The AES Corporation Fact Sheet. As of August 8, 2017

Transcription

1 The AES Corporation Fact Sheet As of August 8, 2017

2 Full Year 2016 Adjusted Pre-Tax Contribution (PTC) 1 : $1.3 Billion Before Corporate Charges of $0.5 Billion The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 17 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 19,000 people is committed to operational excellence and meeting the world s changing power needs. Our 2016 revenues were $14 billion and we own and manage $36 billion in total assets. To learn more, please visit Follow us on Adjusted PTC 1 by Strategic Business Unit (SBU) Asia Europe 14% 7% 27% US MCAC 2 20% 30% Brazil 2% Andes 1. A non-gaap financial measure. See Appendix for definition. 2. Mexico, Central America and Caribbean. 2

3 AES Total: 36,084 Gross MW in Operation Fuel Type SBU Renewables 1 26% Oil, Diesel & Pet Coke 4% 35% Gas Europe 14% Asia 6% 36% US MCAC 9% Brazil 9% 35% 26% Coal Andes 1. Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas. 3

4 AES Total: 25,610 Proportional MW in Operation Fuel Type SBU Oil, Diesel & Pet Coke Asia Renewables 1 5% Europe 5% 19% 39% Gas MCAC 10% 12% 45% US Brazil 4% Coal 37% 24% Andes 1. Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas. 4

5 United States Total: 12,921 Gross MW in Operation Fuel Type Renewables 1 1% Oil 15% 47% Gas Coal 37% 1. Renewables includes: wind, solar and energy storage. 5

6 United States Total: 11,454 Proportional MW in Operation Fuel Type Renewables 1 1% Oil 12% 50% Gas Coal 37% 1. Renewables includes: wind, solar and energy storage. 6

7 Generation United States Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Southland Alamitos US-CA Gas 2, % Southern California Edison Southland Redondo Beach US-CA Gas 1, % Southern California Edison spower US-Various Solar % Various Southland Huntington Beach US-CA Gas % Southern California Edison Shady Point US-OK Coal % Oklahoma Gas & Electric Buffalo Gap II 1 US-TX Wind % Direct Energy Hawaii US-HI Coal % Hawaiian Electric Co. Warrior Run US-MD Coal % First Energy Buffalo Gap III US-TX Wind % 2008 spower US-Various Wind % Various Buffalo Gap I US-TX Wind % Direct Energy Laurel Mountain US-WV Wind % 2011 Distributed PV Commercial & Utility US-Various Solar % Utility, Municipality, Education, Non-Profit Mountain View I & II US-CA Wind % Southern California Edison 1. Power Purchase Agreement with Direct Energy is for 80% of annual expected energy output. 7

8 Generation United States Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Mountain View IV US-CA Wind % Southern California Edison Laurel Mountain ES US-WV Energy Storage % 2011 Tait ES US-OH Energy Storage % 2013 Warrior Run ES US-MD Energy Storage % 2016 Distributed PV Residential Advancion Applications Center US-Various Solar % Residential US-PA Energy Storage 2 100% 2013 UNITED STATES SUBTOTAL 6,607 8

9 Utilities United States Business Location Type Gross MW AES Equity Interest Approximate Number of Customers Served as of 12/31/16 Approximate GWh Sold in 2016 Date of Acquisition DPL 1 US-OH Integrated 3, % 519,000 16, IPL 2 US-IN Integrated 3, % 490,000 14, UNITED STATES SUBTOTAL 6,314 1,009,000 30, DPL subsidiary DP&L has the following plants: Tait Units 1-3 and diesels, Yankee Street, Yankee Solar, Monument and Sidney. DP&L jointly-owned plants: Conesville Unit 4, Killen, Miami Fort Units 7 & 8, Stuart and Zimmer. In addition to the above, DP&L also owns a 4.9% equity ownership in OVEC, an electric generating company. OVEC has two plants in Cheshire, Ohio and Madison, Indiana with a combined generation capacity of approximately 2,109 MW. DP&L s share of this generation is approximately 103 MW. AES Ohio Generation, LLC plants: Tait Units 4-7 and Montpelier Units 1-4. AES share of the DP&L jointly-owned plants, Stuart and Killen, represents 1,225 MW. On August 2, 2017, DP&L s Board of Directors approved retiring the 202 MW associated with Stuart Unit 1 on or around October 1, 2017 and the co-owners of this unit agreed to proceed with the retirment. The remaining 1,023 MW will be closing on or before June 1, In April 2017, DP&L agreed to sell Miami Fort Units 7 & 8 and Zimmer (739 MW) to Dynegy. 2. CDPQ owns direct and indirect interests in IPALCO which total approximately 30%. AES owns 85% of AES US Investments and AES US Investments owns 82.35% of IPALCO. IPL plants: Georgetown, Harding Street, Petersburg and Eagle Valley (new CCGT currently under construction) MW of IPL total is considered a transmission asset. 9

