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The AES

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FY2024 Annual Report · The AES
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Annual report
2024

2       AES Annual Report 2024 | Copyright © The AES Corporation

3       AES Annual Report 2024 | Copyright © The AES Corporation
Owner and operator of a diverse fleet of  
32.1 GW of renewable assets, including solar 
and onshore wind, battery storage, coal and 
natural gas, which is enough to meet the 
power needs of 22 million people
About AES
Our values
Safety first
Highest standards
All together
Recognized for success
Owner of two of the fastest growing  
utilities in the US
The leading importer of US LNG in  
Central America and the Caribbean, 
exceeding $1 billion annually 
Top seller of clean energy to corporations 
and one of the largest energy providers to 
technology companies globally 1
(1)  According to BNEF, AES was the largest seller of clean energy to 
corporations through PPAs in 2021, 2022 and 2024.  In 2023, AES was 
the second largest.
Wall Street 
Journal Best 
Managed 
Companies
Fortune's 
Most Admired 
Companies
Newsweek 
America’s Most 
Responsible 
Companies
Ethisphere's 
World's 
Most Ethical 
Companies 12 
Time Honoree
Fast Company 
Best Workplaces 
for Innovators

4       AES Annual Report 2024 | Copyright © The AES Corporation
2023
5.6 GW
2024
10.0 GW
2023 - 2025 Target
14 GW
17 GW
Proven track record
Cumulative PPA signings
9.5 GW of agreements 
signed directly with 
technology customers
5.6GW
1.8GW
1.8GW
0.3GW
Other
Adjusted EBITDA2 of 
$2,639 million
(2)  A non-GAAP financial measure.  See P. 7 for definition and reconciliation  
to the nearest GAAP measure.
Adjusted EPS3 of   
$2.14
(3)  A non-GAAP financial measure.  See P. 7 for definition and reconciliation  
to the nearest GAAP measure.
Annual Dividend of  
$0.69 per share

5       AES Annual Report 2024 | Copyright © The AES Corporation
Significant rate base growth at US utilities 
from existing investment programs.
Track record of completing 
projects on time & on budget
Renewables / Utilities
US data center demand4
1.9 GW
3.6 GW
3.7 GW
(4)  McKinsey & Company, July 2024.
3,780
2018
4,000
2023
4,270
2027
4,640
606
371
2030
147
80
22% annual growth
 Energy demand from data centers
 Energy demand from all other sources
(TWh)
2023
$5.7 billion
2024
$6.8 billion
~20% annual growth
2022
2023
2024

6       AES Annual Report 2024 | Copyright © The AES Corporation
Energy infrastructure 
New energy technologies 
670 MW Gatun CCGT
Maximo
 
In 2024, AES introduced “Maximo”, a groundbreaking, 
AI-powered robot that enhances solar installation speed, 
efficiency and safety. Maximo is a first-of-its-kind robotic 
solution that works alongside construction teams to help meet 
rapidly growing renewable energy demand.
In 2024, we completed the construction of a 670 MW 
combined cycle gas plant in Panama, greatly increasing 
the utilization of our existing LNG terminal in that country. 
Combined with our LNG facilities in the Dominican 
Republic, we are saving both countries ~$500 million per 
year in fuel costs.
Renewables
64%
Gas
23%
Coal
12%
Other
1%
32.1 GW in Operation 
+ 11.9 GW Backlog 
= 44 GW

