AES Corporation

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The AES Corporation
FormerlyApplied Energy Services, Inc. (1981–2000)
Company type Public
Industry Energy
FoundedJanuary 28, 1981;43 years ago (1981-01-28)
Founders
Headquarters Arlington, Virginia, U.S.
Area served
Worldwide
Key people
Jay Morse (chairman)
Andres Gluski (president & CEO)
Products Electricity
RevenueIncrease2.svg US$12.7 billion (2023)
Increase2.svg US$249 million (2023)
Total assets Increase2.svg US$44.8 billion (2023)
Total equity Increase2.svg US$2.49 billion (2023)
Number of employees
c.9,600 (2023)
Website aes.com
Footnotes /references
[1]

The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES is headquartered in Arlington, Virginia, and is one of the world's leading power companies, generating and distributing electric power in 15 countries [2] and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company. [3] AES Ranks in the Top Ten of Fast Company's 2022 Best Workplaces for Innovators. [4]

Contents

History

The company was founded on January 28, 1981, as Applied Energy Services [5] by Roger Sant and Dennis Bakke, two appointees of the Federal Energy Administration under president Richard Nixon. The company was initially a consulting firm; it became AES Corporation, which went public in 1991. Sant was chairman, CEO, and president and Bakke was executive vice president until assuming the position of president in 1987. Bakke would later become the company's CEO in 1994, serving for 8 years until his resignation in 2002, in the midst of a liquidity crisis that followed the collapse of the energy giant Enron. [6] [7] Sant remained as executive chairman until 2003 and as a member of the board until 2006. Paul Hanrahan was appointed President and CEO and remained for ten years, overseeing the stabilization of the company. Until the early 2000's, the company followed self-management, delegating much responsibility to ordinary employees. [8] In 2012, Hanrahan resigned, his position as President and CEO of the company succeeded by Andres Gluski. As CEO, Gluski has implemented a strategy of reducing the number of countries in which AES does business, from 28 to 16, for the purpose of consolidating operations and reducing costs. Additionally, he also began a program of reducing the company's total carbon emission intensity.

Bakke and Sant oversaw much of AES's initial global expansion, building power plants in 29 countries and expanding its staff from 1,400 to 32,000 employees, and also instilled a system of decentralized management that emphasized social responsibility above profit. In recent years, AES has also signaled a commitment to providing its consumers and clients with renewable forms of energy, and their operations across the world have increasingly focused on the construction and provision of solar and wind-based energy storage systems.

AES acquired the assets of Indianapolis Power & Light, Ipalco, in 2000. [9] In February, 2021, Indianapolis Power & Light rebranded as AES Indiana. [10]

AES acquired the Chilean-based subsidiary Gener in 2000. AES acquired DPL Inc., then known as Dayton Power & Light, in 2011. [11] The company was rebranded as AES Ohio in February, 2021. [12]

In fiscal 2015 AES's total revenue was $15 billion. [13]

In 2018, AES acquired the subsidiary sPower.

In December, 2021, AES acquired Community Energy Solar (Community Energy) to help deliver 4 GW of renewables in the US. [14]

Major projects

Fluence

Launched during January 2018, Fluence is a joint venture between AES Energy Storage and Siemens that is focused on the development of, and expansion of energy storage technologies and services. Chaired by former AES vice-president for energy storage platforms Stephen Coughlin, and headquartered in Washington D.C., Fluence aims to implement AES's extensive research into the potential of lithium-ion powered energy sources by relying upon Siemens' expansive global presence in the industrial sector; for the purpose of addressing the rapidly rising demand for clean energy technologies. [15] Fluence has been deployed in 16 countries, with major projects including the following: [16]

  1. The creation of a new 40 megawatt storage facility on behalf of San Diego Gas & Electric's new 40 MW storage facility. [17]
  2. Three solar powered projects throughout Arizona and two 10 MW projects in the Dominican Republic. [18]
  3. The installation of six storage projects across Germany that will provide grid stabilization. [19]
  4. The construction of a hybrid microgrid on the Mediterranean Island of Ventotene. Said microgrid will be developed as per an agreement between Fluence and the Italian energy utility Enel, and will combine diesel generators with renewables in order to aid in the efforts to reduce carbon costs and emissions. [19] The key technology platforms developed by Fluence include the following.

