DOCSLIB.ORG

AES Corporation Annual Report 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AES Corporation Annual Report 2020 AES Corporation Annual Report 2020 Form 10-K (NYSE:AES) Published: February 28th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________ FORM 10-K _____________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 -OR- ☐ TRANSITION REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12291 THE AES CORPORATION (Exact name of registrant as specified in its charter) Delaware 54-1163725 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4300 Wilson Boulevard Arlington, Virginia 22203 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 522-1315 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.01 per share AES New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ Non-accelerated filer ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates on June 28, 2019, the last business day of the Registrant's most recently completed second fiscal quarter (based on the adjusted closing sale price of $16.38 of the Registrant's Common Stock, as reported by the New York Stock Exchange on such date) was approximately $10.87 billion. The number of shares outstanding of Registrant's Common Stock, par value $0.01 per share, on February 20, 2020 was 664,036,935. DOCUMENTS INCORPORATED BY REFERENCE Portions of Registrant's Proxy Statement for its 2020 annual meeting of stockholders are incorporated by reference in Parts II and III The AES Corporation Fiscal Year 2019 Form 10-K Table of Contents Glossary of Terms 1 PART I 3 ITEM 1. BUSINESS 4 ITEM 1A. RISK FACTORS 51 ITEM 1B. UNRESOLVED STAFF COMMENTS 70 ITEM 2. PROPERTIES 70 ITEM 3. LEGAL PROCEEDINGS 71 ITEM 4. MINE SAFETY DISCLOSURES 74 PART II 75 ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 75 ITEM 6. SELECTED FINANCIAL DATA 76 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 78 Executive Summary 78 Review of Consolidated Results of Operations 79 SBU Performance Analysis 87 Key Trends and Uncertainties 95 Capital Resources and Liquidity 98 Critical Accounting Policies and Estimates 109 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 113 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 116 Consolidated Balance Sheets 119 Consolidated Statements of Operations 120 Consolidated Statements of Comprehensive Income (Loss) 121 Consolidated Statements of Changes in Equity 122 Consolidated Statements of Cash Flows 123 Note 1 - General and Summary of Significant Accounting Policies 124 Note 2 - Inventory 136 Note 3 - Property, Plant and Equipment 136 Note 4 - Asset Retirement Obligation s 137 Note 5 - Fair Value 138 Note 6 - Derivative Instruments and Hedging Activities 143 Note 7 - Financing Receivables 144 Note 8 - Investments in and Advances to Affiliates 145 Note 9 - Goodwill and Other Intangible Assets 147 Note 10 - Regulatory Assets and Liabilities 149 Note 11 - Debt 150 Note 12 - Commitments 153 Note 13 - Contingencies 154 Note 14 - Leases 155 Note 15 - Benefit Plans 156 Note 16 - Redeemable Stock of Subsidiaries 160 Note 17 - Equity 160 Note 18 - Segments and Geographic Information 162 Note 19 - Share-Based Compensation 165 Note 20 - Revenue 166 Note 21 - Other Income and Expense 167 Note 22 - Asset Impairment Expense 167 Note 23 - Income Taxes 169 Note 24 - Discontinued Operations 173 Note 25 - Held-for-Sale and Dispositions 174 Note 26 - Acquisitions 176 Note 27 - Earnings Per Share 177 Note 28 - Risks and Uncertainties 177 Note 29 - Related Party Transactions 179 Note 30 - Selected Quarterly Financial Data (Unaudited) 180 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 181 ITEM 9A. CONTROLS AND PROCEDURES 181 ITEM 9B. OTHER INFORMATION 184 PART III 185 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 185 ITEM 11. EXECUTIVE COMPENSATION 185 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 185 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE 186 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 186 PART IV - ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE 187 SIGNATURES 190 1 | 2019 Annual Report Glossary of Terms The following terms and abbreviations appear in the text of this report and have the definitions indicated below: Adjusted EPS Adjusted Earnings Per Share, a non-GAAP measure Adjusted PTC Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance AES The Parent Company and its subsidiaries and affiliates AFUDC Allowance for Funds Used During Construction AOCL Accumulated Other Comprehensive Loss ASC Accounting Standards Codification ASEP National Authority of Public Services in Panama BACT Best Available Control Technology BART Best Available Retrofit Technology BOT Build, Operate and Transfer BTA Best Technology Available CAA U.S. Clean Air Act CAMMESA Wholesale Electric Market Administrator in Argentina CCGT Combined Cycle Gas Turbine CCR Coal Combustion Residuals, which includes bottom ash, fly ash and air pollution control wastes generated at coal-fired generation plant sites CDPQ La Caisse de dépôt et placement du Quebéc CEN Coordinador Electrico Nacional in Chile CEO Chief Executive Officer CFE Federal Electricity Commission in Mexico CHP Combined Heat and Power CO2 Carbon Dioxide COSO Committee of Sponsoring Organizations of the Treadway Commission CPI U.S. Consumer Price Index CPP U.S. Clean Power Plan CREG Regulatory commission of