The AES Corporation (AES): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la transformation mondiale de l'énergie, la société AES apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe de la production d'énergie durable. En tirant parti d'un modèle commercial sophistiqué qui couvre plusieurs continents et technologies énergétiques, AES s'est positionné à l'avant-garde de la révolution des énergies renouvelables, offrant des solutions innovantes qui équilibrent la responsabilité environnementale avec une performance économique solide. Leur approche complète intègre des technologies renouvelables de pointe, des partenariats stratégiques et un portefeuille d'énergie diversifié qui promet de remodeler la façon dont nous conceptualisons et consommons l'électricité au 21e siècle.

The AES Corporation (AES) - Modèle commercial: partenariats clés

Développeurs mondiaux d'énergie renouvelable et fournisseurs de technologies

AES collabore avec les principaux partenaires des énergies renouvelables suivantes:

Partenaire	Focus de partenariat	Portée géographique
Premier solaire	Développement de la technologie solaire	États-Unis, Amérique latine
Vestas Wind Systems	Technologie d'éoliennes	Amérique du Nord, Amérique du Sud
Siemens Gamesa	Infrastructure éolienne offshore	Marchés mondiaux

Agences gouvernementales et organismes de réglementation

AES maintient des partenariats stratégiques avec des entités gouvernementales à travers de multiples juridictions:

• Département américain de l'Énergie - Collaboration de recherche sur les énergies renouvelables de 50 millions de dollars
• Office brésilien de recherche sur l'énergie - Accords de développement des infrastructures
• Ministère colombien des mines et de l'énergie - Projets d'expansion des énergies renouvelables

Entreprises de services publics locaux

Pays	Partenaire public	Valeur de partenariat
États-Unis	Énergie duc	Projet d'intégration de grille de 750 millions de dollars
Chili	Enel Chile	Partnership d'énergie renouvelable de 500 millions de dollars
Brésil	Etrobras	Contrat d'infrastructure de transmission de 600 millions de dollars

Institutions financières et partenaires d'investissement

Les partenariats financiers clés comprennent:

• Goldman Sachs - Fonds d'investissement en énergies renouvelables de 1,2 milliard de dollars
• BlackRock - Financement de 900 millions de dollars sur les infrastructures durables
• Groupe de la Banque mondiale - 400 millions de dollars de développement d'énergie propre

Fabricants d'équipement et fournisseurs d'infrastructures

Fabricant	Type d'équipement	Valeur d'achat annuelle
Électrique générale	Turbine	350 millions de dollars
Groupe ABB	Équipement de transmission d'alimentation	250 millions de dollars
Schneider Electric	Systèmes de gestion de la grille	200 millions de dollars

The AES Corporation (AES) - Modèle d'entreprise: activités clés

Production d'électricité à partir de diverses sources d'énergie

AES Corporation exploite un portefeuille mondial de production d'électricité avec 26,4 GW de capacité de génération totale en 2023. Le mélange de génération comprend:

Source d'énergie	Pourcentage	Capacité (GW)
Énergie renouvelable	51%	13.5
Gaz naturel	36%	9.5
Charbon	13%	3.4

Développement et mise en œuvre du projet d'énergie renouvelable

AES a investi 1,2 milliard de dollars dans des projets d'énergie renouvelable en 2023, en se concentrant sur:

• Développement d'énergie solaire
• Infrastructure d'énergie éolienne
• Projets de stockage de batteries

Initiatives de stockage d'énergie et de modernisation du réseau

AES a déployé 1 250 MW de capacité de stockage d'énergie en 2023, avec des investissements totalisant 450 millions de dollars en technologies de modernisation du réseau.

Construction et opération internationales des centrales électriques

AES exploite des installations de production d'électricité dans 14 pays sur 4 continents, avec un investissement international total de 5,6 milliards de dollars en 2023.