Key Fluence technologies

Fluence is expected to employ three different types of grid technology. WP:Crystal

i):SIESTORAGE: An electrical energy storage system fueled predominantly by wind and solar energy. Siestorage relies upon the closed-loop controls and pulse modulation built into its semiconductors, in order to provide consumers with increased dependability. [20]

ii):Advancion: A storage system that is made up of several small, modular nodes and powered by Lithium ion batteries, which enables the Advancion energy store system to provide consumers with a heightened degree of consistency in performance. [21]

iii): Sunflux Energy: Announced in January 2018, Sunflex was developed for the purpose of expanding upon the possibilities offered by photovoltaic solar energy. This technology is built to capture energy during peak solar hours in order to expand energy delivery. [22] [23]

Projected ventures using Fluence technologies

Presently, the biggest project in Fluence's portfolio is a 100–400 Mwh "power center energy storage project" for Southern California Edison. [24] This system will be housed within AES's power center in Los Alamitos, California.

During January 2018, the subsidiary AES India, working in partnership with Mitsubishi, commenced construction of a 10 MW energy storage solution that will be located in Rohini. This storage solution, which shall operate off Fluence's Advancion technology, is projected to be the first utility-scale system to be in India. [25]

sPower

Headquartered in Salt Lake City and acquired from Fir Tree Partners Inc in a purchase during 2017, as part of a joint acquisition with Alberta Investment Management Corporation. Spower is one of the largest operators and developers of utility-scale solar in the United States; operating across 11 states, and with particular focus on the states of California and North Carolina. [26] Spower's current operating portfolio includes 1.3 GW worth of solar and wind based properties, in addition to over 10,000 MW worth of projects that are in the developmental stage. [27]

Investment in drone technologies

As part of an effort by AES to protect its employees from industry hazards and to improve workplace safety, the company announced a partnership with a drone provider, Measure, to inspect their various energy infrastructures sites across 17 countries. [28]

Major properties and subsidiaries

Properties and subsidiaries in North America

Properties in South America

Based in Argentina

  • TermoAndes: Located in the province of Salta, and acquired by AES in 2000. This hybrid plants utilizes both gasoline and diesel fuels and has a MW capacity of 643.
  • Alicura: Acquired by AES in the year 2000. This hydro powered plant is one of Andes' most important alternative energy assets, boasting 1,000 megawatts of generation.
  • Guillermo Brown: Located in the province of Buenos Aires, and acquired by AES in 2016. This gas turbine utilizes both natural gas and diesel fuels and has a megawatt capacity of 576.
  • Los Caracoles: Owned by AES Argentina, and located in [Buenos Aires]. This hydroelectric plant produces 12 MW. Although AES owns the property, the equity is publicly owned, and operations are carried out through various managerial and Observation and Measurement agreements. [33]
  • Paraná-GT: Purchased by AES Argentina in 2001, and located in San Nicolás. This plant uses both gasoline and diesel as fuel sources, and has a total capacity of 845 megawatts.
  • Carba Corral: Based in the province of [Salta], and owned by AES Argentina, who purchased the property in 1995. This plant has an installed megawatt capacity of 102, and runs on hydro power.
  • Sarmiento Power Plant: Owned by AES Andes, and located in San Juan Province, Argentina. This plant was acquired by AES in 1996, and runs off both gas and diesel fuel. It has an installed capacity of 33 MW, and runs off 3 Electrical gas turbines, all of which measure 11 MW. [34]