10 Andes Total: 9,326 Gross MW in Operation Fuel Type Geography Renewables 1 Oil & Diesel 6% Colombia 11% Argentina 27% Gas 29% 44% 38% Chile 45% Coal 1. Renewables includes: hydro, energy storage, biomass and solar. 10

11 Andes Total: 6,260 Proportional MW in Operation Fuel Type Geography Renewables 1 Oil & Diesel 6% Colombia 11% Argentina 26% Gas 34% Chile 36% 53% 34% Coal 1. Renewables includes: hydro, energy storage, biomass and solar. 11

12 Generation Andes AES Gener: Colombia, Chile & Argentina Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Chivor Colombia Hydro 1,000 67% 2000 Short-term Various Tunjita Colombia Hydro 20 67% 2016 Colombia Subtotal 1,020 Guacolda 1 Chile Coal/Pet Coke % Various Electrica Santiago 2 Chile Gas/Diesel % 2000 Gener SIC 3 Chile Hydro/Coal/Diesel/ Biomass % Various Electrica Angamos Chile Coal % Minera Escondida, Minera Spence, Quebrada Blanca Cochrane Chile Coal % SQM, Sierra Gorda, Quebrada Blanca Gener SING 4 Chile Coal/Pet Coke % Minera Escondida, Codelco, SQM, Quebrada Blanca Electrica Ventanas 5 Chile Coal % Gener Electrica Campiche 6 Chile Coal % Gener Andes Solar Chile Solar 21 67% Quebrada Blanca Cochrane ES Chile Energy Storage 20 40% 2016 Electrica Angamos ES Chile Energy Storage 20 67% 2011 Norgener ES (Los Andes) Chile Energy Storage 12 67% 2009 Chile Subtotal 4,202 TermoAndes 7 Argentina Gas/Diesel % 2000 Short-term Various Argentina Subtotal 643 AES GENER SUBTOTAL 5, Guacolda plants: Guacolda 1, Guacolda 2, Guacolda 3, Guacolda 4 and Guacolda Electrica Santiago plants: Nueva Renca, Renca, Los Vientos and Santa Lidia. 3. Gener SIC plants: Alfalfal, Laguna Verde, Laguna Verde Turbogas, Laja, Maitenes, Queltehues, Ventanas 1, Ventanas 2 and Volcan. 4. Gener SING plants: Norgener 1 and Norgener Electrica Ventanas plant: Ventanas Electrica Campiche plant: Ventanas TermoAndes is located in Argentina, but is connected to both the SING in Chile and the SADI in Argentina. 12

13 Generation Andes Argentina Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Alicura Argentina Hydro 1, % 2000 Paraná-GT Argentina Gas/Diesel % 2001 Guillermo Brown 1 Argentina Gas/Diesel 576 0% 2016 San Nicolás Argentina Coal/Gas/Oil % 1993 Los Caracoles 1 Argentina Hydro 125 0% Energia Provincial Sociedad del Estado (EPSE) Cabra Corral Argentina Hydro % 1995 Various Ullum Argentina Hydro % 1996 Various Sarmiento Argentina Gas/Diesel % 1996 El Tunal Argentina Hydro % 1995 Various ARGENTINA SUBTOTAL 3, AES operates this facility through management or O&M agreements and owns no equity interest in this business. 13

14 Brazil Total: 3,298 Gross MW in Operation Fuel Type 19% Gas Renewables 1 81% 1. Renewables includes: hydro. 14

15 Brazil Total: 932 Proportional MW in Operation Fuel Type 32% Gas Renewables 1 68% 1. Renewables includes: hydro. 15

16 Brazil Generation Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Tietê 1 Brazil Hydro 2,658 24% Various Uruguaiana Brazil Gas % 2000 BRAZIL SUBTOTAL 3,298 Utilities Business Location Type AES Equity Interest Approximate Number of Customers Served as of 12/31/16 Approximate GWh Sold in 2016 Date of Acquisition Eletropaulo Brazil Distribution 17% 7,015,909 34, BRAZIL SUBTOTAL 7,015,909 34, Tietê plants: Áqua Vermelha (1,396 MW), Bariri (143 MW), Barra Bonita (141 MW), Caconde (80 MW), Euclides da Cunha (109 MW), Ibitinga (132 MW), Limoeiro (32 MW), Mog-Quaçu (7 MW), Nova Avanhandava (347 MW), Promissão (264 MW), Sao Joaquim (3 MW) and Sao Jose (4 MW). 16

