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DPL LLC

What Do They Do?

Delivers electricity through transmission and distribution services to residential, commercial and industrial customers in West Central Ohio.

How Do They Make Money?

AES Ohio bills end users directly for electricity and delivery services using meter readings taken throughout the month; wholesale electricity sales to PJM are priced by the amount delivered each hour.

revenue
SegmentShareRevenue
Utility
Usage-based

99%
FY2022: 99%
Corporate and Other
1.4%
FY2022: 1.5%
Adjustments and Eliminations
−0.5%
FY2022: −0.5%

Who Are Their Customers?

AES Ohio sells electricity directly to end users, including homes and businesses, and bills them directly. Customers can choose a separate retail electricity supplier for generation, while AES Ohio provides delivery service in its territory.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025
13% of revenue
▲ +52% vs FY2024 ($91.1M, 10%)
Net income, FY2025
2% of revenue
▲ +52% vs FY2024 ($13.8M, 2%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +17%
vs $229.9M in Q2 FY2025
Net income
▲ +500%
vs $700K in Q2 FY2025
Utility share of revenue vs 99.0% in Q2 FY2025
  • Jul 27, 2026 DPL replaced EY with KPMG as its independent auditor The change follows AES’s announced merger agreement, after which EY would no longer meet independence rules for AES and its subsidiaries.

Growing. Revenue grew 59% in 4 years, from $672.7M in FY2021 to $1.1B in FY2025, about 12% a year.

Revenue over time
Utility Corporate and Other Adjustments and Eliminations
$2B$1B$0
FY2021 FY2022 FY2023 FY2024 FY2025

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