Based in Brazil

Based in Chile

Properties and subsidiaries in Europe

Based in United Kingdom

  • Ballyumford Power Station: Located on the northwestern end of Islandmagee in County Antrim. This property, purchased by AES in 2010, is the largest power station on the Irish mainland, boasting a generating capacity of 1017 megawatts. [ citation needed ]
  • Kilroot Power Station: Acquired by AES in 1992 deal that included Belfast Power Station West. The company was named NIGEN and distinguished by the fact that it was the first purchase the company made outside of the United States, this property is located on the north shore of Belfast Lough in, and was acquired by AES in 1992. This station has an installed generating capacity of 560 megawatts, and operates using generators that run off both oil and gas, as well as via turbines that provide it with an additional 142 MW. Belfast Power Station West was a 240MW coal fired plant comprising 13 chain grate stoker boilers and 5 Parsons turbo generators 2X30MW and 3x60MW [35]
  • Array: An energy storage system located at the Kilroot Power station, and operating off Fluence's Advancion model. This system is the largest advanced energy storage system in the United Kingdom, providing 10 megawatts of interconnected storage energy. [36]

Based in Bulgaria

  • Maritsa Iztok: The largest energy complex in Southeast Europe, the Maritsa Iztok Complex is a 690 coal plant located in Galabovo. It was acquired by AES in 2011.
  • St. Nikola: St. Nikola is a 156 MW wind generator located near the town of Kavarna. It was built in 2009 and is considered the largest wind farm in the country. As part of the high efficiency standards maintained throughout the development and construction of this generator, AES Geo Energy was awarded both the 2008 "Sustainable Energy Deal of the Year" Prize from EMEA Finance Magazine, as well as the "Investor of 2009" in the Energy Sector by the Bulgarian Investment Agency for Production of Electric Power from RES.).

Based in the Netherlands

  • Eltsa: Located in the Dutch province of Zeeland, near Terneuzen. AES acquired 50% of the interests in this facility in 1998, as part of a transaction that divided ownership between it, DELTA, and Essent. [37] This facility is powered by a trio of natural gas turbines, and can produce up to 630 MW of power.
  • Netherlands ES: Located in Amsterdam, this energy storage system was built using AES's Advancion technology. This system, which produces a total of 10 MW, is designed to provide a low-battery based alternative to traditional power plants and hydroelectric storages. [38]

Properties and subsidiaries in Asia

Properties and subsidiaries in the Middle East

Based in Jordan
  • 'The Amman East Power Plant' MW a 380 MW combined cycle gas-fired power plant located Al Manakher. The plant was commissioned in 2009, and is a shared subsidiary of AES and Mitsui & Co. In 2011 Qatar Electricity & Water Corporation announced it will buy a stake in the power plant.[ citation needed ]

Properties and subsidiaries in Central Asia

Based in Kazakhstan
  • Ust-Kamenorgorsk: Active since 1947 and purchased megawatt AES in 1997, CHP is a 1,372 MW coal power plant located in the East Kazakhstan Region.[ citation needed ]
  • The Shulbinsk: Acquired by AES in 1997, Shulbinsk is a 702 MW plant that runs off Hydroelectricity. It is located in Semey.[ citation needed ]
  • Ust- Kamenogorsk HPP: Located on the Irtysch River near Ust-Kamengorsk in the East Kazakhstan Region, and purchased by AES in 1997. This is a hydroelectric plant that operates using 4 individual turbines, which give it a nominal output of 83 megawatts, and a total generation capacity of 340 megawatts.[ citation needed ]
  • Sogrinsk CHP: Acquired by AES in 1997 and operated by the power generation company CHP LLP, this coal based plant has a total capacity of 345 MW. It is located in the East Kazakhstan Region.[ citation needed ]

