Die AES Corporation (AES): Business Model Canvas

In der dynamischen Landschaft der globalen Energietransformation erweist sich die AES Corporation als Pionierkraft, die sich strategisch durch das komplexe Terrain der nachhaltigen Stromerzeugung bewegt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das mehrere Kontinente und Energietechnologien umfasst, hat sich AES an der Spitze der Revolution der erneuerbaren Energien positioniert und innovative Lösungen geliefert, die Umweltverantwortung mit robuster wirtschaftlicher Leistung in Einklang bringen. Ihr umfassender Ansatz integriert modernste erneuerbare Technologien, strategische Partnerschaften und ein vielfältiges Energieportfolio, das verspricht, die Art und Weise, wie wir Elektrizität im 21. Jahrhundert konzipieren und verbrauchen, neu zu gestalten.

The AES Corporation (AES) – Geschäftsmodell: Wichtige Partnerschaften

Globale Entwickler und Technologieanbieter für erneuerbare Energien

AES arbeitet mit den folgenden wichtigen Partnern für erneuerbare Energien zusammen:

Partner	Partnerschaftsfokus	Geografischer Geltungsbereich
Erste Solar	Entwicklung der Solartechnologie	Vereinigte Staaten, Lateinamerika
Vestas Windsysteme	Windkraftanlagentechnik	Nordamerika, Südamerika
Siemens Gamesa	Offshore-Windinfrastruktur	Globale Märkte

Regierungsbehörden und Regulierungsbehörden

AES unterhält strategische Partnerschaften mit Regierungsstellen in mehreren Gerichtsbarkeiten:

• US-Energieministerium – Forschungskooperation im Bereich erneuerbare Energien im Wert von 50 Millionen US-Dollar
• Brasilianisches Energieforschungsbüro – Infrastrukturentwicklungsvereinbarungen
• Kolumbianisches Ministerium für Bergbau und Energie – Ausbauprojekte für erneuerbare Energien

Lokale Versorgungsunternehmen

Land	Utility-Partner	Partnerschaftswert
Vereinigte Staaten	Duke Energy	Netzintegrationsprojekt im Wert von 750 Millionen US-Dollar
Chile	Enel Chile	500-Millionen-Dollar-Partnerschaft für erneuerbare Energien
Brasilien	Elektrobras	600-Millionen-Dollar-Übertragungsinfrastrukturvertrag

Finanzinstitute und Investmentpartner

Zu den wichtigsten Finanzpartnerschaften gehören:

• Goldman Sachs – Investmentfonds für erneuerbare Energien im Wert von 1,2 Milliarden US-Dollar
• BlackRock – 900 Millionen US-Dollar nachhaltige Infrastrukturfinanzierung
• Weltbankgruppe – 400-Millionen-Dollar-Programm zur Entwicklung sauberer Energie

Gerätehersteller und Infrastrukturlieferanten

Hersteller	Gerätetyp	Jährlicher Beschaffungswert
General Electric	Turbinengeneratoren	350 Millionen Dollar
ABB-Gruppe	Kraftübertragungsausrüstung	250 Millionen Dollar
Schneider Electric	Netzmanagementsysteme	200 Millionen Dollar

Die AES Corporation (AES) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung aus verschiedenen Energiequellen

Die AES Corporation betreibt ein globales Stromerzeugungsportfolio mit einer Gesamterzeugungskapazität von 26,4 GW (Stand 2023). Der Erzeugungsmix umfasst:

Energiequelle	Prozentsatz	Kapazität (GW)
Erneuerbare Energie	51%	13.5
Erdgas	36%	9.5
Kohle	13%	3.4

Entwicklung und Umsetzung von Projekten für erneuerbare Energien

AES investierte im Jahr 2023 1,2 Milliarden US-Dollar in Projekte im Bereich erneuerbare Energien und konzentrierte sich dabei auf:

• Entwicklung der Solarenergie
• Windenergie-Infrastruktur
• Batteriespeicherprojekte

Initiativen zur Energiespeicherung und Netzmodernisierung

Im Jahr 2023 stellte AES 1.250 MW Energiespeicherkapazität bereit und investierte insgesamt 450 Millionen US-Dollar in Netzmodernisierungstechnologien.

Internationaler Kraftwerksbau und -betrieb

AES betreibt Stromerzeugungsanlagen in 14 Ländern auf 4 Kontinenten mit einer internationalen Gesamtinvestition von 5,6 Milliarden US-Dollar im Jahr 2023.

