• A global power company, similar to a multinational NextEra Energy.
• Like a worldwide Duke Energy, generating and distributing electricity across many countries.

• Electricity Generation: Generating electricity from a diverse portfolio of resources, including renewables (solar, wind, hydro, battery storage) and thermal (natural gas).
• Electricity Distribution: Distributing electricity to millions of customers through regulated utilities in various markets.
• Renewable Energy Development & Operation: Developing, constructing, and operating solar, wind, hydro, and battery energy storage projects globally.
• Energy Solutions: Providing customized energy solutions and services, including microgrids and energy management, to commercial and industrial clients.

The AES Corporation (symbol: AES) operates a diversified global energy business, including electricity generation and distribution. While it operates distribution utilities that serve residential, commercial, and industrial end-users in various countries, a significant portion of its generation output and strategic focus involves selling power to other companies, particularly large corporations and utilities, often through long-term power purchase agreements (PPAs).

Therefore, AES sells primarily to other companies. Its major customers include prominent corporations seeking renewable energy solutions and other utilities or grid operators.

Based on publicly announced partnerships and power purchase agreements for its generation assets, major corporate customers include:

• Google (Symbol: GOOGL) - AES has partnered with Google on various initiatives, including providing 24/7 carbon-free energy solutions for Google's data centers in regions like Virginia, USA, and Chile.
• Microsoft (Symbol: MSFT) - AES and Microsoft signed a 10-year agreement for renewable energy, primarily for Microsoft's data center operations in Virginia.
• Amazon (Symbol: AMZN) - AES has collaborated with Amazon on multiple renewable energy projects to help Amazon power its operations with clean energy.

In addition to these corporate customers, AES's generation businesses also sell wholesale electricity to public and private utilities and government entities in the markets where it operates. Identifying specific utility names for these wholesale transactions is challenging as they are often part of broader market transactions or confidential long-term contracts not publicly disclosed, unless they represent a significant portion of revenue from a single entity.

• Fluence (FLNC)
• General Electric (GE)
• Siemens Energy (SMNEY)

Andrés Gluski joined The AES Corporation in 2000 and has served as President and CEO since 2011. Prior to leading AES, he held several senior finance leadership roles, including Executive Vice President of Corporate and Investment Banking at Grupo Santander, Vice President of Santander Investment, and Chief Financial Officer of La Electricidad de Caracas (EDC) and CANTV. He also worked at the International Monetary Fund and as Director General of Public Finance for the Ministry of Finance of Venezuela. Under his leadership, AES has become a global leader in clean technologies, energy storage, and renewable power, and has overseen a $5 billion divestiture program and the largest construction program in the company's history. He serves as Chairman of the Council of the Americas and is a member of the Board of Waste Management. There have been reports indicating a potential takeover of AES by private equity, suggesting his involvement with private equity-backed discussions.

Stephen Coughlin was appointed Executive Vice President and Chief Financial Officer of AES in October 2021. He rejoined AES in 2020 after serving as the founding CEO of Fluence (NASDAQ: FLNC), a company he helped establish by merging AES' energy storage business with Siemens. Under his leadership, Fluence became a global market leader and publicly traded entity. Coughlin initially joined AES in 2007 within the finance team of the wind generation organization and also served as Chief of Staff to the AES CEO and Director of Finance for the wind generation business. His earlier career included roles as an economic and litigation consultant at Charles River Associates, and in business development and strategic planning at AOL Mobile.

Bernerd Da Santos is the Executive Vice President and President of US & Renewables, and previously served as Chief Operating Officer for AES from 2015 to 2023. He joined AES in 2000 through the acquisition of La Electricidad de Caracas, a private utility company in Venezuela where he began his career and rose to a management position. Over his more than 20 years with AES, he has held various leadership roles, including Chief Financial Officer for AES' Global Finance Operations, the Utilities group, and the Latin America and Africa group. He has extensive global experience in international corporate finance and business transformation for generation, transmission, and distribution companies across multiple continents.

