AES CORP
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
AES$14.87-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0000874761-25-000035
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSExecutive SummaryReview of Consolidated Results of OperationsSBU Performance AnalysisKey Trends and UncertaintiesCapital Resources and LiquidityCritical Accounting Policies and EstimatesCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000874761-25-000075
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSExecutive SummaryReview of Consolidated Results of OperationsSBU Performance AnalysisKey Trends and UncertaintiesCapital Resources and LiquidityCritical Accounting Policies and EstimatesThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 337 previous paragraphs and 423 current paragraphs.
161 unchanged; 122 reworded; 124 added; 41 removed; 13 previous and 16 current paragraphs rearranged.
Tables are not compared: 13 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (124)
Current report
Adjusted EBITDA with Tax Attributes, a non-GAAP measure, increased $208 million, from $849 million to $1,057 million primarily due to higher realized tax attributes driven by more projects placed in service and higher income from tax credit transfers, as well as the drivers above.
Current report
Adjusted EPS, a non-GAAP measure, increased $0.13 from $0.38 to $0.51, mainly driven by a lower adjusted tax rate and higher contributions due to new renewables projects placed in service, partially offset by higher prior year revenues from the monetization of the Warrior Run coal plant PPA.
Current report
Compared with last year, net income for the six months ended June 30, 2025 decreased $654 million from $431 million to a net loss of $223 million. This decrease is primarily driven by lower earnings from the Energy Infrastructure SBU due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and unrealized derivative gains, higher income tax expense, higher day-one losses on the commencement of sales type leases at AES Clean Energy Development, and foreign currency translation gains in the prior year; partially offset by the derecognition of a valuation allowance on the loan receivable upon reclassifying Mong Duong from held-for-sale to held and used.
Current report
Adjusted EBITDA, a non-GAAP measure, decreased $26 million, from $1,298 million to $1,272 million, for the six months ended June 30, 2025, mainly driven by higher prior year revenues from the monetization of the Warrior Run coal plant PPA and the sale of AES Brasil; partially offset by higher revenues from new projects placed in service at the Renewables SBU, higher retail margin under the 2024 Base Rate Order at AES Indiana, and better hydrology.
Current report
Adjusted EBITDA with Tax Attributes, a non-GAAP measure, increased $117 million, from $1,717 million to $1,834 million, for the six months ended June 30, 2025, due to higher realized tax attributes driven by more projects placed in service and higher income from tax credit transfers, partially offset by the drivers above.
Current report
Compared with last year, diluted earnings per share from continuing operations for the six months ended June 30, 2025 decreased $1.07, from $0.99 to a diluted loss of $0.08. This decrease is mainly driven by lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, higher income tax expense, day-one losses on the commencement of sales-type leases at AES Clean Energy Development, foreign currency losses compared to prior year gains, higher net equity in losses of affiliates primarily related to higher prior year contributions from renewables projects that came online at sPower, higher interest expense, and lower interest income, partially offset by the derecognition of a valuation allowance on the loan receivable upon reclassifying Mong Duong from held-for-sale to held and used.
Current report
•In June 2025, AES Indiana filed a petition for regulatory rate review with the Indiana Utility Regulatory Commission (IURC).
Current report
◦This is AES Indiana's first rate case using a forward-looking test year, which will enable a more efficient investment program to best serve customers with cost-effective and reliable electricity service.
Current report
•$14 million at Corporate, Other and Eliminations mainly driven by higher eliminations of inter-segment revenue.
Current report
•$58 million at Utilities mainly driven by an $87 million increase in transmission, distribution, and rider revenues mainly due to higher rates; partially offset by an $11 million decrease due to lower Fuel Adjustment Charge rider revenue and a $9 million decrease due to lower retail demand; and
Current report
•$82 million at Energy Infrastructure mainly driven by $64 million higher prior year revenues from the monetization of the Warrior Run coal plant PPA, $43 million due to prior year unrealized derivative gains as part of our commercial hedging strategy, and $22 million of lower generation due to dispatch; partially offset by an increase of $39 million driven by higher availability in 2025 due to lower maintenance;
Current report
•$15 million at Renewables mainly driven by a $52 million impact from the sale of AES Brasil and a $43 million negative impact related to changes in mark-to-market of energy derivatives; partially offset by a $32 million positive impact from new businesses, a $25 million increase related to higher generation in Colombia as a result of increased availability and lower spot prices on energy purchases, and $17 million impact of lower fixed costs, including lower people costs after restructuring.
Current report
These unfavorable impacts were partially offset by an increase of $19 million at Corporate, Other and Eliminations mainly driven by higher premiums earned by AES’ self-insurance company and higher charge-outs of IT and other costs to the businesses.
Current report
Six Months Ended June 30, 2025
Current report
Consolidated Revenue — Revenue decreased $246 million, or 4%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven by:
Current report
•$445 million at Energy Infrastructure primarily driven by $471 million of prior year revenue related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts; $171 million of prior year revenues from the monetization of the Warrior Run coal plant PPA, and $126 million due to prior year unrealized and realized derivative gains; partially offset by $142 million higher CO 2 purchases passed through due to higher production, $96 million higher fuel prices and transportation costs passed through to the offtaker, $37 million of higher LNG sales and terminal fees, and $35 million impact of foreign currency, primarily appreciation of the Mexican peso; and
Current report
•$43 million at Corporate, Other and Eliminations mainly driven by higher eliminations of inter-segment revenue.
Current report
Consolidated Operating Margin — Operating margin decreased $278 million, or 24%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven by:
Current report
These unfavorable impacts were partially offset by an increase of $15 million at Utilities mainly driven by $83 million due to higher retail rates as a result of the 2024 Base Rate Order, higher transmission and rider revenues, and higher demand due to the impact of weather; partially offset by a $22 million increase in depreciation expense from additional assets placed in service, a $17 million impact of planned outages, $15 million higher credit losses,
Current report
and a $15 million increase in fixed cost driven by higher property taxes and higher software costs.
Current report
General and administrative expenses decreased $17 million, or 26%, to $49 million for the three months ended June 30, 2025, compared to $66 million for the three months ended June 30, 2024, primarily reflecting a $21 million decrease in business development costs driven by the Company’s restructuring program, partially offset by $5 million in higher professional fees.