Region	Anzahl der Länder	Gesamtkapazität (GW)
Nordamerika	6	12.6
Südamerika	4	6.8
Europa	3	4.2
Asien	1	2.8

Innovation in der nachhaltigen Energietechnologie

AES hat im Jahr 2023 320 Millionen US-Dollar für die Forschung und Entwicklung nachhaltiger Energietechnologien bereitgestellt, mit folgenden Schwerpunkten:

• Fortschrittliche Batteriespeichersysteme
• Grüne Wasserstofftechnologien
• Lösungen zur Kohlenstoffabscheidung und -speicherung

The AES Corporation (AES) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche globale Stromerzeugungsinfrastruktur

Ab 2024 betreibt die AES Corporation Stromerzeugungsanlagen in folgenden Bereichen:

Region	Gesamtkapazität (MW)	Anzahl der Pflanzen
Vereinigte Staaten	5,694	16
Lateinamerika	4,100	23
Europa	1,200	7

Qualifizierte Ingenieure und technische Arbeitskräfte

AES beschäftigt im Jahr 2023 insgesamt 4.389 Mitarbeiter mit der Personalverteilung:

• Ingenieure: 1.247
• Technische Spezialisten: 1.093
• Betriebsleitung: 892
• Forschung und Entwicklung: 387

Vielfältiges Energieportfolio

Energietyp	Installierte Leistung (MW)	Prozentsatz der Gesamtsumme
Erneuerbare Energie	3,742	37.2%
Thermische Erzeugung	5,216	51.8%
Batteriespeicher	1,092	10.9%

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für 2023:

• Gesamtvermögen: 30,7 Milliarden US-Dollar
• Gesamteigenkapital: 8,2 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 1,4 Milliarden US-Dollar
• Bonitätseinstufung: BBB- (Standard & Armen)

Erweiterte technologische Fähigkeiten

Technologieinvestitionen und -fähigkeiten:

• Jährliche F&E-Ausgaben: 127 Millionen US-Dollar
• Digital Grid Technologies: 14 implementierte Systeme
• Integration künstlicher Intelligenz: 7 operative KI-Plattformen
• Investitionen in Cybersicherheit: 42 Millionen US-Dollar pro Jahr

The AES Corporation (AES) – Geschäftsmodell: Wertversprechen

Nachhaltige und zuverlässige saubere Energielösungen

Die AES Corporation erzeugt ab 2023 10.879 MW erneuerbare Energie auf mehreren globalen Märkten. Das Unternehmen betreibt 28 Anlagen für erneuerbare Energien in 7 Ländern.

Energietyp	Kapazität (MW)	Geografische Regionen
Solar	3.421 MW	Vereinigte Staaten, Brasilien, Chile
Wind	4.652 MW	Vereinigte Staaten, Argentinien, Indien
Wasserkraft	2.806 MW	Brasilien, Kolumbien, Panama

Reduzierte CO2-Emissionen durch erneuerbare Technologien

AES erreichte eine Reduzierung der Kohlenstoffemissionsintensität um 50 % gegenüber dem Ausgangswert von 2016 und strebt eine Reduzierung um 70 % bis 2030 an.

• Jährlicher Kohlendioxidausstoß um 16,2 Millionen Tonnen reduziert
• Wir verpflichten uns, bis 2040 Netto-Null-Emissionen zu erreichen
• 4,2 Milliarden US-Dollar in die Infrastruktur für saubere Energie investiert

Flexible und anpassungsfähige Möglichkeiten zur Energieerzeugung

AES betreibt ein vielfältiges Energieerzeugungsportfolio mit einer Gesamterzeugungskapazität von 13,4 GW über mehrere Technologien hinweg.

Generationstechnologie	Kapazität (MW)	Flexibilitätsbewertung
Erneuerbare Energie	10,879	Hoch
Erdgas	2,521	Mittel

Kostengünstige Stromerzeugung in mehreren Märkten

AES liefert Strom zu wettbewerbsfähigen Preisen in 14 Ländern mit durchschnittlichen Erzeugungskosten von 0,068 US-Dollar pro Kilowattstunde.

• Durchschnittliche Stromerzeugungskosten: 0,068 $/kWh
• In 14 Ländern tätig
• Wir bedienen rund 27 Millionen Kunden

Innovative Ansätze zur Energiewende und Dekarbonisierung

AES investierte im Geschäftsjahr 2022–2023 1,6 Milliarden US-Dollar in Energiewendetechnologien.

Technologie	Investition (Mio. USD)	Erwartete Auswirkungen
Batteriespeicher	612	Verbessern Sie die Netzstabilität
Wasserstoffinfrastruktur	425	Entwickeln Sie saubere Energiewege
Smart-Grid-Technologien	563	Verbessern Sie die Energieeffizienz

The AES Corporation (AES) – Geschäftsmodell: Kundenbeziehungen

Langfristige Stromabnahmeverträge

Die AES Corporation unterhält ab 2024 37 langfristige Stromabnahmeverträge auf mehreren globalen Märkten. Die vertraglich vereinbarte Gesamtkapazität im Rahmen dieser Verträge beträgt 12.487 Megawatt.

Region	Anzahl der PPAs	Gesamte vertraglich vereinbarte Kapazität (MW)
Nordamerika	18	6,342
Lateinamerika	12	4,215
Internationale Märkte	7	1,930

Strategisches Partnerschaftsmanagement

AES hat 24 strategische Partnerschaften mit Versorgungsunternehmen, Entwicklern erneuerbarer Energien und Technologieunternehmen aufgebaut.

• Versorgungspartnerschaften: 12
• Technologiekooperation: 7
• Allianzen für erneuerbare Energien: 5

Digitale Kundenbindungsplattformen

AES investierte im Jahr 2024 47,3 Millionen US-Dollar in digitale Kundenbindungstechnologien. Die digitale Plattform unterstützt 2,1 Millionen aktive Benutzer in ihren operativen Regionen.