Tish Mendoza serves as the Executive Vice President and Chief Human Resources Officer for The AES Corporation, a position she has held since 2021. She joined AES in 2006 and has been instrumental in transforming the company's culture, communication strategies, and talent development programs. Before her tenure at AES, Ms. Mendoza held Vice President of Human Resources roles at a product company within JP Morgan Chase's Treasury Services division and at Vastera Inc. She is recognized for her dedication to fostering inclusive workplaces and driving employee engagement.

Juan Ignacio Rubiolo was appointed Executive Vice President and President, Energy Infrastructure and Leader of International Markets in 2022, having joined AES Corporation in 2001 in Argentina. He possesses over 14 years of experience in energy and electricity markets across America and Asia, holding various leadership positions in strategic, financial, and commercial planning, as well as business development and risk management. His achievements include spearheading the first energy export from AES San Nicolas to Brazil and developing key business strategies for AES operations in the Dominican Republic, Panama, and the Philippines. Mr. Rubiolo has been actively involved in opening electricity markets in several countries and oversaw the structuring of AES' joint ventures with Grupo BAL in Mexico and Energas in the Dominican Republic.

Here are the key risks to The AES Corporation's business:

1. Regulatory and Policy Risks: AES is subject to extensive government regulations, and changes in these regulations could adversely affect its operations. This includes evolving environmental laws, greenhouse gas emissions regulations, and potential shifts in tax legislation, such as those related to the U.S. Inflation Reduction Act of 2022, which can impact its renewable energy strategy and investment tax credits. The company also faces risks from its inability to comply with regulatory or permit requirements.
2. Market and Financial Risks: The company is exposed to market volatility, including fluctuations in electricity and fuel prices, increased competition from new entrants, and changes in energy demand driven by economic conditions. Furthermore, AES faces financial risks from currency exchange rate fluctuations, particularly in the developing countries where it operates. Elevated interest rates also pose a risk, as the company needs to issue new debt regularly, and higher rates increase the cost of financing, potentially reducing profitability.
3. Operational Risks: AES faces significant operational challenges in its power generation and distribution activities. These include risks such as equipment failure, disruptions in fuel supply, and the impact of natural disasters like fires, floods, storms, and earthquakes. Cyber-attacks also represent a critical operational threat. Additionally, the aging infrastructure may necessitate substantial capital expenditures for maintenance and upgrades, and there are specific risks associated with lithium-ion battery storage, including fire hazards.

The accelerating adoption of distributed energy resources (DERs), including rooftop solar, battery storage, and microgrids, by residential, commercial, and industrial customers. This trend enables consumers to generate and store their own electricity, or participate in local energy markets, thereby reducing their demand for utility-provided grid power and potentially eroding the traditional centralized generation and distribution revenue model upon which AES, as a large-scale power producer and distributor, historically relies. Evidence for this threat includes the sustained growth in distributed solar installations globally, rapidly declining costs of battery storage technologies, and the increasing development of virtual power plants and community energy programs, which shift power production closer to the consumer and reduce reliance on large-scale, distant generation assets.

Renewable Energy Market

• The global renewable energy market size was estimated at USD 1.51 trillion in 2024 and is projected to reach USD 4.86 trillion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 14.9% from 2025 to 2033. Other estimates place the global market size at USD 1.74 trillion in 2025, forecasted to reach approximately USD 7.28 trillion by 2034, accelerating at a CAGR of 17.23%.
• In the U.S., the renewable energy market's installed capacity is expected to grow from 507.67 gigawatts (GW) in 2025 to 737.37 GW by 2030, at a CAGR of 7.75%. The U.S. renewable energy market was also estimated at USD 127.59 billion in 2025.

