AES CORP
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
AES$14.90+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Glossary of Terms
The following is a list of frequently used terms and abbreviations that appear in the text of this report and have the definitions indicated below:
| 2024 Base Rate Order | The order issued in April 2024 by the IURC authorizing AES Indiana to, among other things, increase its basic rates and charges by $71 million annually |
|---|---|
| 2024 DRC Settlement | The order issued in November 2025 by the PUCO authorizing AES Ohio to, among other things, increase its basic rates and charges by $168 million annually |
| Adjusted EBITDA | Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP measure of operating performance |
| Adjusted EBITDA with Tax Attributes | Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties, a non-GAAP measure |
| Adjusted EPS | Adjusted Earnings Per Share, a non-GAAP measure |
| Adjusted PTC | Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance |
| AES | The Parent Company and its subsidiaries and affiliates |
| AES Andes | AES Andes S.A., formerly AES Gener |
| AES Brasil | AES Brasil Energia S.A. |
| AES Indiana | Indianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCO |
| AES Ohio | The Dayton Power & Light Company, formerly branded as DP&L. For the periods covered by this report, AES Ohio was wholly-owned by DPL. Beginning in April 2025, CDPQ owns an aggregate indirect equity interest in AES Ohio of approximately 30%. |
| AES Renewable Holdings | AES Renewable Holdings, LLC, formerly branded as AES Distributed Energy |
| AFUDC | Allowance for Funds Used During Construction |
| ANEEL | Brazilian National Electric Energy Agency |
| AOCL | Accumulated Other Comprehensive Loss |
| ARO | Asset Retirement Obligations |
| ASC | Accounting Standards Codification |
| BESS | Battery Energy Storage System |
| BOT | Build, Operate and Transfer |
| CAA | U.S. Clean Air Act |
| CAMMESA | Wholesale Electric Market Administrator in Argentina |
| CCGT | Combined Cycle Gas Turbine |
| CCR | Coal Combustion Residuals, which include bottom ash, fly ash, and air pollution control wastes generated at coal-fired generation plant sites |
| CDPQ | La Caisse de dépôt et placement du Québec |
| CECL | Current Expected Credit Loss |
| CEO | Chief Executive Officer |
| CFE | Federal Electricity Commission in Mexico |
| CFO | Chief Financial Officer |
| CO2 | Carbon Dioxide |
| CPI | U.S. Consumer Price Index |
| CSAPR | U.S. Cross-State Air Pollution Rule |
| CWA | U.S. Clean Water Act |
| CWIP | Construction Work In Progress |
| DG Comp | Directorate-General for Competition of the European Commission |
| DPL | DPL LLC and its consolidated subsidiaries. On April 3, 2025, DPL Inc. converted its form of business organization from an Ohio corporation to an Ohio limited liability company. Upon the conversion, DPL Inc. changed its name to DPL LLC. References to DPL are to DPL Inc. before April 3, 2025, and DPL LLC on and after April 3, 2025. |
| DPP | Dominican Power Partners |
| EBITDA | Earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP measure of operating performance |
| EPA | U.S. Environmental Protection Agency |
| EPC | Engineering, Procurement, and Construction |
| ESP | Electric Security Plan |
| EU | European Union |
| EVN | Electricity of Vietnam |
| FERC | U.S. Federal Energy Regulatory Commission |
| Fluence | Fluence Energy, Inc and its subsidiaries, including Fluence Energy, LLC, which was previously our joint venture with Siemens AG (Nasdaq: FLNC) |
| FONINVEMEM | Fund for the Investment Needed to Increase the Supply of Electricity in the Wholesale Market in Argentina |
| FPA | U.S. Federal Power Act |
| GAAP | Generally Accepted Accounting Principles in the United States |
| GHG | Greenhouse Gas |
|---|---|
| GILTI | Global Intangible Low-Taxed Income |
| GW | Gigawatts |
| GWh | Gigawatt Hours |
| HLBV | Hypothetical Liquidation Book Value |
| IPALCO | IPALCO Enterprises, Inc. CDPQ owns direct and indirect interests in IPALCO of approximately 30%. |
| IPP | Independent Power Producers |
| ISO | Independent System Operator |
| ITC | Investment Tax Credit |
| IURC | Indiana Utility Regulatory Commission |
| LGR | Legacy Generation Resource Rider |
| LNG | Liquefied Natural Gas |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | Million British Thermal Units |
| MRO | Market Rate Option, a market-based plan that a utility may file with PUCO to establish SSO rates pursuant to Ohio law |
| MW | Megawatts |
| MWh | Megawatt Hours |
| NAAQS | U.S. National Ambient Air Quality Standards |
| NCI | Noncontrolling Interest |
| NCTI | Net Controlled Foreign Corporation Tested Income |
| NEK | Natsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria) |
| NERC | North American Electric Reliability Corporation |
| NM | Not Meaningful |
| NOV | Notice of Violation |
| NOX | Nitrogen Dioxide |
| NPDES | National Pollutant Discharge Elimination System |
| NSPS | New Source Performance Standards |
| O&M | Operations and Maintenance |
| OCC | Ohio Consumers' Counsel (statewide legal representative for Ohio's residential consumers and advocates on their behalf in PUCO and Ohio Supreme Court proceedings) |
| OTC Policy | Statewide Water Quality Control Policy on the Use of Coastal and Estuarine Waters for Power Plant Cooling |
| OVEC | Ohio Valley Electric Corporation, an electric generating company in which AES Ohio has a 4.9% interest |
| Parent Company | The AES Corporation |
| PCU | Performance Cash Units |
| Pet Coke | Petroleum Coke |
| PJM | PJM Interconnection, LLC |
| PM | Particulate Matter |
| PPA | Power Purchase Agreement |
| PREPA | Puerto Rico Electric Power Authority |
| PSU | Performance Stock Unit |
| PUCO | The Public Utilities Commission of Ohio |
| PURPA | U.S. Public Utility Regulatory Policies Act |
| REC | Renewable Energy Credit |
| RSU | Restricted Stock Unit |
| RTO | Regional Transmission Organization |
| SADI | Argentine Interconnected System |
| SBU | Strategic Business Unit |
| SEC | U.S. Securities and Exchange Commission |
| SEET | Significantly Excessive Earnings Test |
| SEN | Sistema Electrico Nacional in Chile |
| SIN | National Interconnected System in Colombia |
| SIP | State Implementation Plan |
| SO2 | Sulfur Dioxide |
| SWRCB | California State Water Resources Board |
| TDSIC | Transmission, Distribution, and Storage System Improvement Charge |
| U.S. | United States |
| USD | United States Dollar |
| VIE | Variable Interest Entity |
| Vinacomin | Vietnam National Coal and Mineral Industries Holding Corporation Limited |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.