AES Corporation is a global power company operating approximately 34 gigawatts of generating capacity across roughly 15 countries. Founded in 1981 as Applied Energy Services, AES was among the first independent power producers to operate internationally and today ranks as one of the largest non-utility power companies in the world. The company is headquartered in Arlington, Virginia, and trades on the New York Stock Exchange.
AES is led by CEO Andrés Gluski, who has run the company since 2011. Under his tenure, AES has aggressively pivoted toward clean energy, targeting a complete exit from coal in the United States by 2025 and globally by 2040. The company co-founded Fluence — now the world's leading grid-scale energy storage technology company — as a joint venture with Siemens in 2018.
AES Clean Energy is the company's U.S. development arm, focused on utility-scale solar, wind, and battery storage. The platform holds a multi-gigawatt development pipeline and has signed long-term power purchase agreements with major technology companies including Amazon, Google, and Microsoft. AES has positioned itself as a preferred partner for hyperscaler clean energy procurement, executing some of the largest corporate PPAs in the market.
AES operates regulated electric utilities in Indiana (Indianapolis Power & Light, now AES Indiana) and Ohio (Dayton Power and Light, now AES Ohio). These utilities serve approximately 850,000 customers combined and are undergoing significant grid modernization and generation transition investments. Both utilities are phasing out coal plants and investing in solar, storage, and transmission infrastructure.
AES operates generation and utility assets across Latin America (Chile, Colombia, Brazil, Panama, Dominican Republic, El Salvador), Europe, the Middle East, and Asia Pacific. International operations provide contracted cash flows underpinning AES's dividend and investment program. The company is selectively growing its international renewables footprint while monetizing legacy thermal assets.
AES co-founded Fluence Energy (NASDAQ: FLNC) as a joint venture with Siemens in 2018, combining AES's Advancion battery storage platform with Siemens's grid expertise. Fluence has since become the world's largest grid-scale energy storage integrator, with several gigawatts of deployed capacity across more than 40 markets. AES retains a significant ownership stake in Fluence and consolidates its results.
Fluence operates both a hardware integration business — deploying battery storage systems from suppliers including LG, Samsung, and BYD — and a software platform (Fluence IQ) that optimizes storage dispatch and bidding in wholesale electricity markets. The Fluence stake has been both a strategic differentiator and a source of volatility in AES's consolidated financials.
AES reported FY2024 revenue of approximately $12.3 billion, reflecting a modest decline from the prior year driven by asset dispositions and foreign exchange headwinds. The company has guided to adjusted EPS of approximately $1.87 for FY2024, with a long-term target of 5–7% annual adjusted EPS growth through 2027. AES pays a dividend that it has grown consistently, targeting approximately 6% annual dividend per share growth.
AES's balance sheet carries significant debt from its project-finance-heavy business model, where individual generation assets are typically financed with non-recourse project debt. This structure limits holding company recourse but creates complexity in assessing consolidated leverage. The company has targeted asset dispositions and equity recycling to fund its clean energy buildout without excessive dilution.
AES is executing a multi-year transition away from fossil fuels toward renewables and storage, with corporate hyperscalers as its primary growth customers. The company has signed long-term PPAs with Amazon Web Services, Google, and Microsoft to supply clean energy to their data center campuses — a segment it believes can drive 3–5 GW of new contracted capacity annually.
AES's international footprint gives it exposure to faster-growing electricity demand markets in Latin America and Asia, while its U.S. regulated utilities provide stable, rate-base-driven cash flows. The company's ability to execute on its U.S. coal exit while simultaneously growing its clean energy pipeline at scale will determine whether it can re-rate from its current valuation discount relative to pure-play renewables peers.
AES trades at a persistent valuation discount to NextEra and other pure-play renewables peers, reflecting the complexity of its international portfolio, consolidated Fluence exposure, and legacy thermal assets. Investors have at times viewed the diversified model as a liability rather than a strength. The company has faced recurring pressure to simplify its structure or separate its international and domestic businesses.
Currency risk is a meaningful factor: AES generates a significant share of its earnings in Latin American currencies, creating translation headwinds in periods of dollar strength. Regulatory and political risk in developing markets — including tariff disputes, currency controls, and contract renegotiations — has historically been a source of earnings volatility.
This profile was compiled from publicly available information including:
AES Investor Relations — Annual reports, earnings releases, and SEC filings.
AES corporate website — Company overview, business segments, and sustainability reporting.
FY2024 earnings release and guidance materials.
This profile is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.