7       AES Annual Report 2024 | Copyright © The AES Corporation
Reconciliations / definitions
(1)  We define Adjusted Earnings Per Share (“Adjusted EPS”), a non-GAAP measure, 
as diluted earnings per share from continuing operations excluding gains or losses of 
both consolidated entities and entities accounted for under the equity method due to 
(a) unrealized gains or losses pertaining to derivative transactions, equity securities, and 
financial assets and liabilities measured using the fair value option; (b) unrealized foreign 
currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions 
and acquisitions of business interests, including early plant closures, the tax impact from 
the repatriation of sales proceeds, and gains and losses recognized at commencement 
of sales-type leases; (d) losses due to impairments; and (e) gains, losses and costs due 
to the early retirement of debt or troubled debt restructuring.The GAAP measure most 
comparable to Adjusted EPS is diluted earnings per share from continuing operations. AES 
believes that Adjusted EPS better reflects the underlying business performance of the 
Company and is considered in the Company’s internal evaluation of financial performance. 
Factors in this determination include the variability due to unrealized gains or losses 
pertaining to derivative transactions, equity securities, or financial assets and liabilities 
remeasurement, unrealized foreign currency gains or losses, losses due to impairments, 
and strategic decisions to dispose of or acquire business interests or retire debt, which 
affect results in a given period or periods. Adjusted EPS should not be construed as an 
alternative to diluted earnings per share from continuing operations, which is determined in 
accordance with GAAP.
(2)  Amount primarily relates to unrealized gains on cross currency swaps in Brazil of 
$39 million, or $0.05 per share, unrealized gains on commodity derivatives at AES Clean 
Energy of $38 million, or $0.05 per share, and net unrealized derivative gains at the Energy 
Infrastructure SBU of $25 million, or $0.04 per share.
(3)  Amount primarily relates to unrealized derivative losses due to the termination of a PPA 
of $72 million, or $0.10 per share and net unrealized derivative losses at AES Clean Energy 
of $20 million, or $0.03 per share, offset by net unrealized derivative gains at the Energy 
Infrastructure SBU of $46 million, or $0.06 per share. 
(4)  Amount primarily relates to unrealized foreign currency losses in Argentina of $262 
million, or $0.37 per share, mainly associated with the devaluation of long-term receivables 
denominated in Argentine pesos, and unrealized foreign currency losses at AES Andes of 
$25 million, or $0.03 per share. 
(5)  Amount primarily relates to gain on sale of AES Brasil of $312 million, or $0.44 per 
share, a gain on dilution of ownership in Uplight due to its acquisition of AutoGrid of $53 
million, or $0.07 per share, and realized gains on cross currency swaps hedging the AES 
Brasil sale proceeds of $34 million, or $0.05 per share ; partially offset by day-one losses at 
commencement of sales-type leases at AES Renewable Holdings of $63 million, or $0.09 
per share, and loss on partial sale of our ownership interest in Amman East and IPP4 in 
Jordan of $10 million, or $0.01 per share.
Year ended December 31,
Reconciliation of Adjusted Earnings Per Share(1)
2024
2023
Diluted Earnings (Loss) Per Share From Continuing Operations
$2.37
$0.34
Unrealized derivative and equity securities losses
(0.13)(2)
0.06(3)
Unrealized foreign currency losses
0.02
0.42(4)
Disposition/acquisition losses
(0.45)(5)
(0.11)(6)
Impairment losses
0.39(7)
1.23(8)
Loss on extinguishment of debt
0.09(9)
0.10(10)
Less: Net income tax benefit
(0.15)(11)
(0.28)(12)
Adjusted Earnings Per Share(1)
$2.14
$1.76
(6)  Amount primarily relates to the gain on sale of Fluence shares of $136 million, or 
$0.19 per share, partially offset by costs due to early plant closure at the Ventanas 2 and 
Norgener coal-fired plants in Chile of $37 million, or $0.05 per share and at Warrior Run of 
$6 million, or $0.01 per share, and day-one losses recognized at commencement of sales-
type leases at AES Renewable Holdings of $20 million, or $0.03 per share.
(7)  Amount primarily relates to impairments at Ventanas of $125 million, or $0.18 per share, 
at AES Clean Energy Development projects of $70 million, or $0.10 per share, at Brazil of 
$38 million, or $0.05 per share, and at Mong Duong of $32 million, or $0.04 per share.
(8)  Amount primarily relates to asset impairments at Warrior Run of $198 million, or $0.28 
per share, at New York Wind of $139 million, or $0.20 per share, at the Norgener coal-fired 
plant in Chile of $136 million, or $0.19 per share, at TEG and TEP of $76 million and $58 
million, respectively, or $0.19 per share, AES Clean Energy development projects of $114 
million, or $0.16 per share, at Mong Duong of $88 million, or $0.12 per share, at Jordan of 
$21 million, or $0.03 per share, and at the GAF Projects at AES Renewable Holdings of $18 
million, or $0.03 per share, and a goodwill impairment at the TEG TEP reporting unit of $12 
million, or $0.02 per share. 
(9)  Amount primarily relates to losses incurred at AES Andes due to early retirement 
of debt of $29 million, or $0.04 per share, and costs incurred due to troubled debt 
restructuring at Puerto Rico of $20 million, or $0.03 per share.
(10)  Amount primarily relates to losses incurred at AES Andes due to early retirement 
of debt of $46 million, or $0.07 per share, and loss on early retirement of debt at AES 
Hispanola Holdings BV of $10 million, or $0.01 per share. 
(11)  Amount primarily relates to income tax benefits associated with the impairment and 
tax over book investment basis difference related to AES Ventanas of $68 million, or $0.09 
per share, the sale of AES Brasil of $18 million, or $0.02 per share, the impairment at AES 
Clean Energy Development projects of $16 million, or $0.02 per share, and the day-one 
sales-type lease loss at AES Renewable Holdings of $13 million, or $0.02 per share.
(12)  Amount primarily relates to income tax benefits associated with the asset 
impairments at Warrior Run of $46 million, or $0.06 per share, at the Norgener coal-fired 
plant in Chile of $37 million, or $0.05 per share, at New York Wind of $32 million, or $0.05 
per share, at TEG and TEP of $27 million, or $0.04 per share, and at AES Clean Energy 
development projects of $26 million, or $0.04 per share; income tax benefits associated 
with the recognition of unrealized losses due to the termination of a PPA of $17 million, or 
$0.02 per share; and income tax benefits associated with losses incurred at AES Andes 
due to early retirement of debt of $13 million, or $0.02 per share; partially offset by income 
tax expense associated with the gain on sale of Fluence shares of $31 million,  
or $0.04 per share.