Properties and subsidiaries in Southeast Asia

Based in the Philippines
  • Masinloc Power Plant: Located in the Zambales Province in Luzon, and purchased for a sum of $930 million from Masinloc Power Partners Co. Ltd. in 2009. This project, a 630 MW coal power plant, derives its resources from its proximity to the Pacific Rim, and has a stable infrastructure amendable to further megawatt additions. [39]
  • Masinloc ES: Located in the Zambales Province in Luzon, and launched by AES subsidiary Masin-AES Pte. Ltd during 2016. This storage generator provides 10 MW to the Luzon grid, and is the first battery based energy system in the country. [40]
Based in Vietnam
  • Mong Duong 2: Located in Cam Pha, this 1,240 MW coal fired plant became commercially operational in 2015. [41] This plant, constructed under a Build-Operate Transfer (BOT) agreement between AES and state owned entities Electricity of Vietnam (EVN) and Vinacomin, is the largest power project in the nation's private sector.

Properties and subsidiaries in India

  • OPGC Plant: Acquired by AES in 1998, this coal power plant has a total capacity of 420 MW. It is located in Odisha.
  • OPGC II: Currently under construction, this coal powered plant is expected to boast 1,300 MW capacity.

Related Research Articles

India is the third largest producer of electricity in the world. During the fiscal year (FY) 2022–23, the total electricity generation in the country was 1,844 TWh, of which 1,618 TWh was generated by utilities.

<span class="mw-page-title-main">AES Indiana</span> Utility company in Indianapolis, Indiana, U.S.

AES Indiana, formerly known as Indianapolis Power & Light Company, is an American utility company providing electric service to the city of Indianapolis. It is a subsidiary and largest utility of AES Corporation, which acquired it in 2001. AES Indiana provides electric service to more than 500,000 customers in a 528-square-mile (1,370 km2) service territory.

<span class="mw-page-title-main">Peaking power plant</span> Reserved for high demand times

Peaking power plants, also known as peaker plants, and occasionally just "peakers", are power plants that generally run only when there is a high demand, known as peak demand, for electricity. Because they supply power only occasionally, the power supplied commands a much higher price per kilowatt hour than base load power. Peak load power plants are dispatched in combination with base load power plants, which supply a dependable and consistent amount of electricity, to meet the minimum demand.

<span class="mw-page-title-main">Ballylumford Power Station</span> Gas-fired power station in Northern Ireland

Ballylumford power station "C" station is a natural-gas-fired power station in County Antrim, Northern Ireland, UK. With its main plant generating almost 700 megawatts of electricity, it is Northern Ireland's largest power station and provides half its power. Overall the station can produce 693 MW. The plant is located at the tip of the Islandmagee peninsula, which separates Larne Lough from the Irish Sea. The lough is a Site of Special Scientific Interest. The 3 chimneys of the now decommissioned "B" station are 126 metres tall. East of the station is the Ballycronan More converter station, the Northern Ireland end of the Moyle Interconnector, a subsea HVDC interconnector connecting the NI electricity system to Great Britain.

<span class="mw-page-title-main">Maritsa Iztok Complex</span>

The Maritsa Iztok Complex is the largest energy complex in South Eastern Europe. Maritsa Iztok 1 and 3 located entirely within Stara Zagora Province in south-central Bulgaria while Maritsa Iztok 2 is split with eastern neighboring Sliven Province. It consists of three lignite-fired thermal power stations. The complex is located in a large lignite coal basin, which includes several mines, enrichment plants, a briquette plant and its own railway system. The development of the thermal power and mining complex at Maritsa Iztok began in 1952, but the lignite deposits used to be known well in the mid-19th century. The Maritsa Iztok mines and power plants are interdependent as the only market for coal is the power plants, while the power plants have no other supplier of coal but the mines.

<span class="mw-page-title-main">Kogan Creek Power Station</span> Coal-fired power station in Queensland

The Kogan Creek Power Station is a 750 megawatt coal fired power station owned by CS Energy on the Darling Downs in Queensland. The $1.2 billion plant is situated at Brigalow, in the Surat Basin between Dalby and Chinchilla.