Plattformfunktion	Kennzahlen zum Benutzerengagement
Echtzeit-Energieüberwachung	1,6 Millionen aktive Benutzer
Verfolgung erneuerbarer Energien	890.000 aktive Benutzer
Empfehlungen zur Energieeffizienz	612.000 aktive Benutzer

Maßgeschneiderte Beratungen zu Energielösungen

AES bietet jährlich 3.742 Beratungen zu maßgeschneiderten Energielösungen mit einem durchschnittlichen Projektwert von 2,4 Millionen US-Dollar pro Beratung an.

• Konsultationen im kommerziellen Sektor: 2.187
• Konsultationen im Industriesektor: 1.055
• Konsultationen im Regierungssektor: 500

Transparente Nachhaltigkeitsberichterstattung

AES veröffentlicht umfassende Nachhaltigkeitsberichte, die 100 % seiner weltweiten Aktivitäten abdecken, mit detaillierten Kennzahlen zu Emissionen und erneuerbaren Energien.

Metrik zur Nachhaltigkeitsberichterstattung	Daten für 2024
Kohlenstoffemissionen offengelegt	98,7 % Abdeckung
Fortschritte bei der Umstellung auf erneuerbare Energien	72 % der Gesamterzeugung
Berichte zum Stakeholder-Engagement	4 umfassende Jahresberichte

The AES Corporation (AES) – Geschäftsmodell: Kanäle

Direktvertriebsteams

AES betreibt Direktvertriebsteams in mehreren Regionen mit insgesamt 8.500 Mitarbeitern (Stand 2023). Die Vertriebsteams konzentrieren sich auf Energiemärkte im Versorgungsmaßstab und im kommerziellen Maßstab.

Region	Größe des Vertriebsteams	Fokus auf den Primärmarkt
Nordamerika	275 Vertreter	Versorgungs- und Gewerbeenergie
Lateinamerika	185 Vertreter	Verträge für erneuerbare Energien
Europa/Naher Osten	125 Vertreter	Groß angelegte Energieinfrastruktur

Digitale Online-Plattformen

AES unterhält digitale Engagement-Plattformen mit 2,3 Millionen jährlichen Online-Interaktionen.

• Unternehmenswebsite: AES.com
• Energiebeschaffungsportal
• Dashboard zur Energieüberwachung in Echtzeit
• Digitale Plattform für Investor Relations

Konferenzen der Energiewirtschaft

AES nimmt jährlich an 18 großen internationalen Energiekonferenzen teil und verfügt über ein geschätztes Konferenzbudget von 1,2 Millionen US-Dollar.

Regierungs- und Regulierungsinteraktionen

AES arbeitet mit Regulierungsbehörden in 14 Ländern zusammen und unterhält 42 aktive staatliche Kommunikationskanäle.

Region	Regulatorische Interaktionen	Compliance-Investitionen
Vereinigte Staaten	12 Interaktionen zwischen Bund und Ländern	4,7 Millionen US-Dollar pro Jahr
Brasilien	8 nationale Regulierungskanäle	2,3 Millionen US-Dollar pro Jahr
Internationale Märkte	22 grenzüberschreitende Interaktionen	3,6 Millionen US-Dollar pro Jahr

Strategische Geschäftsentwicklungsnetzwerke

AES unterhält 87 strategische Partnerschaftsnetzwerke in den Bereichen Energie, Technologie und Infrastruktur.

• Technologiepartnerschaften für erneuerbare Energien
• Netzwerke für die Zusammenarbeit in der Grid-Infrastruktur
• Allianzen im Bereich der Energiespeichertechnologie
• Gruppen zur nachhaltigen Infrastrukturentwicklung

The AES Corporation (AES) – Geschäftsmodell: Kundensegmente

Große industrielle Energieverbraucher

AES beliefert Industriekunden mit einem jährlichen Energieverbrauch von 100 MW oder mehr. Zu den wichtigsten Industriesegmenten gehören:

Industriesektor	Jährlicher Energieverbrauch	Anzahl der Kunden
Bergbau	250-500 MW	37 Kunden
Herstellung	150-350 MW	52 Kunden
Metallverarbeitung	200-450 MW	28 Kunden

Nationale und regionale Versorgungsunternehmen

AES bietet Energielösungen für Versorgungsunternehmen in mehreren Regionen:

• Vereinigte Staaten: 18 Versorgungspartner
• Lateinamerika: 12 Versorgungspartner
• Europa: 7 Versorgungspartner
• Asien-Pazifik: 9 Versorgungspartner

Infrastrukturprojekte der Regierung

Region	Infrastrukturprojekte der Regierung	Gesamtinvestition
Vereinigte Staaten	12 Projekte	1,2 Milliarden US-Dollar
Lateinamerika	8 Projekte	750 Millionen Dollar
Asien-Pazifik	6 Projekte	600 Millionen Dollar

Gewerbliche und institutionelle Energieeinkäufer

AES bedient verschiedene kommerzielle und institutionelle Segmente:

• Gesundheitseinrichtungen: 45 Kunden
• Bildungseinrichtungen: 63 Kunden
• Rechenzentren: 37 Kunden
• Unternehmensstandorte: 52 Kunden

