AES Corp (NYSE: AES) is a global power company that generates and distributes electricity through a portfolio of thermal, renewable, and utility assets across multiple countries. It makes money through long-term power purchase agreements (PPAs), regulated utility tariffs, and short-term merchant electricity sales. AES operates four strategic business units: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. Its six utility businesses, including AES Indiana and AES Ohio in the U.S. and four utilities in El Salvador, distribute power to 2.7 million customers as of FY2025. AES Indiana and AES Ohio together include generation capacity of 4,056 MW. In FY2025, AES completed construction of 3.2 GW of renewables and energy storage, and signed long-term PPAs for an additional 4.0 GW. Adjusted EBITDA was $2,871 million in FY2025, up $232 million from $2,639 million in FY2024. Net income was $162 million in FY2025, down from $802 million in FY2024. CEO Andrés Gluski signed the FY2025 10-K filed March 2, 2026.

Revenue model

Revenue is generated primarily through long-term PPAs with utilities and industrial offtakers, regulated tariffs at distribution utilities, and short-term merchant electricity sales. Capacity payments under long-term contracts recover the majority of fixed operating and maintenance costs. Utility tariff rates are set by regulators and are designed to recover operating and fixed costs.

Products and services

AES generates electricity from natural gas, coal, renewables, and energy storage. Specific assets include a 690 MW lignite plant in Bulgaria (AES Maritza) contracted to NEK under a PPA expiring May 2026, a 381 MW combined cycle gas plant in Panama (Colon) with PPAs for 350 MW expiring August 2028, a 670 MW combined cycle gas plant in Panama (Gatun, 24% interest) with PPAs through 2049, and a 1,242 MW coal plant in Vietnam (Mong Duong 2, 51% interest) contracted to EVN through 2040. AES also owns an LNG regasification facility in Panama with a 180,000 cubic meter net storage tank and a truck loading facility. Utility operations include AES Indiana (fully integrated regulated utility) and AES Ohio (transmission and distribution regulated utility).

Customers and end markets

Customers include state-owned national utilities (NEK in Bulgaria, EVN in Vietnam, national utility in Jordan), regulated retail electricity customers (2.7 million customers across six utility businesses as of FY2025), distribution companies in Panama (ENSA, Edemet, Edechi), the California Department of Water Resources, Southern California Edison, and industrial offtakers such as SQM, Sierra Gorda, and Quebrada Blanca in Chile.

Value-chain role

AES operates across generation, transmission, and distribution. It develops, constructs, owns, and operates power plants and distribution networks. For long-term contracted assets, AES acts as an independent power producer selling capacity and energy to utilities. For its regulated utilities in the U.S. and El Salvador, it acts as the sole distributor of electricity within its service territories. AES also markets LNG in Latin America through Colon LNG Marketing.

Geographic exposure

Operations span the United States (AES Indiana, AES Ohio, California gas assets, Puerto Rico), El Salvador (four distribution utilities), Panama (Colon gas plant, Gatun gas plant, LNG terminal), Argentina (multiple thermal plants including Paraná-GT and San Nicolás), Chile (Angamos and Cochrane coal plants), Bulgaria (Maritza lignite plant), Vietnam (Mong Duong 2 coal plant), Jordan (Amman East gas/oil plant, 10% interest), and Colombia.

Source: SEC 10-K, filed 2026-03-02

Industry: Cogeneration Services & Small Power Producers Peers: Vistra Corp