Current report
General and administrative expenses decreased $15 million, or 11%, to $126 million for the six months ended June 30, 2025, compared to $141 million for the six months ended June 30, 2024, primarily reflecting a $22 million decrease in business development costs driven by the company’s restructuring program, partially offset by $9 million of one-time restructuring-related charges.
Current report
Interest expense decreased $52 million, or 7%, to $694 million for the six months ended June 30, 2025, compared to $746 million for the six months ended June 30, 2024. This decrease is primarily due to a $124 million impact from the sale of AES Brasil in October 2024 and lower debt balances at the Energy Infrastructure SBU; partially offset by lower capitalized interest at the Renewables SBU due to fewer projects under construction, and a higher weighted average interest rate and debt balance at the Parent Company.
Current report
Interest income decreased $18 million, or 20%, to $70 million for the three months ended June 30, 2025, compared to $88 million for the three months ended June 30, 2024, primarily due to a $15 million impact from the sale of AES Brasil in October 2024.
Current report
Loss on extinguishment of debt
Current report
Loss on extinguishment of debt decreased $4 million, or 44%, to $5 million for the three months ended June 30, 2025, compared to $9 million for the three months ended June 30, 2024, primarily due to a prior year loss of $8 million due to a prepayment at AES Andes, partially offset by a $5 million current year loss related to a revolver amendment at AES Clean Energy.
Current report
Loss on extinguishment of debt increased $3 million, or 30%, to $13 million for the six months ended June 30, 2025, compared to $10 million for the six months ended June 30, 2024 primarily driven by a $5 million loss due to prepayment of senior notes at Mercury Chile and a $5 million loss related to a revolver amendment at AES Clean Energy, offset by an $8 million prior year loss due to prepayment at AES Andes.
Current report
See Note 8—Obligations included in Item 1.—Financial Statements of this Form 10-Q for further information.
Current report
Other income increased $10 million, or 48%, to $31 million for the three months ended June 30, 2025, compared to $21 million for the three months ended June 30, 2024, mainly due to a $22 million increase in gains on remeasurement of contingent consideration at AES Clean Energy.
Current report
Other income decreased $18 million, or 32%, to $38 million for the six months ended June 30, 2025, compared to $56 million for the six months ended June 30, 2024, mainly due to the prior year impacts of a $5 million gain on
Current report
Other expense increased $211 million to $295 million for the three months ended June 30, 2025, compared to $84 million for the three months ended June 30, 2024, mainly due to a $127 million increase in losses on commencement of sales-type leases at AES Clean Energy and AES Renewable Holdings, and a $48 million loss on remeasurement of our investment in 5B, accounted for using the measurement alternative.
Current report
Gain on disposal and sale of business interests
Current report
Gain on disposal and sale of business interests increased $69 million to $70 million for the three months ended June 30, 2025 compared to $1 million for the three months ended June 30, 2024. This was primarily due to a $70 million gain on the selldown of Dominican Republic Renewables, which is now accounted for as an equity method investment.
Current report
Asset impairment reversals (expense)
Current report
Asset impairment expense decreased $192 million to a $154 million asset impairment reversal for the three months ended June 30, 2025, compared to a $38 million expense for the three months ended June 30, 2024. This decrease was primarily the result of a $243 million increase in the carrying value of the Mong Duong asset group due to the derecognition of a valuation allowance on the loan receivable accounted for under ASC 310 and the elimination of net estimated costs to sell upon reclassifying Mong Duong from held-for-sale to held and used; and prior year impairment expense of $25 million at AES Brasil associated with the held-for-sale classification. This was partially offset by higher impairment expense of $79 million at AES Clean Energy Development due to the write-off of project development intangibles and capitalized development costs for projects that were determined to be no longer viable, including $51 million in the current quarter due to the right sizing of our development company as part of the restructuring program initiated in February 2025.
Current report
Asset impairment expense decreased $189 million to a $105 million asset impairment reversal for the six months ended June 30, 2025, compared to an $84 million expense for the six months ended June 30, 2024. This decrease was primarily the result of a $243 million increase in the carrying value of the Mong Duong asset group due to the derecognition of a valuation allowance on the loan receivable accounted for under ASC 310 and the elimination of net estimated costs to sell upon reclassifying Mong Duong from held-for-sale to held and used; and lower impairment expense of $26 million and $25 million at Mong Duong and AES Brasil, respectively, associated with the held-for-sale classification. This was partially offset by higher impairment expense of $103 million at AES Clean Energy Development due to the write-off of project development intangibles and capitalized development costs for projects that were determined to be no longer viable, including $51 million in the current year due to the right sizing of our development company as part of the restructuring program initiated in February 2025.
Current report
Foreign currency transaction gains (losses)
Current report
The Company recognized net foreign currency transaction gains of $38 million for the three months ended June 30, 2024, primarily driven by unrealized gains on forwards and options denominated in the Brazilian real.
Showing the first 40 of 124 passages. Open the source sections for the rest.
Removed paragraphs (41)
Previous report
34 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
Adjusted EBITDA with Tax Attributes, a non-GAAP measure, decreased $91 million, from $868 million to $777
Previous report
million primarily due to the drivers above, as well as lower realized tax attributes driven by timing of tax attribute recognition.
Previous report
•Received final regulatory approval for the 170 MW Crossvine solar-plus-storage project at AES Indiana, which is expected to come online in 2027.
Previous report
•With the sale of a minority stake in our global insurance company, AGIC, for $450 million, achieved full year 2025 asset sale proceeds target of $400 to $500 million.
Previous report
•To fund the substantial growth at AES Ohio, closed on the sale of an approximate 30% indirect equity interest to a wholly-owned subsidiary of CDPQ, with subsequent upgrade in credit ratings at AES Ohio.
Previous report
38 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
39 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
•$20 million at Corporate, Other and Eliminations mainly driven by higher people and IT costs, including allocation of costs to the businesses.
Previous report
General and administrative expenses increased $2 million, or 3%, to $77 million for the three months ended March 31, 2025, compared to $75 million for the three months ended March 31, 2024, mainly due to $8 million of one-time restructuring costs, partially offset by $3 million lower professional fees and $2 million lower other people costs.
