70%	2.2% = (650 / 29,400) * 100
2055	$950	Subordinated Notes	7.60%	3.2% = (950 / 29,400) * 100
2055	$530	Junior Subordinated Notes	8.15%	1.8% = (530 / 29,400) * 100

Auditor

Name	Start Date	End Date	Reason for Change
Ernst & Young LLP	2008	Present	Current auditor