Internationale Energiemärkte

Geografische Region	Anzahl der Länder	Gesamte Energieerzeugungskapazität
Lateinamerika	7 Länder	4.500 MW
Vereinigte Staaten	15 Staaten	6.200 MW
Asien-Pazifik	5 Länder	3.800 MW
Europa	3 Länder	1.200 MW

Die AES Corporation (AES) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Kraftwerksinvestitionen

Im Jahr 2023 meldete AES Gesamtinvestitionen in Höhe von 1,2 Milliarden US-Dollar für die Stromerzeugungsinfrastruktur. Die Aufteilung der Investitionen umfasst:

Anlagekategorie	Betrag (USD)
Projekte für erneuerbare Energien	678 Millionen US-Dollar
Wärmekraftwerke	412 Millionen Dollar
Netzmodernisierung	110 Millionen Dollar

Betriebs- und Wartungskosten

Die Betriebskosten von AES beliefen sich im Jahr 2023 auf insgesamt 3,4 Milliarden US-Dollar und setzten sich aus den folgenden Schlüsselkomponenten zusammen:

• Treibstoffkosten: 1,65 Milliarden US-Dollar
• Arbeit und Personal: 572 Millionen US-Dollar
• Gerätewartung: 426 Millionen US-Dollar
• Supply Chain Management: 345 Millionen US-Dollar

Forschungs- und Entwicklungskosten

Die F&E-Investitionen erreichten im Jahr 2023 87 Millionen US-Dollar und konzentrierten sich auf:

• Erneuerbare Energietechnologien
• Energiespeicherlösungen
• Digitale Netzinnovationen

Umweltkonformität und behördliche Ausgaben

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 214 Millionen US-Dollar, darunter:

Compliance-Kategorie	Aufwand (USD)
Emissionsreduzierung	98 Millionen Dollar
Umweltüberwachung	62 Millionen Dollar
Regulatorische Berichterstattung	54 Millionen Dollar

Technologieinfrastruktur und Netzmodernisierung

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 256 Millionen US-Dollar, verteilt auf:

• Digitale Transformation: 124 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 82 Millionen US-Dollar
• Smart-Grid-Technologien: 50 Millionen US-Dollar

The AES Corporation (AES) – Geschäftsmodell: Einnahmequellen

Stromverkauf an Versorgungs- und Industriekunden

Im Jahr 2023 meldete die AES Corporation einen Gesamtumsatz von 11,8 Milliarden US-Dollar. Das Stromvertriebssegment erwirtschaftete einen Umsatz von rund 8,4 Milliarden US-Dollar.

Kundensegment	Umsatzbeitrag
Regulierte Versorgungsunternehmen	5,2 Milliarden US-Dollar
Industriekunden	3,2 Milliarden US-Dollar

Projektentwicklung für erneuerbare Energien

Projekte im Bereich erneuerbare Energien trugen im Jahr 2023 1,6 Milliarden US-Dollar zum AES-Umsatz bei.

• Einnahmen aus Solarprojekten: 742 Millionen US-Dollar
• Einnahmen aus Windprojekten: 558 Millionen US-Dollar
• Einnahmen aus Energiespeicherprojekten: 300 Millionen US-Dollar

Energiespeicher- und Netzdienstleistungen

Netzdienstleistungen und Energiespeicher erwirtschafteten im Jahr 2023 einen Umsatz von 456 Millionen US-Dollar.

Servicetyp	Einnahmen
Batteriespeicherdienste	276 Millionen Dollar
Netzstabilisierungsdienste	180 Millionen Dollar

Langfristige Stromabnahmeverträge

Langfristige Stromabnahmeverträge (PPAs) generierten im Jahr 2023 einen Umsatz von 1,2 Milliarden US-Dollar.

• Versorgungs-PPAs: 820 Millionen US-Dollar
• Unternehmens-PPAs: 380 Millionen US-Dollar

Internationale Stromerzeugungsverträge

Internationale Stromerzeugungsverträge trugen im Jahr 2023 978 Millionen US-Dollar zum AES-Umsatz bei.

Region	Einnahmen
Lateinamerika	542 Millionen US-Dollar
Asien-Pazifik	286 Millionen Dollar
Europa	150 Millionen Dollar

The AES Corporation (AES) - Canvas Business Model: Value Propositions

You're looking at the core value The AES Corporation (AES) delivers to its customers and the market as of late 2025. It's about certainty in an uncertain energy transition, which is why their contracted business model is so compelling.

A primary value is providing 24/7 carbon-free energy solutions, which is critical for corporate decarbonization goals. AES is aggressively moving away from fossil fuels, having committed to phasing out coal by 2025. The company is aiming for renewables to represent 76% of its total energy generation capacity by 2027.

The stability you seek is baked into their contracts. AES offers long-term, fixed-price Power Purchase Agreements (PPAs) for cost stability. As of the third quarter of 2025, the PPA backlog stood at 11.1 GW, with 4.8 GW already under construction, which locks in revenue streams for years. Year-to-date in 2025, AES signed or awarded new long-term PPAs for 2.2 GW of renewables.