17 Mexico, Central America & Caribbean (MCAC) Total: 3,361 Gross MW in Operation Fuel Type Geography Oil & Pet Coke Puerto Rico Dominican Republic 19% 16% 35% Gas 29% 22% 23% Renewables 1 24% Panama 32% Coal Mexico 1. Renewables includes: hydro, solar and landfill gas. 17

18 Mexico, Central America & Caribbean (MCAC) Total: 2,693 Proportional MW in Operation Fuel Type Geography Pet Coke Puerto Rico Dominican Republic 20% 37% Gas 20% 28% 19% 18% Renewables 1 24% Panama 34% Coal Mexico 1. Renewables includes: hydro, solar and landfill gas. 18

19 Generation Mexico, Central America & Caribbean (MCAC) Dominican Republic, El Salvador & Mexico Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Andres Dominican Republic Gas % Ede Norte, Ede Este, Non-Regulated Users Itabo 1 DPP (Los Mina) DOMINICAN REPUBLIC SUBTOTAL Dominican Republic Dominican Republic Coal % Ede Norte, Ede Este Gas % CDEEE 972 AES Nejapa El Salvador Landfill Gas 6 100% CAESS Moncagua El Salvador Solar % EEO EL SALVADOR SUBTOTAL 9 Mérida III Mexico Gas % Comision Federal de Eletricidad Termoelectrica del Golfo (TEG) Termoelectrica del Peñoles (TEP) Mexico Pet Coke % CEMEX Mexico Pet Coke % Peñoles MEXICO SUBTOTAL 1, Itabo plants: Itabo complex (two coal-fired steam turbines and one gas-fired steam turbine). 19

20 Generation Mexico, Central America & Caribbean (MCAC) Panama & Puerto Rico Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Bayano Panama Hydro % Electra Noreste, Edemet, Edechi, Other Changuinola Panama Hydro % AES Panama Chiriqui Esti Panama Hydro % Estrella de Mar I Panama Heavy Fuel Oil 72 49% Chiriqui Los Valles Panama Hydro 54 49% Chiriqui La Estrella Panama Hydro 48 49% Electra Noreste, Edemet, Edechi, Other Electra Noreste, Edemet, Edechi Electra Noreste, Edemet, Edechi, Other Electra Noreste, Edemet, Edechi, Other PANAMA SUBTOTAL 777 Puerto Rico US-PR Coal % Illumina US-PR Solar % Puerto Rico Electric Power Authority Puerto Rico Electric Power Authority PUERTO RICO SUBTOTAL

21 Utilities Mexico, Central America & Caribbean (MCAC) El Salvador Business Location Type AES Equity Interest Approximate Number of Customers Served as of 12/31/16 Approximate GWh Sold in 2016 Date of Acquisition CAESS El Salvador Distribution 75% 590,971 2, CLESA El Salvador Distribution 80% 388, DEUSEM El Salvador Distribution 74% 78, EEO El Salvador Distribution 89% 298, EL SALVADOR SUBTOTAL 1,355,401 3,835 21

22 Europe Total: 4,878 Gross MW in Operation Fuel Type Geography Renewables 1 Oil 6% United Kingdom Bulgaria 17% 25% 42% Gas 36% 13% Jordan 27% 13% 21% Coal Netherlands Kazakhstan 1. Renewables includes: hydro, wind and energy storage. 22

23 Europe Total: 3,106 Proportional MW in Operation Fuel Type Geography Renewables 1 Oil 5% 6% United Kingdom 27% Bulgaria 47% Gas 42% 55% 7% Jordan Coal 11% Netherlands 1. Renewables includes: hydro, wind and energy storage. 23

24 Generation Europe Bulgaria, Jordan, Kazakhstan & Netherlands Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Maritza Bulgaria Coal % St. Nikola Bulgaria Wind % Natsionalna Elektricheska Natsionalna Elektricheska BULGARIA SUBTOTAL 846 Amman East Jordan Gas % IPP4 Jordan Heavy Fuel Oil % National Electric Power Company National Electric Power Company JORDAN SUBTOTAL 631 Shulbinsk HPP 1 Kazakhstan Hydro 702 0% Ust-Kamenogorsk HPP 1 Kazakhstan Hydro 331 0% Titanium Magnesium Kombiant Titanium Magnesium Kombiant KAZAKHSTAN SUBTOTAL 1,033 Elsta Netherlands Gas % Dow Benelux, Delta Nutsbedrijven, Essent Energy Netherlands ES Netherlands Energy Storage % 2015 NETHERLANDS SUBTOTAL AES operates these facilities under concession agreements until

