AES (AES) Company Report

AES and Google entered into 20-year power purchase agreements for co-located generation at Google’s new Wilbarger County, Texas, data center; AES will build shared infrastructure and own and operate the generation assets under a long-term energy management agreement.
AES secured land and interconnection agreements to meet Google’s energy reliability and affordability goals with on-site clean power.
AES has signed agreements for nearly 12 GW of energy with data center customers, including 9 GW of PPAs directly with hyperscalers.
The projects are expected to support rural landowners, expand job opportunities, and boost the local economy.

4 days ago

Press Release

AES ranked top corporate clean energy provider by BNEF in 2025

AES

New Projects/Investments

AES was named the top seller of clean energy to corporations in the US and the Americas in 2025, marking its fifth consecutive year in this position.
Google was AES’s largest corporate buyer in 2025, underscoring its role as a leading energy partner for technology firms.
Corporate PPAs account for nearly two-thirds of AES’s backlog, and 85% of its 2025 long-term renewables contracts (excluding energy storage) were with corporate customers.
CEO Andrés Gluski noted surging corporate demand driven by AI data centers and advanced manufacturing, highlighting AES's capacity to deliver reliable clean energy solutions at scale.

Feb 19, 2026, 10:00 PM

Press Release

AES announces pre-tax impairment charge on Bulgarian Maritza power plant

AES

Accounting Changes

In Q4 2025, AES identified an impairment indicator for its Maritza plant in Bulgaria due to the PPA expiring May 2026 and the decision not to invest in fuel conversion, resulting in a reduction of the asset’s useful life and a determination that its carrying value was not recoverable .
AES concluded that a pre-tax impairment charge of $250 million to $325 million is required as of December 31, 2025, under GAAP; this charge reflects limited future use post-PPA and is not expected to impact cash flows under the current PPA through May 2026 .
Management expects to finalize the impairment charge and assess its impact on income tax expense with the submission of its Form 10-K for the year ending December 31, 2025 .

Jan 16, 2026, 9:13 PM

8-K

AES sued alleging scheme to monopolize Panama LNG-to-power market

AES

Legal Proceedings

Sinolam LNG Terminal and Sinolam Smarter Energy filed a civil action in Arlington, VA, accusing AES and partners (including InterEnergy) of a years-long conspiracy to exclude them from Panama’s LNG-to-power market through coercion, misuse of confidential information, and improper influence over regulators.
The complaint alleges InterEnergy, after accessing Sinolam’s confidential data, joined AES in a joint venture that displaced Sinolam and its customers, destroying billions in expected value.
Sinolam seeks compensatory damages in excess of $4 billion and other relief for claims including tortious interference and conspiracy under Virginia law.
The lawsuit claims AES leveraged political ties in Panama to fast-track approvals for its projects, revoke Sinolam’s licenses, and secure monopoly control over LNG importation, storage, regasification, and LNG-fueled power generation in Panama.

Jan 7, 2026, 8:55 PM

Press Release

AES reports Q3 2025 financial results

AES

Earnings

Guidance Update

New Projects/Investments

Q3 adjusted EBITDA of $830 million (vs. $698 million a year ago) and adjusted EPS of $0.75 (vs. $0.71), driven by new renewables capacity and utility rate-base investments.
Reaffirmed 2025 guidance: $2.65 billion–$2.85 billion adjusted EBITDA and $2.10–$2.26 adjusted EPS.
Renewables EBITDA up 46% YTD, reflecting 3 GW of new capacity brought online and an 11.1 GW project backlog (4.8 GW under construction).
Maintained 5–7% long-term adjusted EBITDA growth through 2027 and highlighted $400 million of incremental run-rate EBITDA beyond 2027 from existing projects.