Energy Storage Market

• The global energy storage market size is valued at nearly USD 58.41 billion in 2024 and is predicted to reach about USD 114.01 billion by 2030, growing at a CAGR of around 14.31% during that period. Another projection estimates the global energy storage market to be USD 295 billion in 2025, reaching USD 465 billion by 2030, at a CAGR of 9.53%. The global stationary energy storage market size was valued at USD 75.66 billion in 2023 and is projected to grow from USD 90.36 billion in 2024 to USD 231.06 billion by 2032, exhibiting a CAGR of 12.45%.
• The U.S. energy storage market was estimated at USD 106.7 billion in 2024 and is expected to reach USD 1.49 trillion by 2034, growing at a CAGR of 29.1% from 2025 to 2034. The installed capacity for the U.S. energy storage market is expected to grow from 49.52 GW in 2025 to 131.75 GW by 2030, at a CAGR of 21.62%. The U.S. stationary energy storage market is projected to reach an estimated value of USD 49.11 billion by 2032.

1. Expansion of Renewable Energy Capacity: AES is strategically focused on significantly increasing its renewable energy portfolio, with plans to nearly triple its capacity by adding 25 to 30 gigawatts (GW) of solar, wind, and energy storage assets by the end of 2027. The company has a substantial backlog of signed Power Purchase Agreements (PPAs), totaling 11.1 GW as of November 2025, with a significant portion already under construction, indicating future revenue streams from these projects. Renewables EBITDA saw a 46% increase year-to-date in Q3 2025.
2. Growth in US Utilities and Rate Base Expansion: The company anticipates revenue growth from its U.S. utilities through rate base expansion and favorable outcomes from rate cases. AES Ohio, for example, secured a settlement in Q3 2025 that includes an annual revenue increase of approximately $168 million, with transmission expected to comprise 40% of its total rate base by 2027. AES is also on track with its $1.4 billion capital expenditure plan for its U.S. utilities in 2025, which aims to deliver upgrades and support continued growth.
3. Increased Demand from Data Centers and Corporate Clients: AES is actively leveraging the escalating demand for renewable energy solutions, particularly from data centers and other corporate clients. The company's CEO, Andrés Gluski, has highlighted strong interest from data center customers, and tech companies represent about 50% of AES's 2024 long-term PPA agreements, signaling a robust market for its green energy offerings.
4. Strategic Decarbonization and Exit from Coal Operations: While not a direct revenue driver, AES's commitment to fully exiting coal usage by the end of 2025 and its broader decarbonization strategy position it as a leader in sustainable energy. This strategic shift is expected to allow the high growth rates of its renewables and utilities segments to dominate AES's overall growth, as the offsetting impact of coal retirements diminishes. This alignment with global sustainability goals helps attract environmentally conscious customers and investors.

Share Repurchases

• AES has not reported significant share repurchases in the last three to five years, with the "Repurchase of Stock" for the trailing twelve months ended June 2025 recorded as $0 million.

Share Issuance

• AES issued $1 billion of equity units in March 2021, which were subsequently converted into common stock in February 2024.
• The company aims to meet its financial commitments without issuing new equity, a strategy supported by its $3.5 billion asset sale program.

Inbound Investments

• AES agreed to sell a 30% indirect equity interest in AES Ohio to CDPQ for approximately US$546 million, with the transaction expected to close in the first half of 2025, expanding an existing partnership between AES and CDPQ.
• This partnership with CDPQ is expected to provide ongoing funding to support high growth initiatives within AES's US utilities.

Outbound Investments

• In 2024, AES sold AES Brasil, which comprised hydro and wind assets.
• The company also divested development projects in Bulgaria and completed a sell-down in Jordan.

Capital Expenditures

• Total capital expenditures were approximately $7.39 billion in 2024, $7.72 billion in 2023, $4.55 billion in 2022, $2.12 billion in 2021, and $1.90 billion in 2020.
• AES plans to invest $20 billion to $22 billion in growth capital expenditures from 2025 to 2027, with roughly 85% allocated to its Renewables Strategic Business Unit and 15% to its Utilities Strategic Business Unit.
• In 2024, AES invested over $1.6 billion in its US utilities, AES Indiana and AES Ohio, focusing on reliability improvements, modernization programs, and the transition of coal generation infrastructure.