25 Generation Europe United Kingdom Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) Ballylumford United Kingdom Gas 1, % Kilroot 1 United Kingdom Coal/Oil % 1992 Power NI and Single Electricity Market (SEM) Single Electricity Market (SEM) Kilroot ES United Kingdom Energy Storage % 2015 UNITED KINGDOM SUBTOTAL 1, Includes Kilroot Open Cycle Gas Turbine (OCGT). 25

26 Asia Total: 2,300 Gross MW in Operation Fuel Type Geography Renewables 1 0.4% Vietnam India 18% 54% 28% 99.6% Coal Philippines 1. Renewables includes: energy storage. 26

27 Asia Total: 1,164 Proportional MW in Operation Fuel Type Geography Renewables 1 0.4% Vietnam India 18% 54% 28% 99.6% Philippines Coal 1. Renewables includes: energy storage. 27

28 Generation Asia India, Philippines & Vietnam Business Location Fuel Gross MW AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Contract Expiration Date Customer(s) OPGC India Coal % GRID Corporation Ltd. INDIA SUBTOTAL 420 Masinloc Philippines Coal % 2008 Masinloc ES Philippines Energy Storage 10 51% 2016 PHILIPPINES SUBTOTAL 640 Mid- and Longterm Various Mong Duong 2 Vietnam Coal 1,240 51% EVN VIETNAM SUBTOTAL 1,240 28

29 Energy Storage United States, Chile, Netherlands, Philippines & United Kingdom Business Location Fuel Interconnection MW Resource MW 1 AES Equity Interest Date of Acquisition or Commencement of Commercial Operations Laurel Mountain ES US-WV Energy Storage % 2011 Tait ES US-OH Energy Storage % 2013 Harding Street ES US-IN Energy Storage % 2016 Warrior Run ES US-MD Energy Storage % 2016 Advancion Applications Center US-PA Energy Storage % 2013 United States Subtotal Cochrane ES Chile Energy Storage % 2016 Electrica Angamos ES Chile Energy Storage % 2011 Norgener ES (Los Andes) Chile Energy Storage % 2009 Chile Subtotal Netherlands ES Netherlands Energy Storage % 2015 Netherlands Subtotal Masinloc ES Philippines Energy Storage % 2016 Philippines Subtotal Kilroot ES United Kingdom Energy Storage % 2015 United Kingdom Subtotal ENERGY STORAGE TOTAL Resource MW are power plant equivalent dispatchable resource, including supply and load capacity. 29

30 AES Total: 4,759 Gross MW Under Construction Fuel Type Geography Renewables 1 16% 35% Coal Asia 35% US 46% Gas 49% 8% MCAC 11% Andes 1. Renewables includes: hydro, solar and energy storage. 30

31 AES Total: 3,288 Proportional MW Under Construction Fuel Type Geography Renewables 1 16% 25% Coal Asia 25% US MCAC 6% 59% 10% 59% Andes Gas 1. Renewables includes: hydro, solar and energy storage. 31

32 Generation Under Construction United States, Chile, Dominican Republic, Panama, India & Philippines Business Location Fuel Gross MW AES Equity Interest Expected Commercial Operations Date Distributed PV Commercial US-Various Solar % 2H H 2018 Bayshore A, B & C US-CA Solar 60 50% 2H 2017 Aspiration Solar G US-CA Solar 9 50% 2H 2017 MCE Solar One US-CA Solar 10 50% 2H 2017 Eagle Valley CCGT 1 US-IN Gas % 1H 2018 Southland Repowering US-CA Gas 1, % 1H H 2021 UNITED STATES SUBTOTAL 2,173 Alto Maipo Chile Hydro % 1H 2019 CHILE SUBTOTAL 531 Dominican ES Dominican Republic Energy Storage 20 90% 2H 2017 DOMINICAN REPUBLIC 142 Colón 2 Panama Gas % 1H 2018 PANAMA SUBTOTAL 380 OPGC 2 India Coal 1,320 49% 2H 2018 INDIA SUBTOTAL 1,320 Masinloc 2 Philippines Coal % 1H 2019 PHILIPPINES SUBTOTAL CDPQ owns direct and indirect interests in IPALCO which total approximately 30%. AES owns 85% of AES US Investments and AES US Investments owns 82.35% of IPALCO. 2. Project also includes 180,000 m 3 LNG storage tank and regasification facility, which is expected to come on-line in