<span class="mw-page-title-main">Kilroot Power Station</span> Coal and oil power station in Northern Ireland

Kilroot power station is a fossil fuel power plant on the north shore of Belfast Lough at Kilroot near Carrickfergus in County Antrim, Northern Ireland. The plant currently has a 141 megawatt (MW) capacity from four standby Gas Turbines and a 10 MW battery energy storage capacity from the Kilroot Advancion Energy Storage Array.

<span class="mw-page-title-main">BrightSource Energy</span>

BrightSource Energy, Inc. is an Oakland, California based, corporation that designs, builds, finances, and operates utility-scale solar power plants. Greentech Media ranked BrightSource as one of the top 10 greentech startups in the world in 2008.

<span class="mw-page-title-main">NextEra Energy Resources</span> American electricity supplier

NextEra Energy Resources, LLC (NEER) is a wholesale electricity supplier based in Juno Beach, Florida. NEER is a subsidiary of NextEra Energy, a Fortune 200 company. Prior to 2009, NextEra Energy Resources was known as FPL Energy.

<span class="mw-page-title-main">Capital Power</span> Canadian power generation

Capital Power is a North American independent power generation company based in Edmonton, Alberta, Canada. It develops, acquires, owns and operates power generation facilities using a variety of energy sources.

AES Andes S.A., formerly AES Gener S.A., is a producer and distributor of electricity based in Santiago, Chile. It is a subsidiary of American Company AES Corporation which operates in South America's Andes region.

<span class="mw-page-title-main">Solar power in Hawaii</span> Overview of solar power in the U.S. state of Hawaii

The energy sector in Hawaii has rapidly adopted solar power due to the high costs of electricity, and good solar resources, and has one of the highest per capita rates of solar power in the United States. Hawaii's imported energy costs, mostly for imported petroleum and coal, are three to four times higher than the mainland, so Hawaii has motivation to become one of the highest users of solar energy. Hawaii was the first state in the United States to reach grid parity for photovoltaics. Its tropical location provides abundant ambient energy.

<span class="mw-page-title-main">Energy in Hawaii</span> Overview of energy resources in Hawaii, US

Energy in the U.S. state of Hawaii is produced from a mixture of fossil fuel and renewable resources. Producing energy is complicated by the state's isolated location and lack of fossil fuel resources. The state relies heavily on imports of petroleum. Hawaii has the highest share of petroleum use in the United States, with about 62% of electricity coming from oil in 2017. As of 2021 renewable energy made up 34.5% on Oahu, Maui and the island of Hawaii.

<span class="mw-page-title-main">North Valmy Generating Station</span>

North Valmy Generating Station is a 522-megawatt (700,000 hp) coal-fired power station located near Valmy, Nevada. The plant is jointly owned by NV Energy and Idaho Power.

<span class="mw-page-title-main">EPH (company)</span>

Energetický a průmyslový holding, a.s. (EPH) is a Czech Republic (Prague) based company currently investing mainly in the energy sector in Europe, founded in 2009. The group's business lines covers the complete value chain ranging from highly efficient cogeneration, power generation, and natural gas transmission, gas storage, gas and electricity distribution and supply. The majority owner is Czech entrepreneur and lawyer Daniel Křetínský (94%), who is ranked among the richest Czechs in the long term and according to Forbes he became a dollar billionaire in 2017. The remaining 6% is distributed among selected managers of EPH. EPH employs almost 25.000 people and comprises over 50 companies.

Younicos was a German-American technology company that developed and sold energy storage systems and control software. The company integrated battery technologies, power electronics and control software to create systems that respond to the energy management requirements of power networks of all sizes, including micro-grids.

The Hornsdale Wind Farm is an electricity generator in the locality of Hornsdale in the south-west of the Narien Range, north of Jamestown, South Australia. It consists of 99 wind turbines with a generation capacity of 315 megawatts (422,000 hp). The plant is owned and operated by Neoen, a French renewable energy company.

Shell Energy Australia provides gas, electricity, environmental products and energy productivity services to commercial and industrial customers.

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