Previous report
40 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
Gain (loss) on disposal and sale of business interests
Previous report
Asset impairment expense increased $3 million, or 7%, to $49 million for the three months ended March 31, 2025, compared to $46 million for the three months ended March 31, 2024. This increase was due to higher impairment expense of $24 million at AES Clean Energy Development related to the write-off of capitalized development costs for projects that were determined to be no longer viable. This was partially offset by lower impairment expense of $20 million associated with the held-for-sale classification of Mong Duong.
Previous report
Foreign currency transaction losses
Previous report
41 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
Net loss attributable to noncontrolling interests and redeemable stock of subsidiaries decreased $35 million to $119 million for the three months ended March 31, 2025, compared to $154 million for the three months ended March 31, 2024. This decrease was primarily due to lower allocation of losses to tax equity investors on renewables projects placed in service of $35 million.
Previous report
Net income attributable to The AES Corporation decreased $386 million to $46 million for the three months ended March 31, 2025, compared to $432 million for the three months ended March 31, 2024. This decrease was primarily due to:
Previous report
•Prior year gain on dilution of our interest in Uplight of $52 million;
Previous report
•One-time restructuring costs of $46 million;
Previous report
•Lower contributions from renewables projects placed in service in the current year of $35 million; and
Previous report
42 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
43 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
44 | The AES Corporation | March 31, 2025 Form 10-Q
Previous report
(1)Amount primarily relates to net unrealized derivative gains at the Energy Infrastructure SBU of $68 million, or $0.10 per share.
Previous report
(4)Amount primarily relates to impairments at AES Clean Energy Development projects of $25 million, or $0.03 per share, and Mong Duong of $9 million, or $0.01 per share.
Previous report
(8)Amount primarily relates to income tax expense associated with severance costs related to the Company-wide restructuring program of $10 million, or $0.01 per share, losses on contingent consideration at AES Clean Energy of $8 million, or $0.01 per share, and impairment at AES Clean Energy Development projects of $7 million, or $0.01 per share.
Previous report
Adjusted EBITDA for the three months ended March 31, 2025 decreased $102 million, primarily due to the drivers above adjusted for NCI, unrealized derivatives, and restructuring costs.
Previous report
According to the National Oceanic and Atmospheric Administration ("NOAA"), weather conditions are currently transitioning from weak La Niña conditions to ENSO-neutral. The ENSO forecast indicates a high probability (91%) for ENSO-neutral conditions forming March-May 2025, and these conditions are favored to continue through September-November 2025.
Previous report
Inflows during the first quarter of the year have been relatively stable across the region, reflecting the influence of, and transition to, ENSO-neutral condition. In Panama, overall system inflows have been only slightly below historical average conditions, except for the Bayano reservoir, which registered above-average hydrology conditions. Higher hydrology may result in energy surpluses after covering the contracted hydro positions, available to be sold in the spot market.
Previous report
In Colombia, hydrological conditions were generally aligned with seasonal expectations and historical average conditions, supporting steady flows into key reservoirs and reducing the risk of extreme droughts or floods typically associated with El Niño or La Niña.
Previous report
In Chile, the primary driver for AES’ hydro assets is snowpack volumes and winter rains, mainly in the central regions. Over the first quarter of 2025, precipitation and snowpack accumulation was within the range of historical averages.
Previous report
Inflation Reduction Act and U.S. Renewable Energy Tax Credits — The U.S. Inflation Reduction Act of 2022 (the “IRA”) includes provisions that benefit the U.S. clean energy industry, including increases, extensions, direct transfers, and/or new tax credits for onshore and offshore wind, solar, storage, and hydrogen projects. The extension of the solar investment tax credits ("ITCs") and production tax credits (“PTCs”), as well as higher credits available for projects that satisfy wage and apprenticeship requirements, has increased demand for our renewables products.
Previous report
The IRA also allows us to directly transfer investment tax credits to unrelated tax credit buyers. We account for the transfer proceeds as tax benefit throughout the year the renewables project is placed in service.
Previous report
The implementation of the IRA requires substantial guidance from the U.S. Department of Treasury and other government agencies. Some of the guidance and rulemaking enacted under the Biden Administration could be changed or modified by the Trump Administration, creating uncertainty with respect to implementation of the IRA. Also, the Trump Administration has issued Executive Orders that pause certain funding allocated to projects under the Infrastructure Investment and Jobs Act (IIJA) and the IRA during a 90-day review process. As they currently stand, these Executive Orders do not impact the tax credits under the IRA.
Previous report
hearing to be held beginning June 2, 2025; however, the PUCO has not yet established a procedural schedule for the proceeding.
Previous report
•Acquisitions of business interests decreased $53 million, primarily due to the prior year acquisition of Hoosier Wind.
Showing the first 40 of 41 passages. Open the source sections for the rest.
Reworded paragraphs (122)
Previous wording
Compared with last year, first quarter net income decreased $351 million, from net income of $278 million to a net loss of $73 million. This decrease is the result of higher prior year revenues from the monetization of the Warrior Run coal plant PPA, one-time costs due to organizational restructuring, and a gain in the prior year on dilution of our interest in Uplight; partially offset by higher contributions from the Utilities and Renewables SBUs.
Current wording
Compared with last year, second quarter net income decreased $303 million, from $153 million to a net loss of $150 million. This decrease is primarily due to higher income tax expense, day-one losses on the commencement of sales type leases at AES Clean Energy Development, and lower earnings from the Energy Infrastructure SBU due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and prior year unrealized derivative gains; partially offset by the derecognition of a valuation allowance on the loan receivable upon reclassifying Mong Duong from held-for-sale to held and used, and higher contributions from renewables projects placed in service in the current year.
Previous wording
Adjusted EBITDA, a non-GAAP measure, decreased $49 million, from $640 million to $591 million, driven by lower contributions from the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA. This was partially offset by higher margins at the Utilities SBU, higher revenues from renewables projects placed in service, and better hydrology.