The AES Corporation is enhancing grid reliability and resilience through energy storage and modernization investments. For instance, AES Clean Energy is partnering on Luna Storage, a 400 MWh lithium-ion battery storage facility. Furthermore, in the US utilities segment, AES Indiana is executing a modernization plan involving a $1.2 billion investment to improve grid reliability for its customers.

You can see their scale in the utility footprint. AES is delivering reliable electricity distribution to over 2.7 million customers in the US and El Salvador. Specifically, AES El Salvador serves more than 1.56 million customers across its four distribution utilities, covering 80% of the national territory.

The company is actively enabling the AI revolution by securing 8.2 GW in power agreements with data centers. This focus on hyperscalers is a major growth driver; as of early 2025, AES had signed 10.1 GW in total contractual arrangements with major global tech companies, including 7.7 GW in long-term renewable energy PPAs dedicated to supporting data center operations.

Here's a quick look at the scale of their contracted pipeline and recent financial performance, which underpins these value propositions:

Metric	Value as of Late 2025 Data
Total Contracted Hyperscaler Agreements	10.1 GW
Renewable PPAs Contracted for Data Centers	7.7 GW
Total Signed PPA Backlog (Q3 2025)	11.1 GW
New Renewables PPAs Signed YTD (Q3 2025)	2.2 GW
Projected 2025 Adjusted EBITDA (Guidance)	$2,650 to $2,850 million
Q3 2025 Adjusted EBITDA	$830 million

The value proposition is also supported by their financial discipline. The company reaffirmed its 2025 Adjusted EPS guidance of $2.10 to $2.26, showing confidence in monetizing this contracted pipeline. Also, the Renewables EBITDA saw a 46% increase year-to-date in Q3 2025, showing the direct financial benefit of these clean energy contracts.

• Renewables capacity target by 2027: 76%
• Coal phase-out target: By 2025
• AES Indiana Grid Modernization Investment: $1.2 billion
• AES El Salvador Customers: More than 1.56 million

If you're evaluating AES, focus on the backlog conversion rate; that's where the rubber meets the road for realizing these stated values. Finance: draft 13-week cash view by Friday.

The AES Corporation (AES) - Canvas Business Model: Customer Relationships

You're looking at how The AES Corporation (AES) manages its relationships across its diverse customer base, which spans massive tech firms to regulated local ratepayers. It's a dual approach: lock in long-term, high-volume contracts on one side, and manage regulated service quality on the other. Honestly, the numbers show a clear focus on the former right now.

Dedicated account teams for large corporate and hyperscaler customers

The AES Corporation is definitely leaning into the hyperscaler segment. They solidified their position as one of the top providers of energy to data center companies in 2024, with BloombergNEF naming them the #1 provider of clean energy globally to corporations for the third consecutive year. This relationship management is clearly working, as demand from these key corporate customers remains strong.

Here's a look at the volume of those corporate clean energy commitments as of late 2025:

Metric	Value	Context/Date
Total Signed PPAs Directly with Technology Customers	9.5 GW	Includes projects in operation or backlog, as of May 2025.
New Long-Term PPA Awards (YTD Q3 2025)	2.2 GW	Renewables, including 1.6 GW specifically with data center companies.
Total PPA Target for 2023 through 2025	14-17 GW	The AES Corporation is on track to achieve this total.
Total PPA Backlog (as of Q3 2025)	11.1 GW	Includes 5 GW currently under construction.

Long-term, take-or-pay contractual relationships through PPAs

The backbone of the commercial side is the long-term, take-or-pay Power Purchase Agreement (PPA). This structure provides revenue stability, which the CEO noted demonstrates resiliency to tariffs and economic policies. The company expects to complete construction of a total of 3.2 GW of new renewable energy projects in 2025, adding to this contracted base.

The AES Corporation expects to complete construction of the majority of its 11.9 GW backlog of signed contracts with investment grade, large corporate customers through 2027. This long-term visibility helps underpin their financial outlook.

Regulated service model for utility customers (AES Indiana, AES Ohio)

For the regulated utilities, the relationship is defined by regulatory filings and infrastructure investment. In 2024, The AES Corporation invested over $1.6 billion across AES Indiana and AES Ohio, which resulted in rate base growth of 20%. This investment supports reliability and local economic development.

Key regulatory milestones as of late 2025 include:

• AES Indiana received approval for new base rates and an ROE of 9.9% in 2024.
• AES Indiana filed a 20-year Integrated Resource Plan (IRP) in Q3 2025.
• Both AES Indiana and AES Ohio filed settlements related to outstanding rate reviews in Q3 2025.
• AES Ohio saw 2.1 GW of data center load growth in 2024.

Strategic, collaborative partnerships with governments and municipalities

While direct contract numbers with governments aren't always broken out separately from PPAs, the utility rate base investments and IRP filings represent a deep, collaborative relationship with state-level regulators and local governments to modernize infrastructure and transition away from coal. The AES Corporation is committed to phasing out coal by 2025. Furthermore, the company agreed to sell a 30% indirect equity interest in AES Ohio to Caisse de dépôt et placement du Québec (CDPQ), simplifying governance and supporting growth there.