energy and gas in Colombia CRES Competitive Retail Electric Service CSAPR U.S. Cross-State Air Pollution Rule CTNG Compañia Transmisora del Norte Grande CWA U.S. Clean Water Act DG Comp Directorate-General for Competition of the European Commission DMR Distribution Modernization Rider DP&L The Dayton Power & Light Company DPL DPL Inc. DPP Dominican Power Partners EPA U.S. Environmental Protection Agency EPC Engineering, Procurement, and Construction ERCOT Electric Reliability Council of Texas ESP Electric Security Plan EU European Union EURIBOR Euro Inter Bank Offered Rate EUSGU Electric Utility Steam Generating Unit EVN Electricity of Vietnam FERC U.S. Federal Energy Regulatory Commission FGD Flue gas desulphurization FONINVEMEM Fund for the Investment Needed to Increase the Supply of Electricity in the Wholesale Market in Argentina FPA U.S. Federal Power Act FX Foreign Exchange GAAP Generally Accepted Accounting Principles in the United States GDPR EU General Data Protection Regulation GHG Greenhouse Gas GILTI Global Intangible Low Taxed Income GRIDCO Grid Corporation of Odisha Ltd. GWh Gigawatt Hours HLBV Hypothetical Liquidation Book Value IDEM Indiana Department of Environmental Management ITC Imputed Tax Credit IPALCO IPALCO Enterprises, Inc. IPL Indianapolis Power & Light Company IPP Independent Power Producers I-SEM Integrated Single Electricity Market in Ireland ISO Independent System Operator IURC Indiana Utility Regulatory Commission LIBOR London Inter Bank Offered Rate 2 | 2019 Annual Report LNG Liquefied Natural Gas MISO Midcontinent Independent System Operator, Inc. MRE Energy Reallocation Mechanism MW Megawatts MWh Megawatt Hours NAAQS U.S. National Ambient Air Quality Standards NCI Noncontrolling Interest NCRE Non-Conventional Renewable Energy NEK Natsionalna
Load more

Recommended publications
  • Enron's Pawns
    Enron’s Pawns How Public Institutions Bankrolled Enron’s Globalization Game byJim Vallette and Daphne Wysham Sustainable Energy and Economy Network Institute for Policy Studies March 22, 2002 About SEEN The Sustainable Energy and Economy Network, a project of the Institute for Policy Studies (Washington, DC), works in partnership with citizens groups nationally and globally on environment, human rights and development issues with a particular focus on energy, climate change, environmental justice, and economic issues, particularly as these play out in North/South relations. SEEN views these issues as inextricably linked to global security, and therefore applies a human security paradigm as a framework for guiding its work. The reliance of rich countries on fossil fuels fosters a climate of insecurity, and a rationale for large military budgets in the North. In the South, it often fosters or nurtures autocratic or dictatorial regimes and corruption, while exacerbating poverty and destroying subsistence cultures and sustainable livelihoods. A continued rapid consumption of fossil fuels also ensures catastrophic environmental consequences: Climate change is a serious, emerging threat to the stability of the planet's ecosystems, and a particular hazard to the world's poorest peo- ple. The threat of climate change also brings more urgency to the need to reorient energy-related investments, using them to provide abundant, clean, safe energy for human needs and sustainable livelihoods. SEEN views energy not as an issue that can be examined in isolation, but rather as a vital resource embedded in a development strategy that must simultaneously address other fundamentals, such as education, health care, public par- ticipation in decision-making, and economic opportunities for the poorest.
    [Show full text]
  • Docket No. EC11-81-000, the AES Corporation, DPL Inc., the Dayton
    20111115-3055 FERC PDF (Unofficial) 11/15/2011 137 FERC ¶ 61,122 UNITED STATES OF AMERICA FEDERAL ENERGY REGULATORY COMMISSION Before Commissioners: Jon Wellinghoff, Chairman; Philip D. Moeller, John R. Norris, and Cheryl A. LaFleur. The AES Corporation Docket No. EC11-81-000 DPL Inc. The Dayton Power and Light Company DPL Energy, LLC ORDER AUTHORIZING MERGER AND DISPOSITION OF JURISDICTIONAL FACILITIES (Issued November 15, 2011) 1. On May 18, 2011, The AES Corporation (AES), DPL Inc. (DPL), and DPL’s subsidiaries, The Dayton Power and Light Company (DP&L) and DPL Energy, LLC (DPLE) (collectively “Applicants”) filed, pursuant to sections 203(a)(1) and 203(a)(2) of the Federal Power Act (FPA),1 a joint application for authorization of a proposed transaction in which AES will acquire DPL (Proposed Transaction). The Commission has reviewed the application under the Commission’s Merger Policy Statement.2 As 1 16 U.S.C. § 824b (2006). 2 See Inquiry Concerning the Commission’s Merger Policy Under the Federal Power Act: Policy Statement, Order No. 592, FERC Stats. & Regs. ¶ 31,044 (1996), reconsideration denied, Order No. 592-A, 79 FERC ¶ 61,321 (1997) (Merger Policy Statement). See also FPA Section 203 Supplemental Policy Statement, 72 Fed. Reg. 42,277 (Aug. 2, 2007), FERC Stats. & Regs. ¶ 31,253 (2007) (Supplemental Policy Statement). See also Revised Filing Requirements Under Part 33 of the Commission’s Regulations, Order No. 642, FERC Stats. & Regs. ¶ 31,111 (2000), order on reh’g, Order No. 642-A, 94 FERC ¶ 61,289 (2001). See also Transactions Subject to FPA Section 203, Order No.