Current wording
Adjusted EBITDA, a non-GAAP measure, increased $23 million, from $658 million to $681 million, driven by higher contributions from the Renewables SBU primarily due to higher revenues from renewables projects placed in service and prior year outages in Colombia. This was partially offset by the sale of AES Brasil, higher prior year revenues from the monetization of the Warrior Run coal plant PPA, and the impact of the selldown of AES Ohio in the Utilities SBU.
Previous wording
Compared with last year, first quarter diluted earnings per share from continuing operations decreased $0.53, from $0.60 to $0.07. This decrease is mainly driven by lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, lower realized tax attributes, a gain in the prior year on dilution of our interest in Uplight, and one-time costs due to organizational restructuring. This was partially offset by higher contributions at the Utilities SBU due to higher margins and realized tax attributes related to the Pike County energy storage project.
Current wording
Compared with last year, second quarter diluted earnings per share from continuing operations decreased $0.54, from $0.39 to a diluted loss of $0.15. This decrease is mainly driven by higher income tax expense, day-one losses on the commencement of sales-type leases at AES Clean Energy Development, and lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA; partially offset by the derecognition of a valuation allowance on the loan receivable upon reclassifying Mong Duong from held-for-sale to held and used, and higher contributions from renewables projects placed in service in the current year.
Previous wording
Adjusted EPS, a non-GAAP measure, decreased $0.23 from $0.50 to $0.27, mainly driven by lower realized tax attributes due to timing of tax attribute recognition, and lower contributions at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, partially offset by higher contributions at the Utilities SBU.
Current wording
Adjusted EPS, a non-GAAP measure, decreased $0.11 from $0.89 to $0.78, for the six months ended June 30, 2025, mainly driven by lower realized tax attributes at the Renewables SBU due to timing of tax attribute recognition, and lower contributions at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, partially offset by a lower adjusted tax rate and higher contributions at the Utilities SBU.
Previous wording
•Our PPA backlog, which consists of projects with signed contracts, but which are not yet operational, is 11.7 GW, including 5.3 GW under construction. Since our fourth quarter 2024 earnings call in February 2025, we:
Current wording
•Our PPA backlog, which consists of projects with signed contracts, but which are not yet operational, is 12 GW, including 5.2 GW under construction. Since our first quarter 2025 earnings call in May 2025, we:
Previous wording
◦Completed the construction of 643 MW of energy storage and solar, and expect to add a total of 3.2 GW to our operating portfolio by year-end 2025; and
Current wording
◦Completed the construction of 1.2 GW of energy storage and solar, for a total of 1.9 GW year-to-date, and we are on track to add a total of 3.2 GW to our operating portfolio by year-end 2025; and
Previous wording
◦Signed or were awarded new long-term PPAs for 443 MW of solar and energy storage.
Current wording
◦Signed or were awarded new long-term PPAs for 1.6 GW, for a total of 2 GW year-to-date.
Previous wording
Consolidated Revenue — Revenue decreased $159 million, or 5%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, driven by:
Current wording
Consolidated Revenue — Revenue decreased $87 million, or 3%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, driven by:
Previous wording
•$289 million at Energy Infrastructure driven by $239 million of prior year revenue related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts; $96 million of prior year revenues from the monetization of the Warrior Run coal plant PPA, $91 million due to prior year unrealized and realized derivative gains, and $23 million due to the impact of the selldown of Amman East and IPP4 in Jordan; partially offset by $82 million higher CO 2 purchases passed through due to higher production, $32 million higher gas prices and transportation costs passed through to the offtaker, and $30 million higher generation due to dispatch and tariff adjustment in Argentina.
Current wording
•$156 million at Energy Infrastructure driven by $232 million of prior year revenue related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts; $64 million of prior year revenues from the monetization of the Warrior Run coal plant PPA, and $40 million due to prior year unrealized and realized derivative gains; partially offset by $65 million higher fuel prices and transportation costs passed through to the offtaker, $60 million higher CO 2 purchases passed through due to higher production, $23 million of higher LNG sales and terminal fees, and $13 million due to higher availability in 2025; and
Previous wording
•$23 million at Renewables mainly driven by a $203 million increase due to the results of AES Andes moving to Renewables in 2025 as described above, net of a current year decrease in regulated contract sales, and $50 million due to new projects in service; partially offset by $170 million impact from the sale of AES Brasil and $50 million net lower spot sales and prices, mainly at Colombia.
Current wording
•$25 million at Renewables mainly driven by a $216 million increase due to the results of AES Andes moving to Renewables in 2025 as described above, net of a current year decrease in regulated contract sales, and $72 million due to new projects in service; partially offset by $169 million impact from the sale of AES Brasil, a $43 million negative impact related to changes in mark-to-market of energy derivatives, and $39 million net lower spot sales and prices, mainly at Colombia.
Previous wording
Consolidated Operating Margin — Operating margin decreased $178 million, or 29%, for the three months
Current wording
Consolidated Operating Margin — Operating margin decreased $100 million, or 18%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, driven by:
Previous wording
•$35 million at Utilities primarily driven by $43 million due to higher retail rates as a result of the 2024 Base Rate Order, including the impact of certain riders now included in the base rate, $20 million due to higher demand primarily from the impact of weather, and a $13 million increase in transmission and rider revenues; partially offset by a $13 million increase in depreciation expense from additional assets placed in service, an $8 million decrease due to the impact of planned outages, $8 million higher expected credit losses, and $7 million higher property taxes; and
Current wording
•$20 million at Utilities primarily driven by a $13 million increase in depreciation expense from additional assets placed in service, a $9 million decrease due to the impact of planned outages, and $8 million resulting from lower demand due to the impact of weather; partially offset by an increase of $13 million due to higher retail rates as a result of the 2024 Base Rate Order; and
Previous wording
•$136 million at Utilities mainly driven by a $111 million increase in transmission, distribution, and rider revenues mainly due to higher rates, and $34 million due to higher net retail demand mainly driven by favorable weather; partially offset by $20 million of lower Fuel Adjustment Charge rider revenue; and
Current wording
•$194 million at Utilities mainly driven by a $205 million increase in transmission, distribution, rider, and wholesale revenues mainly due to higher rates, and $20 million due to higher net retail demand mainly driven by favorable weather; partially offset by $32 million of lower Fuel Adjustment Charge rider revenue; and
Previous wording
•$205 million at Energy Infrastructure mainly driven by $96 million higher prior year revenues from the monetization of the Warrior Run coal plant PPA, $71 million due to prior year unrealized derivative gains as part of our commercial hedging strategy, $22 million of prior year operating margin related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts, and $17 million of one-time costs due to restructuring; and
Current wording
•$287 million at Energy Infrastructure mainly driven by $160 million higher prior year revenues from the monetization of the Warrior Run coal plant PPA, $114 million due to prior year unrealized derivative gains as part of our commercial hedging strategy, $22 million of prior year operating margin related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts, $19 million of one-time costs due to restructuring, and $17 million due to the prior year selldown of Amman East and IPP4 in Jordan; partially offset by $54 million driven by higher availability in 2025 due to lower maintenance; and
Previous wording
•$10 million at Renewables mainly driven by a $36 million increase related to higher generation in Panama as a result of better hydrological conditions, $35 million positive impact from new businesses, and $22 million impact of the results of AES Andes moving to Renewables in 2025, as described above. These positive impacts were partially offset by a $36 million increase in fixed costs primarily related to an accelerated growth plan, a $32 million impact from the sale of AES Brasil, and $16 million of one-time costs due to restructuring.