Nov 5, 2025, 3:00 PM

Transcript

AES reports Q3 2025 earnings

AES

Earnings

Guidance Update

New Projects/Investments

AES achieved $830 million in Q3 2025 Adjusted EBITDA and $0.75 Adjusted EPS, reflecting year-over-year growth.
Year-to-date 2025 Adjusted EBITDA reached $2,102 million, up from $1,996 million in YTD 2024.
Renewables SBU continues to expand, signing 2.2 GW of new PPAs YTD (targeting 4 GW for 2025) and holding an 11.1 GW PPA backlog.
Company reaffirmed 2025 guidance of $2,650–$2,850 million in Adjusted EBITDA and $2.10–$2.26 Adjusted EPS.

Nov 5, 2025, 3:00 PM

Presentation

AES reports Q3 2025 results and reaffirms 2025 guidance

AES

Earnings

Guidance Update

New Projects/Investments

Q3 adjusted EBITDA was $830 million, up 19% year-over-year, and adjusted EPS was $0.75, driven by renewables growth, utility rate base investments, and cost savings realization.
Renewables EBITDA increased 46% year-to-date; AES has signed 2.2 GW of PPAs with data centers and corporates (aiming for 4 GW total), completed 2.9 GW of construction and holds an 11.1 GW safe-harbor backlog.
Utilities SBU saw $1.3 billion of rate base investments over the past four quarters ; AES Indiana secured a settlement for 2% annual rate increases through 2029 , and AES Ohio’s distribution settlement adds $168 million of annual revenue.
Company reaffirmed full-year 2025 guidance of $2.65 billion–$2.85 billion adjusted EBITDA and $2.10–$2.26 adjusted EPS, a long-term 5–7% EBITDA CAGR through 2027, plus an incremental $400 million run-rate EBITDA beyond 2027.

Nov 5, 2025, 3:00 PM

Transcript

AES reports Q3 2025 results and reaffirms 2025 guidance

AES

Earnings

Guidance Update

New Projects/Investments

AES posted Q3 2025 GAAP net income of $517 million (up from $215 million in Q3 2024) and diluted EPS of $0.94, with Adjusted EBITDA of $830 million and Adjusted EPS of $0.75.
Reaffirmed 2025 guidance for Adjusted EBITDA of $2,650–$2,850 million and Adjusted EPS of $2.10–$2.26, targeting 5%–7% annualized EBITDA growth and 7%–9% EPS growth through 2027.
Renewables pipeline accelerated: 2.9 GW of new projects completed YTD (on track for 3.2 GW by year‐end) and a PPA backlog of 11.1 GW (including 5 GW under construction).

Nov 4, 2025, 9:17 PM

8-K

AES reports third quarter 2025 results

AES

Earnings

Guidance Update

New Projects/Investments

Net income of $517 million and diluted EPS of $0.94, up from $215 million and $0.72 in Q3 2024.
Adjusted EBITDA of $830 million and Adjusted EBITDA with Tax Attributes of $1,256 million, compared to $698 million and $1,174 million in Q3 2024.
Adjusted EPS of $0.75, versus $0.71 in Q3 2024.
On track to add 3.2 GW of new projects in 2025, with a PPA backlog of 11.1 GW (5 GW under construction).
Reaffirmed 2025 guidance: Adjusted EBITDA $2,650–$2,850 million; Adjusted EBITDA with Tax Attributes $3,950–$4,350 million; Adjusted EPS $2.10–$2.26.

Nov 4, 2025, 9:13 PM

Press Release

AES announces 240 MW power equipment order

AES

New Projects/Investments

Atlas Energy Solutions ordered 240 MW of power generation equipment, with 4 MW nameplate capacity per engine, from a blue-chip provider; delivery is scheduled for late 2026.
The order aims to evolve AES’s power business into a long-term power solutions provider serving a diversified customer base.
AES expects to deploy 400 MW of capacity by early 2027—primarily under long-term contracts—and anticipates this first behind-the-meter order will be the first of several.

Nov 3, 2025, 9:18 PM

Press Release