8       AES Annual Report 2024 | Copyright © The AES Corporation
Reconciliations/definitions
(1)  We define EBITDA as earnings before interest income and expense, taxes, 
depreciation, amortization, and accretion of AROs. We define Adjusted EBITDA as 
EBITDA adjusted for the impact of NCI and interest, taxes, depreciation, amortization, and 
accretion of AROs of our equity affiliates, adding back interest income recognized under 
service concession arrangements, and excluding gains or losses of both consolidated 
entities and entities accounted for under the equity method due to (a) unrealized gains 
or losses pertaining to derivative transactions, equity securities, and financial assets and 
liabilities measured using the fair value option; (b) unrealized foreign currency gains or 
losses; (c) gains, losses, benefits, and costs associated with dispositions and acquisitions 
of business interests, including early plant closures, and gains and losses recognized 
at commencement of sales-type leases; (d) losses due to impairments; and (e) gains, 
losses, and costs due to the early retirement of debt or troubled debt restructuring. We 
further define Adjusted EBITDA with Tax Attributes as Adjusted EBITDA, adding back the 
pre-tax effect of Production Tax Credits (“PTCs”), Investment Tax Credits (“ITCs”), and 
depreciation tax deductions allocated to tax equity investors, as well as the tax benefit 
recorded from tax credits retained or transferred to third parties. The GAAP measure most 
comparable to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes is 
Net income. We believe that EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax 
Attributes better reflect the underlying business performance of the Company. Adjusted 
EBITDA is the most relevant measure considered in the Company’s internal evaluation 
of the financial performance of its segments. Factors in this determination include the 
variability due to unrealized gains or losses related to derivative transactions or equity 
securities remeasurement, unrealized foreign currency gains or losses, losses due to 
impairments, strategic decisions to dispose of or acquire business interests or retire debt, 
Year ended December 31,
Reconciliation of Adjusted EBITDA(1) (in millions)
2024
2023
Net income (loss)
$802
$(182)
Income tax expense
59
261
Interest expense
1,485
1,319
Interest income
(381)
(551)
Depreciation, amortization, and accretion of AROs
1,264
1,147
EBITDA
$3,229
$1,994
Less: Income from discontinued operations
7
(7)
Less: Adjustment for noncontrolling interests and redeemable stock of subsidiaries(1)
(734)
(556)
Less: Income tax expense (benefit), interest expense (income) and depreciation, 
amortization, and accretion of AROs from equity affiliates
136
131
Interest income recognized under service concession arrangements
65
71
Unrealized derivative and equity securities losses (gains)
(94)
34
Unrealized foreign currency losses
16
301
Disposition/acquisition losses (gains)
(323)
(79)
Impairment losses
280
877
Loss on extinguishment of debt
57
62
Adjusted EBITDA(2)
$2,639
$2,828
Tax attributes
1,313
611
Adjusted EBITDA with Tax Attributes(3)
$3,952
$3,439
the non-recurring nature of the impact of the early contract terminations at Angamos, 
and the variability of allocations of earnings to tax equity investors, which affect results 
in a given period or periods. In addition, each of these metrics represent the business 
performance of the Company before the application of statutory income tax rates and 
tax adjustments, including the effects of tax planning, corresponding to the various 
jurisdictions in which the Company operates. Given its large number of businesses and 
overall complexity, the Company concluded that Adjusted EBITDA is a more transparent 
measure than Net income that better assists investors in determining which businesses 
have the greatest impact on the Company’s results. EBITDA, Adjusted EBITDA, and 
Adjusted EBITDA with Tax Attributes should not be construed as alternatives to Net 
income, which is determined in accordance with GAAP.
(2)  The allocation of earnings and losses to tax equity investors from both consolidated 
entities and equity affiliates is removed from Adjusted EBITDA. NCI also excludes amounts 
allocated to preferred shareholders during the construction phase before a project 
becomes operational, as this is akin to a financing arrangement.
(3)  Adjusted EBITDA with Tax Attributes includes the impact of the share of the ITCs, 
PTCs, and depreciation deductions allocated to tax equity investors under the HLBV 
accounting method and recognized as Net loss (income) attributable to noncontrolling 
interests and redeemable stock of subsidiaries on the Consolidated Statements 
of Operations. It also includes the tax benefit recorded from tax credits retained or 
transferred to third parties. The tax attributes are related to the Renewables and Utilities 
SBUs.