Current wording
•$5 million at Renewables mainly driven by an $84 million impact from the sale of AES Brasil, a $43 million negative impact related to changes in mark-to-market of energy derivatives, a $19 million increase in fixed costs primarily related to an accelerated growth plan, and $17 million of one-time costs due to restructuring. These negative impacts were partially offset by a $67 million positive impact from new businesses, $36 million increase related to higher generation in Panama as a result of better hydrological conditions during the first quarter of 2025, $25 million increase in Colombia due to increased availability and lower spot prices on energy purchases, and $22 million impact of the results of AES Andes moving to Renewables in 2025, as described above.
Previous wording
Interest expense decreased $15 million, or 4%, to $342 million for the three months ended March 31, 2025, compared to $357 million for the three months ended March 31, 2024. This decrease is primarily due to a $61 million impact from the sale of AES Brasil in October 2024; partially offset by increased borrowings at the Renewables SBU and lower capitalized interest.
Current wording
Interest expense decreased $37 million, or 10%, to $352 million for the three months ended June 30, 2025, compared to $389 million for the three months ended June 30, 2024. This decrease is primarily due to a $63 million impact from the sale of AES Brasil in October 2024; partially offset by lower capitalized interest at the Renewables SBU due to fewer projects under construction, and a higher weighted average interest rate and debt balance at the Parent Company.
Previous wording
Interest income decreased $36 million, or 34%, to $69 million for the three months ended March 31, 2025, compared to $105 million for the three months ended March 31, 2024, primarily due to a $24 million decrease at the Energy Infrastructure SBU primarily due to lower short-term investments at lower rates, and a $13 million impact from the sale of AES Brasil in October 2024.
Current wording
Interest income decreased $54 million, or 28%, to $139 million for the six months ended June 30, 2025, compared to $193 million for the six months ended June 30, 2024, primarily due to a $28 million impact from the sale of AES Brasil in October 2024, and an $18 million decrease at Argentina due to lower short-term investments at lower rates.
Previous wording
Other income decreased $28 million, or 80%, to $7 million for the three months ended March 31, 2025, compared to $35 million for the three months ended March 31, 2024, mainly due to a $10 million decrease in gains on remeasurement of contingent consideration at AES Clean Energy, and the prior year impacts of a $5 million gain on commencement of a sales-type lease on land, $5 million in insurance proceeds primarily related to property damage at AES Andes, and a $5 million gain on contract termination.
Current wording
commencement of a sales-type lease on land, $5 million in insurance proceeds primarily related to property damage at AES Andes, and a $5 million gain on contract termination, as well as a $5 million decrease in AFUDC in the current year; partially offset by a $12 million increase in gains on remeasurement of contingent consideration at AES Clean Energy.
Previous wording
Other expense increased $14 million, or 37%, to $52 million for the three months ended March 31, 2025, compared to $38 million for the three months ended March 31, 2024, mainly due to a $34 million increase in losses on remeasurement of contingent consideration primarily on projects acquired at AES Clean Energy and $9 million in losses on commencement of sales-type leases at AES Renewable Holdings; partially offset by a $19 million loss recognized in the prior year related to legal expenses and other direct costs associated with the troubled debt restructuring at AES Puerto Rico, and a $6 million valuation allowance recorded in the prior year on receivables classified as held-for-sale at Warrior Run.
Current wording
Other expense increased $225 million to $347 million for the six months ended June 30, 2025, compared to $122 million for the six months ended June 30, 2024, mainly due to an increase of $136 million in losses on commencement of sales-type leases at AES Clean Energy and AES Renewable Holdings, a $48 million loss on remeasurement of our investment in 5B, accounted for using the measurement alternative, and a $36 million increase in losses on remeasurement of contingent consideration primarily on projects acquired at AES Clean Energy; partially offset by a $20 million loss recognized in the prior year related to legal expenses and other direct costs associated with the troubled debt restructuring at AES Puerto Rico.
Previous wording
Loss on disposal and sale of business interests was $1 million for the three months ended March 31, 2025 compared to a gain of $43 million for three months ended March 31, 2024. This was primarily due to a $52 million gain in the prior year on dilution of AES’ ownership interest in Uplight as a result of the AutoGrid acquisition, partially offset by a $10 million loss in the prior year on the selldown of Amman East and IPP4 in Jordan, which are now accounted for as equity method investments.
Current wording
Gain on disposal and sale of business interests increased $25 million, or 57%, to $69 million for the six months ended June 30, 2025 compared to $44 million for six months ended June 30, 2024. This was primarily due to a $70 million gain on the selldown of Dominican Republic Renewables and a $10 million loss in the prior year on the selldown of Amman East and IPP4 in Jordan, which are now accounted for as equity method investments. This was partially offset by a $52 million gain in the prior year on dilution of AES’ ownership interest in Uplight as a result of the AutoGrid acquisition.
Previous wording
See Note 16—Asset Impairment Expense included in Item 1.—Financial Statements of this Form 10-Q for further information.