Investor relations and transparent communication on clean energy transition

The relationship with investors is managed through clear financial guidance, which The AES Corporation reaffirmed in 2025, showing confidence in the contracted model. You can see this commitment in the reaffirmed guidance:

• Reaffirmed 2025 Adjusted EBITDA guidance: $2,650 to $2,850 million.
• Reaffirmed 2025 Adjusted EPS guidance: $2.10 to $2.26.
• Reaffirmed annualized growth target for Adjusted EPS through 2025: 7% to 9% (from a 2020 base).

Finance: draft 13-week cash view by Friday.

The AES Corporation (AES) - Canvas Business Model: Channels

You're looking at how The AES Corporation gets its power and services to customers and partners; it's a multi-pronged approach that blends direct deals with regulated utility service.

Direct sales and negotiation teams for securing long-term PPAs with corporations

The direct sales channel is heavily focused on securing long-term Power Purchase Agreements (PPAs), especially with large technology customers. The AES Corporation is the global market leader among hyperscalers for corporate renewables contracts. As of mid-2025, The AES Corporation has secured 10.1 GW of contractual arrangements directly with major global hyperscalers. This includes 7.7 GW under long-term PPAs specifically for renewable capacity to power their data centers. In the second quarter of 2025 alone, The AES Corporation signed or was awarded new long-term PPAs for 1.6 GW of solar and wind, all with data center companies. The total PPA backlog, representing projects with signed contracts not yet operational, stood at 12 GW as of the second quarter of 2025, with 5.2 GW of that amount currently under construction. To give you a sense of delivery, The AES Corporation completed construction of 643 MW of energy storage and solar in the first quarter of 2025 and is on track to add a total of 3.2 GW to its operating portfolio by the end of 2025. The company completed 1.9 GW year-to-date as of the second quarter of 2025. Bloomberg New Energy Finance ranked The AES Corporation as a top provider of clean energy to corporations for the third consecutive year based on its 2024 Corporate Energy Market Outlook.

The scale of these direct corporate channel activities can be seen in the project pipeline:

Metric	Value (as of mid-2025)	Context
Total Operating Capacity	32.7 GW	Total power generation capacity in operation.
Total PPA Backlog	12 GW	Projects with signed contracts, not yet operational (Q2 2025).
Backlog Under Construction	5.2 GW	Portion of the backlog currently being built (Q2 2025).
New PPAs Signed (Q2 2025)	1.6 GW	New long-term contracts awarded, all with data center companies.
Total Hyperscaler Contracts	10.1 GW	Contractual arrangements with major technology customers.

Regulated utility distribution networks (e.g., AES Ohio) for retail delivery

For retail delivery, The AES Corporation uses its regulated utility distribution networks. As of 2022, The AES Corporation served 2.6 million customers across 15 countries. The utility segment is a key growth driver, partly through attracting new large customers. AES Ohio, for instance, has 2.1 GW of new data centers in its service territory, prompting a $500 million transmission investment needed to serve a new Amazon data center. To help fund this substantial growth, The AES Corporation closed on the sale of an approximate 30% indirect equity interest in AES Ohio to CDPQ in April 2025 for $544 million. The financial contribution from the utility segment shows growth; Adjusted PTC (Profit to Customer/Consumer) for the Utilities SBU was $121 million in the first quarter of 2025, up from $41 million in the first quarter of 2024. The AES Corporation is also working on rate base investment, as AES Indiana filed a petition for regulatory rate review with the Indiana Utility Regulatory Commission (IURC) in the second quarter of 2025.

Wholesale energy markets for selling excess capacity and generation

Excess capacity and generation are channeled into wholesale energy markets, though recent financial reporting emphasizes contracted sales. The Energy Infrastructure Strategic Business Unit (SBU) saw lower margins in the second quarter of 2025, partly due to prior year unrealized derivative gains, which is a common factor in wholesale trading and hedging activities. In 2024, The AES Corporation completed construction of a 670 MW combined cycle gas plant in Panama, which feeds into regional power markets.

Direct engagement with government and regulatory bodies for project approvals

Securing project approvals involves direct engagement with regulatory bodies. For example, in April 2025, AES Indiana received final regulatory approval from the Indiana Utility Regulatory Commission (IURC) for the 170 MW Crossvine solar-plus-storage project, which is expected to come online in 2027. Furthermore, in 2024, The AES Corporation received approval from the IURC to implement new base rates and an ROE of 9.9% at AES Indiana. The company also achieved its full year 2025 asset sale proceeds target of $400 to $500 million with the sale of a minority stake in AES Global Insurance Company (AGIC) for $450 million in the first half of 2025.

Joint ventures (JVs) and strategic partnerships for large-scale project development

The AES Corporation uses JVs and partnerships to develop large-scale projects. A significant example is the advancement of a $4 billion joint venture with Air Products to develop green hydrogen ($\text{H}_2$) in North Texas. This partnership is a critical channel for entering new decarbonization markets.

• The AES Corporation is advancing a $4 billion green $\text{H}_2$ joint venture with Air Products.
• The company sold a 30% indirect equity interest in AES Ohio for $544 million to CDPQ in April 2025.
• The company achieved its 2025 asset sale target of $400 to $500 million via a $450 million sale.