Région	Nombre de pays	Capacité totale (GW)
Amérique du Nord	6	12.6
Amérique du Sud	4	6.8
Europe	3	4.2
Asie	1	2.8

Innovation de technologie énergétique durable

AES a alloué 320 millions de dollars à la recherche et au développement de technologies énergétiques durables en 2023, avec des domaines d'intervention clés:

• Systèmes de stockage de batterie avancés
• Technologies d'hydrogène vert
• Solutions de capture et de stockage du carbone

The AES Corporation (AES) - Modèle d'entreprise: Ressources clés

Infrastructure de production d'électricité mondiale

En 2024, AES Corporation exploite des actifs de production d'électricité:

Région	Capacité totale (MW)	Nombre de plantes
États-Unis	5,694	16
l'Amérique latine	4,100	23
Europe	1,200	7

Ingénierie qualifiée et main-d'œuvre technique

AES emploie 4 389 employés au total en 2023, avec la distribution de la main-d'œuvre:

• Professionnels d'ingénierie: 1 247
• Spécialistes techniques: 1 093
• Gestion des opérations: 892
• Recherche et développement: 387

Portfolio d'énergie diversifié

Type d'énergie	Capacité installée (MW)	Pourcentage du total
Énergie renouvelable	3,742	37.2%
Génération thermique	5,216	51.8%
Stockage de batterie	1,092	10.9%

Capacités de capital financier et d'investissement

Mesures financières pour 2023:

• Actif total: 30,7 milliards de dollars
• Équité totale: 8,2 milliards de dollars
• Dépenses en capital annuelles: 1,4 milliard de dollars
• Note de crédit: BBB- (Standard & Pauvre)

Capacités technologiques avancées

Investissement et capacités technologiques:

• Dépenses annuelles de R&D: 127 millions de dollars
• Digital Grid Technologies: 14 systèmes implémentés
• Intégration de l'intelligence artificielle: 7 plateformes d'IA opérationnelles
• Investissement en cybersécurité: 42 millions de dollars par an

The AES Corporation (AES) - Modèle d'entreprise: propositions de valeur

Solutions d'énergie propre durables et fiables

AES Corporation génère 10 879 MW d'énergie renouvelable sur plusieurs marchés mondiaux à partir de 2023. La société exploite 28 installations d'énergie renouvelable dans 7 pays.

Type d'énergie	Capacité (MW)	Régions géographiques
Solaire	3 421 MW	États-Unis, Brésil, Chili
Vent	4 652 MW	États-Unis, Argentine, Inde
Hydro-électrique	2 806 MW	Brésil, Colombie, Panama

Réduction des émissions de carbone grâce à des technologies renouvelables

Les AES ont atteint une réduction de 50% de l'intensité des émissions de carbone par rapport à la référence de 2016, ciblant 70% de réduction d'ici 2030.

• Les émissions annuelles de dioxyde de carbone ont été réduites de 16,2 millions de tonnes métriques
• Engagé dans les émissions nettes-zéro d'ici 2040
• A investi 4,2 milliards de dollars dans une infrastructure d'énergie propre

Capacités de production d'énergie flexibles et adaptables

AES exploite un portefeuille de production d'énergie diversifié avec une capacité de production totale de 13,4 GW sur plusieurs technologies.

Technologie de génération	Capacité (MW)	Cote de flexibilité
Énergie renouvelable	10,879	Haut
Gaz naturel	2,521	Moyen

Génération d'énergie rentable sur plusieurs marchés

AES fournit de l'électricité à des tarifs compétitifs dans 14 pays avec des coûts de production moyens de 0,068 $ par kilowatt-heure.

• Coût moyen de production d'électricité: 0,068 $ / kWh
• Opérationnel dans 14 pays
• Servant environ 27 millions de clients

Approches innovantes de la transition énergétique et de la décarbonisation

AES a investi 1,6 milliard de dollars dans les technologies de transition énergétique au cours de la période budgétaire 2022-2023.

Technologie	Investissement ($ m)	Impact attendu
Stockage de batterie	612	Améliorer la stabilité de la grille
Infrastructure d'hydrogène	425	Développer des voies d'énergie propre
Technologies de grille intelligente	563	Améliorer l'efficacité énergétique

The AES Corporation (AES) - Modèle d'entreprise: relations clients

Accords d'achat d'électricité à long terme

AES Corporation maintient 37 accords d'achat d'électricité à long terme sur plusieurs marchés mondiaux à partir de 2024. La capacité totale contractée en vertu de ces accords atteint 12 487 mégawatts.

Région	Nombre de PPA	Capacité contractuelle totale (MW)
Amérique du Nord	18	6,342
l'Amérique latine	12	4,215
Marchés internationaux	7	1,930

Gestion de partenariat stratégique

AES a établi 24 partenariats stratégiques avec des sociétés de services publics, des développeurs d'énergies renouvelables et des entreprises technologiques.