Current wording
See Note 16—Asset Impairment Expense and Note 21—Restructuring included in Item 1.—Financial Statements of this Form 10-Q for further information.
Previous wording
(1)Includes losses of $3 million and gains of $18 million on foreign currency derivative contracts for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1)Includes losses of $12 million and gains of $90 million on foreign currency derivative contracts for the three months ended June 30, 2025, and 2024, respectively, and losses of $14 million and gains of $109 million on foreign currency derivative contracts for the six months ended June 30, 2025,and 2024, respectively.
Previous wording
The Company recognized net foreign currency transaction losses of $10 million for the three months ended March 31, 2025, primarily driven by unrealized losses due to depreciation of the Chilean peso.
Current wording
The Company recognized net foreign currency transaction losses of $28 million and $38 million for the three and six months ended June 30, 2025, respectively, primarily driven by unrealized losses due to the appreciation of the Chilean peso and unrealized losses on forwards and options in Euros.
Previous wording
The Company recognized net foreign currency transaction losses of $8 million for the three months ended March 31, 2024, primarily driven by realized losses on receivables denominated in the Chilean peso.
Current wording
The Company recognized net foreign currency transaction gains of $30 million for the six months ended June 30, 2024, primarily driven by unrealized gains on forwards and options denominated in the Brazilian real; partially offset by realized losses on receivables denominated in the Chilean peso.
Previous wording
Income tax expense was $17 million for the three months ended March 31, 2025, compared to income tax benefit of $16 million for the three months ended March 31, 2024. The Company’s effective tax rates were (77)% and (6)% for the three months ended March 31, 2025 and 2024, respectively. The current quarter effective tax rate was impacted by tax expense resulting from allocations of losses to tax equity investors on renewables projects, as well as the impacts associated with ITCs.
Current wording
Income tax expense was $167 million for the three months ended June 30, 2025, compared to income tax benefit of $35 million for the three months ended June 30, 2024. The Company’s effective tax rates were 428% and (30)% for the three months ended June 30, 2025 and 2024, respectively. This net change in the effective tax rate was largely due to the benefits associated with U.S. investment tax credits (“ITCs”), the impact of the reclassification of Mong Duong from held-for-sale to held and used in the current year, and by tax expense resulting from allocations of losses to tax equity investors on renewables projects. Further, the prior year effective tax rate was impacted by the AES Brasil held-for-sale reclassification.
Previous wording
The prior year effective tax rate was benefited by the restructuring of a foreign holding company, as well as the impacts associated with ITCs. Further, the prior year effective tax rate was impacted by tax expense resulting from allocations of losses to tax equity investors on renewables projects.
Current wording
Income tax expense was $184 million for the six months ended June 30, 2025, compared to income tax benefit of $51 million for the six months ended June 30, 2024. The Company’s effective tax rates were 1082% and (13)% for the six months ended June 30, 2025 and 2024, respectively. The 2025 effective tax rate was not meaningful due to pretax book income being near breakeven. This net change in the effective tax rate was largely due to the benefits associated with ITCs, the impact of the reclassification of Mong Duong from held-for-sale to held and used, and tax expense resulting from allocations of losses to tax equity investors on renewables projects. Additionally, the 2024 effective tax rate was impacted by the restructuring of a foreign holding company, as well as the AES Brasil held-for-sale reclassification.
Previous wording
Our effective tax rate reflects the tax effect of significant operations outside the U.S., which are generally taxed at rates different than the U.S. statutory rate of 21%. Furthermore, our foreign earnings may be subjected to incremental U.S. taxation under the GILTI rules and incremental foreign taxation under Pillar 2. A future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions
Current wording
Our effective tax rate reflects the tax effect of significant operations outside the U.S., which are generally taxed at rates different than the U.S. statutory rate of 21%. Furthermore, our foreign earnings may be subjected to incremental U.S. taxation under the GILTI rules and incremental foreign taxation under Pillar 2. A future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate.
Previous wording
Net equity in losses of affiliates
Current wording
Net equity in earnings (losses) of affiliates
Previous wording
Net equity in losses of affiliates increased $19 million to $34 million for the three months ended March 31, 2025, compared to $15 million for the three months ended March 31, 2024. This increase was primarily driven by lower earnings from sPower of $14 million, mainly due to lower earnings from renewables projects that came online; and a $9 million decrease in earnings from Fluence driven by a decrease in the volume of BESS products fulfilled due to timing of customer schedules, higher sales and marketing expenses, and foreign currency losses.
Current wording
compared to $12 million for the six months ended June 30, 2024. This increase was primarily driven by lower earnings from sPower of $33 million, mainly due to lower contributions from renewables projects that came online; and an $11 million decrease in earnings from Fluence driven by a decrease in the volume of BESS products fulfilled due to timing of customer schedules.
Previous wording
Net income attributable to The AES Corporation
Current wording
Net income attributable to The AES Corporation decreased $371 million to a $95 million loss for the three months ended June 30, 2025, compared to income of $276 million for the three months ended June 30, 2024. This decrease was primarily due to:
Previous wording
These decreases were partially offset by higher margins from the Utilities SBU of $28 million, excluding one-time restructuring costs, primarily due to higher rates as a result of the 2024 Base Rate Order at AES Indiana and higher demand due to weather.
Current wording
These decreases were partially offset by:
Previous wording
•Lower margins from the Energy Infrastructure SBU of $193 million, excluding one-time restructuring costs, primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and prior year unrealized gains on power swaps;
Current wording
•Lower margins from the Energy Infrastructure SBU of $272 million, excluding one-time restructuring costs, primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and prior year unrealized gains on power swaps;
Previous wording
•Higher interest expense and lower interest income in the current year of $36 million;
Current wording
•Higher interest expense of $13 million and lower interest income of $23 million in the current year; and
Previous wording
•Higher net equity in losses of affiliates of $18 million, primarily related to lower earnings from renewables projects that came online at sPower.
Current wording
•Higher net equity in losses of affiliates of $44 million primarily related to lower contributions from renewables projects that came online at sPower.