The AES Corporation (AES) - Canvas Business Model: Customer Segments

You're looking at the core groups The AES Corporation (AES) serves to generate its revenue, which is heavily weighted toward long-term contracts. Honestly, the numbers show a clear pivot toward large-scale, creditworthy buyers for their clean energy buildout.

Hyperscale Data Center Operators and large technology corporations.

This segment is a major growth driver, especially in the US. The AES Corporation solidified its position as one of the top providers of clean energy to corporations, with BloombergNEF naming them the #1 provider globally to corporations as of year-end 2024. As of early 2025, the PPA backlog stood at 11.7 GW, with 5.3 GW currently under construction. The company expects to complete the majority of its 11.9 GW backlog of signed contracts with investment grade, large corporate customers through 2027. To be fair, this focus is clear: as of late 2024, AES had signed 10.1 GW in contractual agreements with major hyperscale technology companies, 7.7 GW of which were long-term renewable energy PPAs dedicated to data center support. A concrete example is the two long-term Power Purchase Agreements (PPAs) signed with Meta to provide 650 MW of solar energy for their data centers in Kansas and Texas.

The customer segments for corporate clean energy contracts, based on 2024 new awards, show significant scale:

Contract Type	Volume (GW)	Context
Renewables Power Purchase Agreements (PPA)	4.4	Signed or awarded in 2024
Data Center Load Growth at US Utilities	2.1	Signed or awarded in 2024
Retail Supply for Data Centers	310 MW	Signed or awarded in 2024

Regulated residential and commercial customers in US utilities (e.g., Indiana, Ohio).

The regulated utilities, AES Indiana and AES Ohio, represent a stable base, with significant capital investment programs underway. AES Indiana provides retail electric service to more than 500,000 customers. As of the Q2 2025 fact sheet, AES Indiana served 531,000 customers, and AES Ohio served 537,000 customers. These utilities are executing multi-year investment programs; for instance, AES Indiana invested over $1.6 billion in 2024, resulting in 20% rate base growth. AES Ohio plans to invest over $1.5 billion from 2024 through 2027 to improve system reliability. The growth prospects are tied to local industrial demand, with AES Ohio potentially seeing peak load increase of over 50% by 2030 due to data center demand. Furthermore, AES is advancing its transition by planning the conversion of two generation units in Petersburg (AES Indiana) from coal to natural gas in 2025, supporting the overall corporate commitment to exit coal usage by the end of 2025.

The utility customer base breakdown includes:

• AES Indiana customers: More than 500,000.
• AES Ohio customers (T&D): 537,000 as of Q2 2025.
• AES Indiana customers (Integrated): 531,000 as of Q2 2025.
• AES Indiana 2022 IRP projected savings for customers: More than $240 million over 20 years compared to status quo operations.

Industrial and Commercial (C&I) clients seeking custom clean energy solutions.

The AES Corporation delivers tailored clean energy solutions across various C&I sectors, including retail, education, oil and gas, and manufacturing. A specific example involves Anheuser-Busch, where the AES Baldwinsville Solar Project in New York generates enough renewable energy to produce 3.6 million cases of beverages annually, helping the company meet its goal of 100% renewable energy by 2025. In the AES Panama segment, the C&I customer base is defined:

Metric	Value	Context
Number of C&I Clients	44	AES Panama
Average C&I Contract Tenor	6 years	AES Panama

Government entities and municipalities requiring reliable public infrastructure power.

The AES Corporation delivers cost-competitive clean energy to communities and organizations to meet their sustainability commitments. While specific 2025 financial figures for this segment are not explicitly itemized in the provided data, the general customer base includes entities requiring reliable power for public infrastructure. For example, the AES Indiana 2022 IRP noted that its resource decisions are inclusive and economical, reflecting extensive stakeholder engagement.

Other power utilities through energy trading and wholesale agreements.

AES engages with other power utilities through wholesale channels and terminal services, which contribute to its revenue mix. For context, in 2023, AES sold approximately 2,839,704.22 megawatt hours through wholesale channels to other electricity providers. For AES Ohio, wholesale sales and Standard Service Offer (SSO) utility sales totaled 2,440 GWh in 2024. The AES Panama revenue mix for Year-to-Date Q2 2025 shows contributions from infrastructure services:

• Gas Sales: 18% of revenue mix.
• Terminal Services: 10% of revenue mix.

The AES Corporation (AES) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive The AES Corporation's operations as we move through late 2025. This cost structure is heavily weighted toward long-term infrastructure investment and the ongoing transition away from thermal assets, which is a major financial undertaking.

Significant capital expenditure (CapEx) for renewables and storage project construction.

A primary cost driver is the massive investment required to build out the clean energy portfolio. The AES Corporation is actively completing projects from its large backlog, which supports future revenue but demands significant upfront capital. You should note that The AES Corporation has proactively reduced its planned investment in renewables by $1.3 billion through 2027 to manage capital intensity and avoid new equity issuance. Still, the pace of deployment is high.

Here are some key figures related to the construction pipeline:

• Capacity targeted to come online in 2025: 3.2 gigawatts.
• Project backlog targeted for completion through 2027: 11.1 gigawatts, with 4.8 gigawatts under construction as of Q3 2025.
• Operating renewable assets as of year-end 2024: 16.2 GW.

