Profile: AES Corp (AES.N)
9 Dec 2013
The AES Corporation (AES), incorporated on January 28, 1981, is a global power company. As of December 31, 2011, the Company owned a portfolio of electricity generation and distribution businesses on five continents in 27 countries, with total capacity of approximately 44,200 megawatts and distribution networks serving approximately 12 million customers. As of December 31, 2011, it had approximately 2,400 mega-watts under construction in eight countries. It owns and operates two types of businesses: Generation business and Utilities business. In its Generation business, it owns and/or operates power plants to generate and sell power to wholesale customers, such as utilities and other intermediaries. In its Utilities business, it owns and/or operates utilities to generate, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial and governmental sectors within a defined service area. The Company operates in six segments: Latin America-Generation, Latin America-Utilities, North America-Generation, North America-Utilities, Europe-Generation and Asia-Generation. On November 28, 2011, the Company acquired DPL Inc. (DPL). In September 2012, Sembcorp Industries Ltd acquired power assets in China from AES. The acquisition included a 49% stake in four wind power assets in Inner Mongolia and Hebei with a total gross power capacity of 247.5 megawatts, as well as a 25% stake in a co-operative joint venture for 2,100-megawatt coal-fired power plant in Shanxi.
As of December 31, 2011, the Company owned or operated a generation portfolio of approximately 33,800 mega-watts, excluding the generation capabilities of its integrated utilities, consisting of 98 Generation facilities in 22 countries on five continents at its generation businesses. As of December 31, 2011, it also had approximately 2,100 mega-watts of capacity under construction in four countries. Its Generation business uses a range of technologies and fuel types, including coal, combined-cycle gas turbines, hydroelectric power and biomass. During the year ended December 31, 2011, approximately 71% of the contracted revenue from its Generation business was from plants that operate under power purchase agreements (PPAs) of three years or longer for 75% or more of their output capacity. The balance of its Generation business sells power through competitive markets under short-term contracts, directly in the spot market or, in some cases, at regulated prices.
As of December 31, 2011, AES utility businesses distributed power to over 12 million people in six countries on five continents and consist of 13 companies owned or operated under management agreements, each of which operates in defined service areas. These businesses also include 29 generation plants in two countries with generation capacity totaling approximately 8,500 mega-watts. These businesses have a range of structures ranging from distribution businesses to integrated utilities, which generate, transmit and distribute power. Its wholly owned subsidiary in the United States, Indianapolis Power & Light (IPL), has the right to provide retail services to approximately 470,000 customers in Indianapolis, Indiana. AES has two integrated utilities in North America, IPL, which it owns through IPALCO Enterprises, Inc. (IPALCO), the holding company of IPL and The Dayton Power and Light Company (DP&L), which it owns through DPL Inc. (DPL), the parent company of DP&L. DP&L serves approximately 500,000 customers in West Central Ohio. Eletropaulo Metropolitana Electricidade de Sao Paulo S.A. (AES Eletropaulo), serving the Sao Paulo metropolitan region for over 100 years, has approximately six million customers and is an electricity distribution company in Latin America in terms of revenue and electricity distributed.
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