Previous wording
For the year ended December 31, 2024, the Company updated the definitions of EBITDA and Adjusted EBITDA to include accretion of AROs in thedepreciation and amortization add-back. We believe excluding accretion of AROs from these metrics better reflects the underlying business performance of the Company and is aligned with the metrics of our industry peers. For comparability and consistency, all prior period EBITDA and Adjusted EBITDA measures have been recast to conform to the current presentation. The impact of this update resulted in an
Current wording
For the year ended December 31, 2024, the Company updated the definitions of EBITDA and Adjusted EBITDA to include accretion of AROs in thedepreciation and amortization add-back. We believe excluding accretion of AROs from these metrics better reflects the underlying business performance of the Company and is aligned with the metrics of our industry peers. For comparability and consistency, all prior period EBITDA and Adjusted EBITDA measures have been recast to conform to the current presentation. The impact of this update resulted in an increase to Adjusted EBITDA of $6 million and $11 million, respectively, for the three and six months ended June 30, 2024.
Previous wording
During the first quarter of 2024, the Company updated the definitions of Adjusted EBITDA, Adjusted PTC, and Adjusted EPS add-back (a)unrealized gains or losses related to derivative transactions and equity securities to include financial assets and liabilities measured using the fair value option, and updated add-back (e)gains, losses, and costs due to the early retirement of debt to include troubled debt restructuring. We believe excluding these gains or losses better reflects the underlying business performance of the Company. The Company also removed the adjustment for net gains at Angamos, one of our businesses in the Energy Infrastructure SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. As this adjustment was specific to certain contract terminations that occurred in 2020, we believe removing this adjustment from our non-GAAP definitions provides simplification and clarity for our investors. There were no such impacts in 2024.
Current wording
gains or losses better reflects the underlying business performance of the Company. The Company also removed the adjustment for net gains at Angamos, one of our businesses in the Energy Infrastructure SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. As this adjustment was specific to certain contract terminations that occurred in 2020, we believe removing this adjustment from our non-GAAP definitions provides simplification and clarity for our investors. There were no such impacts in 2024.
Previous wording
the revenue and cost of sales reflected in Operating Margin, Adjusted PTC includes the other components of our Consolidated Statement of Operations, such asgeneral and administrative expenses in Corporate and Other as well as business development costs, interest expense andinterest income, other expense andother income, realized foreign currency transaction gains and losses, andnet equity in earnings (losses) of affiliates.
Current wording
Adjusted PTC reflects the impact of NCI and excludes the items specified in the definition above. In addition to the revenue and cost of sales reflected in Operating Margin, Adjusted PTC includes the other components of our Consolidated Statement of Operations, such asgeneral and administrative expenses in Corporate and Other as well as business development costs, interest expense andinterest income, other expense andother income, realized foreign currency transaction gains and losses, andnet equity in earnings (losses) of affiliates.
Previous wording
The GAAP measure most comparable to Adjusted PTC is Income from continuing operations attributable to The AES Corporation. We believe that Adjusted PTC better reflects the underlying business performance of the Company and is a 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 pertaining to derivative transactions, equity securities, or financial assets and liabilities remeasurement, unrealized foreign currency gains or losses, losses due to impairments, strategic decisions to dispose of or acquire business interests, retire debt, or implement restructuring initiatives, which affect results in a given period or periods. In addition, Adjusted PTC represents 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 complexity, the Company concluded that Adjusted PTC is a more transparent measure than Income from continuing operations attributable to The AES Corporation that better assists investors in determining which businesses have the greatest impact on the Company’s results.
Current wording
of its segments. 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, strategic decisions to dispose of or acquire business interests, retire debt, or implement restructuring initiatives, which affect results in a given period or periods. In addition, Adjusted PTC represents 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 complexity, the Company concluded that Adjusted PTC is a more transparent measure than Income from continuing operations attributable to The AES Corporation that better assists investors in determining which businesses have the greatest impact on the Company’s results.
Previous wording
The Company reported diluted earnings per share of $0.60 for the three months ended March 31, 2024. For purposes of measuring earnings per share under U.S. GAAP, income available to AES common stockholders is reduced by increases in the carrying amount of redeemable stock of subsidiaries to redemption value. While the adjustment reduced earnings per share, it did not impact Net income on the Condensed Consolidated Statement of Operations. For purposes of computing Adjusted EPS, the Company excluded the adjustment to redemption value from the numerator. The table below reconciles the income available to AES common stockholders used in GAAP diluted earnings per share to the income from continuing operations used in calculating the non-GAAP measure of Adjusted EPS.
Current wording
The Company reported diluted loss per share of $0.15 and $0.08 for the three and six months ended June 30, 2025, respectively. The Company reported diluted earnings per share of $0.39 and $0.99 for the three and six months ended June 30, 2024, respectively. For purposes of measuring earnings per share under U.S. GAAP, income available to AES common stockholders is reduced by increases in the carrying amount of redeemable stock of subsidiaries to redemption value and increased by decreases in the carrying amount to the extent they represent recoveries of amounts previously reflected in the computation of earnings per share. While the adjustment for the three and six months ended June 30, 2025 decreased earnings per share and the adjustment for the three months ended June 30, 2024 increased earnings per share, neither adjustment impacted Net income on the Condensed Consolidated Statement of Operations. For purposes of computing Adjusted EPS, the Company excluded the adjustment to redemption value from the numerator. The table below reconciles the income available to AES common stockholders used in GAAP diluted earnings per share to the income from continuing operations used in calculating the non-GAAP measure of Adjusted EPS.
Previous wording
(2)Amount primarily relates to losses on contingent consideration at AES Clean Energy of $28 million, or $0.04 per share, and day-one losses on commencement of sales-type leases at AES Renewable Holdings of $9 million, or $0.01 per share.
Current wording
Amount primarily relates to day-one losses on commencement of sales-type leases at AES Clean Energy Development of $149 million, or $0.21 per share, and AES Renewable Holdings of $9 million, or $0.01 per share, and losses on remeasurement of contingent consideration at AES Clean Energy of $12 million, or $0.02 per share, partially offset by gain on sale of Dominican Republic Renewables of $45 million, or $0.06 per share.
Showing the first 40 of 122 pairs. Open the source sections for the rest.