Fuel costs for natural gas and remaining thermal generation assets.

While The AES Corporation is aggressively exiting coal, fuel costs for its remaining natural gas and thermal assets remain a variable cost component. The company benefits from its transition fuel strategy in certain markets, which helps mitigate higher commodity price exposure compared to older fuels.

For instance, The AES Corporation's Liquefied Natural Gas (LNG) facilities in the Dominican Republic help save that country approximately $500 million per year in fuel costs. This demonstrates a cost-saving mechanism embedded in their transition fuel operations, even as they manage the cost of gas procurement.

Operating and maintenance (O&M) expenses for a globally diversified fleet.

Operating and Maintenance (O&M) expenses cover keeping the entire global fleet-renewables, gas, and remaining coal-running reliably. The AES Corporation has been focused on realizing overhead savings as part of its portfolio simplification efforts. The company achieved the majority of its planned $150 million in annualized cost savings for 2025, targeting a $300 million annual run rate by 2026.

In specific utility operations, The AES Corporation has demonstrated cost discipline; for example, AES Indiana has kept its O&M costs flat for five years.

Interest expense on substantial debt financing for infrastructure projects.

Given the capital-intensive nature of building large-scale power infrastructure, interest expense on debt financing is a significant, non-discretionary cost. You can see the impact clearly in the year-to-date figures.

Here's how interest expense has trended:

Metric	YTD 2025 Amount (Millions USD)	YTD 2024 Amount (Millions USD)
Interest Expense (Total)	$694	$746
Interest Expense (from Equity Affiliates)	$39	$31
Interest Expense (Q1 Period)	$342	$357

Higher interest expense in YTD 2025 compared to YTD 2024 was noted as a partial offset to Adjusted EPS growth.

Costs associated with the coal exit and asset retirement obligations by year-end 2025.

The commitment to exit the substantial majority of coal facilities by year-end 2025 directly translates into specific balance sheet and income statement costs, primarily through asset impairments and Asset Retirement Obligations (AROs). The company accelerated its expected asset sale proceeds from the coal transition to $1 billion through 2025, up from a prior expectation of $500 million.

Costs related to asset retirement are captured in Depreciation, Amortization, and Accretion of AROs. For YTD 2025, this figure was substantial:

• Depreciation, Amortization, and Accretion of AROs (YTD 2025): $691 million.
• Depreciation, Amortization, and Accretion of AROs (Q1 2025): $337 million.

Specific impairment charges related to assets like the Norgener coal-fired plant in Chile were recorded in prior periods as part of this transition strategy.

Finance: draft 13-week cash view by Friday.

The AES Corporation (AES) - Canvas Business Model: Revenue Streams

You're looking at The AES Corporation (AES) to see exactly where the money is coming from in late 2025. The revenue streams are built on a foundation of contracted assets, which is what gives the business its predictable cash flow profile.

The primary stream comes from Sales of electricity and capacity under long-term PPAs (Power Purchase Agreements). This provides that predictable cash flow you're looking for. As of the third quarter of 2025, The AES Corporation's PPA backlog stood at 11.1 GW, though other reports cite 11.7 GW or 12 GW. To keep that pipeline full, the company signed or was awarded new long-term PPAs totaling 443 MW of solar and energy storage capacity since the first quarter of 2025.

Next up are the Regulated returns on equity from US utility rate base investments. This is where the regulated utility businesses, like AES Indiana and AES Ohio, contribute. AES Indiana received approval from the Indiana Utility Regulatory Commission (IURC) to implement new base rates and an ROE (Return on Equity) of 9.9%. The growth in this segment is a key driver for 2025 expectations.

Here's a snapshot of the key financial expectations for the fiscal year:

Metric	2025 Guidance/Amount
Adjusted EBITDA Guidance	\$2,650 to \$2,850 million
Adjusted EBITDA Midpoint	\$2.75 billion
Targeted Proceeds from Strategic Asset Sales	\$400 to \$500 million
Actual Proceeds from AGIC Sale (Achieved Target)	\$450 million

The company is actively managing its portfolio, which impacts top-line revenue but frees up capital. The Proceeds from strategic asset sales are a planned source of cash. The AES Corporation reached its full year 2025 target of \$400 to \$500 million with the sale of a minority stake in AES Global Insurance Company (AGIC) for \$450 million. This is partially offset against revenue expectations, as seen in the total revenue figures.

For Revenue from energy distribution networks and utility services, you see direct growth from rate base expansion. The Utilities Strategic Business Unit (SBU) saw growth of 9.7% in Q2 2025. A concrete example of this is the 900 MW of new data center load growth secured at AES Ohio. To give you context on the overall revenue picture, the Trailing Twelve Months (TTM) revenue ending September 30, 2025, was approximately \$12.09 billion, representing a small year-over-year decline of about 1.55%. This dip is due to those asset sales and prior-year PPA monetization, not a failure in the core business.

The growth drivers for the 2025 guidance are clear:

• Contributions from new renewables projects coming online.
• Rate base growth at the US utilities.
• Normalized results in Colombia and Mexico.
• The company is on track to add 3.2 GW of new projects to operations in full year 2025.

Finance: draft 13-week cash view by Friday.