33 Appendix l 2016 Adjusted EPS 1 Roll-Up Slide 34 l Reconciliation Slide 35 l Definitions Slide A non-gaap financial measure. See definitions. 33

34 Full Year 2016 Adjusted EPS 1 Roll-Up $ in Millions, Except Per Share Amounts FY 2016 FY 2015 Variance Adjusted PTC 1 US $347 $360 ($13) Andes $390 $482 ($92) Brazil $29 $118 ($89) MCAC $267 $327 ($60) Europe $187 $235 ($48) Asia $96 $96 - Total SBUs $1,316 $1,618 ($302) Corp/Other ($474) ($441) ($33) Total AES Adjusted PTC 1,2 $842 $1,177 ($335) Adjusted Effective Tax Rate 23% 29% (6%) Diluted Share Count (27) ADJUSTED EPS 1 $0.98 $1.25 ($0.27) 1. A non-gaap financial measure. See Slide 35 for reconciliation to the nearest GAAP measure and definitions. 2. Includes $31 million and $87 million for FY 2016 and FY 2015, respectively. 34

35 Reconciliation of Full Year Adjusted PTC 1 and Adjusted EPS 1 FY 2016 FY 2015 $ in Millions, Except Per Share Amounts Net of NCI 2 Per Share (Diluted) Net of NCI 2 Net of NCI 2 Per Share (Diluted) Net of NCI 2 Income from Continuing Operations Attributable to AES and Diluted EPS Add: Income Tax Expense (Benefit) from Continuing Operations Attributable to AES $8 $ $331 $0.48 ($148) $275 Pre-Tax Contribution ($140) $606 Adjustments Unrealized Derivative (Gains) ($9) ($0.02) ($166) ($0.24) Unrealized Foreign Currency Transaction Losses $23 $0.04 $96 $0.14 Disposition/Acquisition (Gains)/Losses $6 $ ($42) ($0.06) 5 Impairment Losses $933 $ $504 $ Loss on Extinguishment of Debt $29 $ $179 $ Less: Net Income Tax (Benefit) - ($0.51) 10 - ($0.06) 11 ADJUSTED PTC 1 & ADJUSTED EPS 1 $842 $0.98 $1,177 $ Non-GAAP financial measures. See definitions. 2. NCI is defined as Noncontrolling Interests. 3. Diluted EPS calculation includes income from continuing operations, net of tax, of $8 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its redemption value as of December 31, Amount primarily relates to the loss on deconsolidation of UK Wind of $20 million, or $0.03 per share and losses associated with the sale of Sul of $10 million, or $0.02; partially offset by the gain on sale of DPLER of $22 million, or $0.03 per share. 5. Amount primarily relates to the gains on the sale of Armenia Mountain of $22 million, or $0.03 per share and from the sale of Solar Spain and Solar Italy of $7 million, or $0.01 per share. 6. Amount primarily relates to asset impairments at DPL of $859 million, or $1.30 per share; $159 million at Buffalo Gap II ($49 million, or $0.07 per share, net of NCI); and $77 million at Buffalo Gap I ($23 million, or $0.03 per share, net of NCI). 7. Amount primarily relates to the goodwill impairment at DPL of $317 million, or $0.46 per share, and asset impairments at Kilroot of $121 million ($119 million, or $0.17 per share, net of NCI), at Buffalo Gap III of $116 million ($27 million, or $0.04 per share, net of NCI), and at U.K. Wind (Development Projects) of $38 million ($30 million, or $0.04 per share, net of NCI). 8. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $19 million, or $0.03 per share. 9. Amount primarily relates to the loss on early retirement of debt at the Parent Company of $116 million, or $0.17 per share and at IPL of $22 million ($17 million, or $0.02 per share, net of NCI). 10. Amount primarily relates to the per share income tax benefit associated with asset impairment of $332 million, or $0.50 per share. 11. Amount primarily relates to the per share income tax benefit associated with losses on extinguishment of debt of $55 million, or $0.08 per share. 35

36 Definitions l Adjusted Pre-Tax Contribution (a non-gaap financial measure) represents pre-tax income from continuing operations attributable to AES excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt, adjusted for the same gains or losses excluded from consolidated entities. It includes net equity in earnings of affiliates, on an after-tax basis. The GAAP measure most comparable to Adjusted PTC is income from continuing operations attributable to AES. AES believes that Adjusted PTC better reflects the underlying business performance of the Company and is considered in the Company s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, losses due to impairments and strategic decisions to dispose or acquire business interests or retire debt, which affect results in a given period or periods. Earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the affects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC should not be construed as an alternative to income from continuing operations attributable to AES, which is determined in accordance with GAAP. 36