Rearranged current paragraphs (16)
Current report — wording carried from elsewhere
•$48 million at Renewables mainly driven by $419 million increase due to the results of AES Andes moving to Renewables in 2025 as described above, net of a current year decrease in regulated contract sales, and $122 million due to new projects in service; partially offset by $339 million impact from the sale of AES Brasil, $89 million due to net lower spot sales and prices, mainly at Colombia, and a $44 million negative impact related to changes in mark-to-market of energy derivatives.
Current report — wording carried from elsewhere
•Lower margins from the Energy Infrastructure SBU of $81 million primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and prior year unrealized gains on power swaps;
Current report — wording carried from elsewhere
During the first quarter of 2024, the Company updated the definitions of Adjusted EBITDA, Adjusted PTC, and Adjusted EPS add-back (a)unrealized gains or losses related to derivative transactions and equity securities to include financial assets and liabilities measured using the fair value option, and updated add-back (e)gains, losses, and costs due to the early retirement of debt to include troubled debt restructuring. We believe excluding these
Current report — wording carried from elsewhere
The GAAP measure most comparable to Adjusted PTC is Income from continuing operations attributable to The AES Corporation. We believe that Adjusted PTC better reflects the underlying business performance of the Company and is a relevant measure considered in the Company’s internal evaluation of the financial performance
Current report — wording carried from elsewhere
Adjusted EBITDA for the six months ended June 30, 2025 increased $136 million, primarily due to the drivers mentioned above, adjusted for NCI, unrealized derivatives, restructuring costs, and depreciation.
Current report — wording carried from elsewhere
Adjusted EBITDA with Tax Attributes for the six months ended June 30, 2025 increased $227 million, primarily driven by higher tax attributes realized in the current year due to timing of tax attribute recognition, and the increase in Adjusted EBITDA explained above. During the six months ended June 30, 2025 and 2024, we realized $494 million and $403 million, respectively, from tax attributes earned by our U.S. renewables business.
Current report — wording carried from elsewhere
Adjusted PTC for the three months ended June 30, 2025 decreased $26 million due to the drivers above.
Current report — wording carried from elsewhere
Adjusted EBITDA for the six months ended June 30, 2025 decreased $11 million, primarily due to higher net losses at Fluence. The increased losses were mainly driven by a decline in sales, reflecting lower volumes fulfilled due to the timing of customer schedules.
Current report — wording carried from elsewhere
Operational Sensitivity to Dry Hydrological Conditions— Our hydroelectric generation facilities are sensitive to changes in the weather, particularly the level of water inflows into generation facilities. Dry hydrological conditions in Panama, Colombia, and Chile can present challenges for our businesses in these markets. Low
Current report — wording carried from elsewhere
The Netherlands, Bulgaria, and Vietnam adopted legislation to implement Pillar 2 effective as of January 1, 2024. In June 2025, the Group of Seven (“G7”) nations issued a statement that they will work together to modify the
Current report — wording carried from elsewhere
adjusting debt accumulated by the Puerto Rico government and, potentially, other territories (“Title III”). PROMESA also expedites the approval of key energy projects and other critical projects in Puerto Rico.
Current report — wording carried from elsewhere
On June 5, 2023, the EPA published a final Federal Implementation Plan ("FIP") to address air quality impacts
Current report — wording carried from elsewhere
Federal Plan if a state were to not submit an approvable plan). The May 2024 rule is subject to legal challenges. On October 16, 2024, the U.S. Supreme Court denied emergency stay applications.
Current report — wording carried from elsewhere
The impact of the rules, the results of further proceedings, and potential future greenhouse gas emissions regulations remain uncertain but could be material.
Current report — wording carried from elsewhere
Cooling Water Intake— The Company's facilities are subject to a variety of rules governing water use and discharge. In particular, the Company's U.S. facilities are subject to the CWA Section 316(b) rule issued by the EPA effective in 2014 that seeks to protect fish and other aquatic organisms drawn into cooling water systems at power
Current report — wording carried from elsewhere
requirements at the Parent Company level are primarily to fund interest and principal repayments of debt, construction commitments, other equity commitments, acquisitions, taxes, Parent Company overhead and development costs, and dividends on common stock.
Rearranged previous paragraphs (13)
Previous report — wording carried elsewhere
ended March 31, 2025, compared to the three months ended March 31, 2024, driven by:
Previous report — wording carried elsewhere
Interest capitalized during development and construction decreased $41 million to $116 million for the three months ended March 31, 2025, compared to $157 million for the three months ended March 31, 2024, primarily due to fewer projects in development at the Renewables SBU.
Previous report — wording carried elsewhere
could impact our periodic effective tax rate.
Previous report — wording carried elsewhere
increase to Adjusted EBITDA of $5 million for the three months ended March 31, 2024.
Previous report — wording carried elsewhere
Adjusted PTC reflects the impact of NCI and excludes the items specified in the definition above. In addition to
Previous report — wording carried elsewhere
project is placed in service. For projects utilizing the production tax credit, this value is recognized over 10 years as the facility produces energy.
Previous report — wording carried elsewhere
energy companies. Additionally, the Ministry of Energy issued Resolution 150/2024, repealing certain regulations from previous years that involved excessive state and CAMMESA intervention in the Wholesale Electricity Market (“MEM”).
Previous report — wording carried elsewhere
potential risks associated with climate change have led to increased regulation and other actions that could impact our businesses included in the 2024 Form 10-K.
Previous report — wording carried elsewhere
Climate Change Regulation — The final NSPS for CO 2 emissions from new, modified, and reconstructed
Previous report — wording carried elsewhere
D.C. Circuit dismissed the challenges. It is too early to determine the direct or indirect impact of these letters or any determinations that may be made.
Previous report — wording carried elsewhere
From time to time, we may elect to repurchase our outstanding debt through cash purchases, privately negotiated transactions, or otherwise when management believes that such securities are attractively priced. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, and other factors. The amounts involved in any such repurchases may be material.
Previous report — wording carried elsewhere
outstanding, $1.2 billion of surety bonds and other guarantees issued by insurance companies, and $828 million of tax equity financing related guarantees.
Previous report — wording carried elsewhere
Parent Company. Parent Company Liquidity is reconciled to its most directly comparable GAAP financial measure, Cash and cash equivalents, at the periods indicated as follows (in millions):