9       AES Annual Report 2024 | Copyright © The AES Corporation
Chairman and 
CEO letter
In 2024, we solidified our position as 
one of the top providers of energy to 
data center companies.  
In fact, BloombergNEF named AES as the #1 provider of 
clean energy globally to corporations.  We signed or were 
awarded 6.8 GW of new contracts, including 4.4 GW of 
renewables Power Purchase Agreements (PPA), 2.1 GW of 
data center load growth at US utilities, and 310 MW of retail 
supply for data centers.    
While the renewable energy industry, broadly, is facing 
challenges and skepticism, AES has developed a strategy 
that has resilience and a clear path to growth.  Our largest 
customer group has visible and growing demand for new 
power and a strong track record of partnering with AES.
(5)  A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. See 
P. 7 for definition and for a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for 2024.
(6)  A non-GAAP financial measure.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. 
See P. 7 for definition and for a description of the adjustments to reconcile Adjusted EBITDA to net income for 2024.
One of our major strengths is that we have a backlog of signed 
PPAs of 11.9 GW, which means new build of renewables that 
will be delivered mostly over the next three years. We have 
taken proactive steps to insulate our backlog from policy risks: 
first, we have contracted essentially all of our major equipment 
and EPC for our 8.4 GW backlog of signed projects in the 
US.  Furthermore, we have all of the equipment we need for 
2025 and 2026 already in country and have domestic supply 
assured for the remainder in 2027 and beyond.  About half 
of this backlog is under construction and a large majority 
has safe harboring of tax treatment under existing law. The 
remainder of our backlog, around 3 GW, while contracted in 
US Dollars, is outside the US and thus not affected by changes 
in US policies. 
Taking all of this into consideration, our business is well-
insulated from these perceived risks and we are well-
positioned to meet our financial projections.
In 2024, we delivered on our financial and strategic objectives:
	
Æ
Earned Adjusted EPS5 of $2.14, compared to guidance of 
$1.87 to $1.97
	
Æ
Earned Adjusted EBITDA6 of $2.64 billion, compared to 
guidance of $2.6 to $2.9 billion
	
Æ
Completed the construction or acquisition of 3.0 GW of 
renewables and completed the construction of a 670 MW 
combined cycle gas plant
	
Æ
Received approval from the Indiana Utility Regulatory 
Commission (IURC) to implement new base rates and an 
ROE of 9.9% at AES Indiana
	
Æ
Including transactions in 2023 and 2024, announced or 
closed $2.8 billion of $3.5 billion asset sale proceeds 
target through 2027
Maturing renewables business
The end of 2024 marks an inflection point in AES’ maturity 
and performance.  As of year-end 2024, we have 16.2 GW of 
operating renewable assets globally.  We expect to complete 
construction of the majority of our 11.9 GW backlog of signed 
contracts with investment grade, large corporate customers 
through 2027. Together, our operating portfolio and backlog 
represent a derisked 28.1 GW renewables platform, which will 
drive strong and high-quality financial results for years  
to come.