• Partenariats des services publics: 12
• Collaboration technologique: 7
• Alliances en énergies renouvelables: 5

Plates-formes de fiançailles clients numériques

AES a investi 47,3 millions de dollars dans les technologies numériques d'engagement des clients en 2024. La plate-forme numérique prend en charge 2,1 millions d'utilisateurs actifs dans ses régions opérationnelles.

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Surveillance de l'énergie en temps réel	1,6 million d'utilisateurs actifs
Suivi des énergies renouvelables	890 000 utilisateurs actifs
Recommandations d'efficacité énergétique	612 000 utilisateurs actifs

Consultations de solutions énergétiques personnalisées

AES fournit chaque année 3 742 consultations de solutions énergétiques personnalisées, avec une valeur de projet moyenne de 2,4 millions de dollars par consultation.

• Consultations du secteur commercial: 2 187
• Consultations du secteur industriel: 1 055
• Consultations du secteur gouvernemental: 500

Rapports transparents de durabilité

AES publie des rapports de développement durable complets couvrant 100% de ses opérations mondiales, avec des émissions détaillées et des mesures d'énergie renouvelable.

Métrique de rapport de durabilité	2024 données
Les émissions de carbone divulguées	Couverture de 98,7%
Progrès de la transition des énergies renouvelables	72% de la génération totale
Rapports d'engagement des parties prenantes	4 rapports annuels complets

The AES Corporation (AES) - Modèle d'entreprise: canaux

Équipes de vente directes

AES exploite des équipes de vente directes dans plusieurs régions avec 8 500 employés au total en 2023. Les équipes commerciales se concentrent sur les marchés énergétiques à l'échelle des services publics et commerciaux.

Région	Taille de l'équipe de vente	Focus du marché primaire
Amérique du Nord	275 représentants	Utilité et énergie commerciale
l'Amérique latine	185 représentants	Contrats d'énergie renouvelable
Europe / Moyen-Orient	125 représentants	Infrastructure énergétique à grande échelle

Plateformes numériques en ligne

AES maintient les plateformes d'engagement numérique avec 2,3 millions d'interactions annuelles en ligne.

• Site Web d'entreprise: AES.com
• Portail d'approvisionnement en énergie
• Tableau de bord de surveillance de l'énergie en temps réel
• Plateforme numérique des relations avec les investisseurs

Conférences de l'industrie de l'énergie

AES participe à 18 grandes conférences énergétiques internationales par an avec environ 1,2 million de dollars de budget d'engagement de la conférence.

Interactions gouvernementales et réglementaires

AES s'engage avec les organismes de réglementation dans 14 pays, en maintenant 42 canaux de communication gouvernementaux actifs.

Région	Interactions réglementaires	Investissements de conformité
États-Unis	12 interactions fédérales / étatiques	4,7 millions de dollars par an
Brésil	8 canaux réglementaires nationaux	2,3 millions de dollars par an
Marchés internationaux	22 interactions transfrontalières	3,6 millions de dollars par an

Réseaux de développement commercial stratégique

AES maintient 87 réseaux de partenariat stratégiques dans les secteurs de l'énergie, de la technologie et des infrastructures.

• Partenariats en technologie des énergies renouvelables
• Réseaux de collaboration des infrastructures de grille
• Alliances de technologie de stockage d'énergie
• Groupes de développement d'infrastructure durable

The AES Corporation (AES) - Modèle d'entreprise: segments de clientèle

Grands consommateurs d'énergie industrielle

AES sert des clients industriels avec une consommation d'énergie annuelle de 100 MW ou plus. Les principaux segments industriels comprennent:

Secteur de l'industrie	Consommation d'énergie annuelle	Nombre de clients
Exploitation minière	250-500 MW	37 clients
Fabrication	150-350 MW	52 clients
Traitement des métaux	200-450 MW	28 clients

Entreprises de services publics nationaux et régionaux

AES fournit des solutions énergétiques aux entreprises de services publics dans plusieurs régions:

• États-Unis: 18 partenaires des services publics
• Amérique latine: 12 partenaires utilitaires
• Europe: 7 partenaires des services publics
• Asie-Pacifique: 9 partenaires utilitaires

Projets d'infrastructure gouvernementale

Région	Projets d'infrastructure gouvernementale	Investissement total
États-Unis	12 projets	1,2 milliard de dollars
l'Amérique latine	8 projets	750 millions de dollars
Asie-Pacifique	6 projets	600 millions de dollars

Acheteurs d'énergie commerciaux et institutionnels

AES sert divers segments commerciaux et institutionnels:

• Institutions de soins de santé: 45 clients
• Installations éducatives: 63 clients
• Centres de données: 37 clients
• Campus d'entreprise: 52 clients

Marchés énergétiques internationaux

Région géographique	Nombre de pays	Capacité totale de production d'énergie
l'Amérique latine	7 pays	4 500 MW
États-Unis	15 États	6 200 MW
Asie-Pacifique	5 pays	3 800 MW
Europe	3 pays	1 200 MW

The AES Corporation (AES) - Modèle d'entreprise: Structure des coûts

Investissements de centrales électriques à forte intensité de capital

En 2023, AES a déclaré un total de dépenses en capital de 1,2 milliard de dollars pour l'infrastructure de production d'électricité. La rupture des investissements comprend:

Catégorie d'investissement	Montant (USD)
Projets d'énergie renouvelable	678 millions de dollars
Centrales thermiques	412 millions de dollars
Modernisation de la grille	110 millions de dollars

Frais opérationnels et d'entretien

Les dépenses opérationnelles d'AES pour 2023 ont totalisé 3,4 milliards de dollars, avec les composantes clés suivantes:

• Coûts de carburant: 1,65 milliard de dollars
• Travail et personnel: 572 millions de dollars
• Entretien de l'équipement: 426 millions de dollars
• Gestion de la chaîne d'approvisionnement: 345 millions de dollars

Coûts de recherche et de développement

L'investissement en R&D en 2023 a atteint 87 millions de dollars, axé sur:

• Technologies d'énergie renouvelable
• Solutions de stockage d'énergie
• Innovations sur la grille numérique

Compliance environnementale et dépenses réglementaires

Les frais de conformité réglementaire pour 2023 s'élevaient à 214 millions de dollars, notamment:

Catégorie de conformité	Dépenses (USD)
Réduction des émissions	98 millions de dollars
Surveillance environnementale	62 millions de dollars
Représentation réglementaire	54 millions de dollars

Infrastructure technologique et modernisation de la grille

Les investissements sur les infrastructures technologiques en 2023 ont totalisé 256 millions de dollars, distribué à travers:

• Transformation numérique: 124 millions de dollars
• Améliorations de la cybersécurité: 82 millions de dollars
• Smart Grid Technologies: 50 millions de dollars

The AES Corporation (AES) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux services publics et aux clients industriels

En 2023, AES Corporation a déclaré des revenus totaux de 11,8 milliards de dollars. Le segment des ventes d'électricité a généré environ 8,4 milliards de dollars de revenus.

Segment de clientèle	Contribution des revenus
Utilitaires réglementés	5,2 milliards de dollars
Clients industriels	3,2 milliards de dollars

Développement du projet d'énergie renouvelable

Les projets d'énergie renouvelable ont contribué 1,6 milliard de dollars aux revenus AES en 2023.

• Revenus de projet solaire: 742 millions de dollars
• Revenus de projets éoliens: 558 millions de dollars
• Revenus du projet de stockage d'énergie: 300 millions de dollars

Services de stockage d'énergie et de réseau

Les services de grille et le stockage d'énergie ont généré 456 millions de dollars de revenus pour 2023.

Type de service	Revenu
Services de stockage de batteries	276 millions de dollars
Services de stabilisation de la grille	180 millions de dollars

Accords d'achat d'électricité à long terme

Les accords d'achat d'électricité à long terme (APP) ont généré 1,2 milliard de dollars de revenus en 2023.

• PPA de services publics: 820 millions de dollars
• PPA d'entreprise: 380 millions de dollars

Contrats internationaux de production d'électricité

Les contrats internationaux de production d'électricité ont contribué 978 millions de dollars aux revenus AES en 2023.

Région	Revenu
l'Amérique latine	542 millions de dollars
Asie-Pacifique	286 millions de dollars
Europe	150 millions de dollars

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.