10       AES Annual Report 2024 | Copyright © The AES Corporation
Portfolio simplification
In 2024, we sold AES Brasil, which consisted of primarily 
hydro and wind assets contracted in Brazilian reals. 
Removing AES Brasil from our portfolio decreased our 
exposure to hydrology, currency, and interest rates. We 
believe our strategy of contracting mostly solar, wind, 
and battery-based storage under US Dollar-denominated 
long-term PPAs in the United States and Chile improves 
the quality of our earnings. We also agreed to sell 30% 
of AES Ohio to our long-term partner, Caisse de dépot et 
placement du Québec (CDPQ), matching the ownership 
structure we have at AES Indiana to simplify operations and 
governance.
As a result of the maturing of our renewables business 
and the simplification of our portfolio, we expect to realize 
overhead savings and to meet our financial commitments 
without issuing new equity, while maintaining our investment 
grade ratings and dividend. 
Fastest growing utilities in US
AES Indiana and AES Ohio are executing on multi-year 
investment programs to improve customer reliability and 
support local economic development.  In 2024 we invested 
over $1.6 billion, leading to rate base growth of 20%, as we 
embark on modernization programs at both utilities and 
our plan to transition our coal generation infrastructure at 
AES Indiana.  These investment programs are supported 
by the new rates that went into effect at AES Indiana this 
past May, as well as having a full year of a new regulatory 
structure in AES Ohio.  
Our investment plans are driven by our customers, and 
our top priority is to support our local communities with 
reliable and affordable power. We have among the lowest 
residential rates in each state where we operate, which 
we seek to maintain even as we grow our respective rate 
bases, and a major driving force of our investment program 
is to address a highly depreciated asset base.
Andrés Gluski
President and Chief  
Executive Officer 
March 19, 2025
John B. Morse, Jr.  
Chairman and Lead  
Independent Director 
March 19, 2025
Surging grid demand
After years of flat electricity demand, the United States now 
expects electricity demand to grow at 3% per year through 
2030 driven by three things:
1.	
Reindustrialization;
2.	
Electrification of transport; and
3.	
Artificial Intelligence.
In a recent forecast, the Department of Energy expects data 
center electricity demand to support AI to grow at 28% per 
year through the end of the decade. AES is the leading all-
of-the-above energy company with a portfolio of natural gas, 
LNG, coal, battery storage, and renewable assets, including 
solar and onshore wind. We see continued strong demand 
for long-term contracted renewables to power these data 
centers driven given their advantage in time to power and 
cost compared to other available options. We are focused on 
meeting our customers' needs in the most efficient and low 
carbon way possible, regardless of the technology. 
In closing, America needs more power generation to meet 
its ambitious economic and AI objectives. AES is very well-
positioned to help meet these goals as a result of the work 
we have done to prepare for this moment. 
We are fully committed to 
supporting the reliable and 
scalable power supply needed 
in the US and beyond.

11       AES Annual Report 2024 | Copyright © The AES Corporation
AES executive officers
Ricardo Manuel Falú
Executive Vice President,  
Chief Operating Officer 
and President, New Energy 
Technologies
Juan Ignacio Rubiolo 
Executive Vice President 
and President, Energy 
Infrastructure
Andrés Gluski 
President and  
Chief Executive Officer
Bernerd Da Santos
Executive Vice President and 
President, Renewables
Steve Coughlin
Executive Vice President and 
Chief Financial Officer
Paul Freedman
Executive Vice President, 
General Counsel and 
Corporate Secretary
Tish Mendoza
Executive Vice President and 
Chief Human Resources Officer
AES board of directors
Julie M. Laulis
President, Chief 
Executive Officer, and 
Chair of Cable ONE
Janet Davidson
Former Executive Vice 
President Quality & Customer 
Care of Alcatel Lucent
Gerard M. Anderson
Former CEO and 
Executive Chairman of  
DTE Energy Company
Inderpal S. Bhandari
Former Global Chief Data 
Officer for IBM
John B. Morse Jr. 
(Chairman)
Former Senior Vice President 
Finance and CFO of the 
Washington Post Company
Alain Monié
Non-Executive 
Chairperson and former 
CEO of Ingram Micro
Moisés Naím
Distinguished Fellow, 
Carnegie Endowment for 
International Peace
Teresa Sebastian
President and Chief Executive 
Officer of The Dominion 
Asset Group
Maura Shaughnessy
Former Global Portfolio 
Manager of MFS Investment 
Management
Holly K. Koeppel
Former Chief Financial Officer 
for American Electric Power
Andrés Gluski
AES President and Chief 
Executive Officer

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