    [Show full text]
  • Open PDF File of Data Source
    Members List U.S. Investor-Owned Electric Companies International Members Associate Members EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, operate in all 50 states and the District of Columbia, and directly and indirectly employ more than one million workers. Safe, reliable, affordable, and clean energy powers the economy and enhances the lives of all Americans. Organized in 1933, EEI provides public policy leadership, strategic business intelligence, and essential meetings and forums. U.S. Investor-Owned Utilities AES Corporation Emera Maine OGE Energy Corporation Dayton Power & Light Company Empire District Electric Company Oklahoma Gas & Electric Company Indianapolis Power & Light Company Entergy Corporation Ohio Valley Electric Corporation ALLETE Entergy Arkansas Oncor Minnesota Power Entergy Louisiana Otter Tail Corporation Superior Water, Light and Power Company Entergy Mississippi Otter Tail Power Company Alliant Energy Corporation Entergy New Orleans PG&E Corporation Ameren Corporation Entergy Texas Pacific Gas & Electric Company Ameren Illinois Eversource Energy Pinnacle West Capital Corporation Ameren Missouri Exelon Corporation Arizona Public Service Company American Electric Power Baltimore Gas & Electric Company PNM Resources AEP Ohio Commonwealth Edison Company PNM AEP Texas PECO Energy Company TNMP Appalachian Power Pepco Holdings Portland General Electric Indiana Michigan Pepco PPL Corporation Kentucky Power Atlantic City Electric
    [Show full text]
  • The AES Corporation
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C 20549-3010 DIVISION OF CORPORATION FINANCE March 12 2008 John Berkery Shearman Sterling LLP 599 Lexington Avenue New York NY 10022-6069 Re The AES Corporation Incoming letter dated Februy 12 2008 Dear Mr Berkery This is in response to your letter dated February 12 2008 concerning the shareholder proposal submitted to AES by the United Brotherhood of Carpenters Pension Fund Our response is attached to the encl.sed photocopy of your correspondence By doing this we avoid having to recite or summarize the facts set forth in the correspondence Copies of all of the correspondence also will be provided to the proponent In connection with this matter your attention is directed to the enclosure which sets forth brief discussion of the Divisions informal procedures regarding shareholder proposals Sincerely Jonathan Ingram Deputy Chief Counsel Enclosures cc Douglas McCarron Fund Chairman United Brotherhood of Carpenters Pension Fund 101 Constitution Avenue N.W Washington DC 20001 March 12 2008 Response of the Office of Chief Counsel Division of Corporation Finance Re The ABS Corporation Incoming letter dated February 12 2008 committee The proposal requests that the boards executive compensation adopt executive pay-for-superior-performance principle by establishing an compensation plan the for senior executives that includes elements set forth in proposal We are unable to concur in your view that ABS may exclude the proposal under do believe that omit the from rule 14a-8i3 Accordingly
    [Show full text]
  • AES Corporation Annual Report 2003
    AES Corporation Annual Report 2003 Our Business Growth Strategies AES is a leading global power company. We generate and Our global approach and unsurpassed global footprint also distribute electricity worldwide from 114 power plants and afford some unique advantages in terms of growth prospects: 17 distribution businesses in 27 countries. We also seek to • Greenfield development skills and regional market presence grow our diversified portfolio by developing and construct- offer distinctive opportunities for new capacity additions ing new power plants and through selective acquisitions. • Substantial foundation of existing businesses offers exclu- sive opportunities for expansion Global Approach • Acquisition and restructuring skills position AES well for The generation and distribution of electricity is an essential future privatizations and acquisitions service, and one of the largest industries in the world. AES • Market knowledge allows targeting of countries where is committed to helping meet the growing demand for regulatory and business environments can provide power. Our position as one of the few truly global power attractive returns companies has several distinct advantages: • A stable and diversified base of operating businesses and Our People cash flows High quality people throughout our organization and our • Higher growth potential from the rapidly expanding demand entrepreneurial culture remain the driving force behind con- for electricity in transitioning and emerging economies tinued progress. AES people are motivated
    [Show full text]
  • Firstenergy Corp. Incoming Letter Dated January 11, 2013
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE March 8, 2013 Lucas F. Torres Akin Gump Strauss Hauer & Feld LLP [email protected] Re: FirstEnergy Corp. Incoming letter dated January 11, 2013 Dear Mr. Torres: This is in response to your letter dated January 11, 2013 concerning the shareholder proposal submitted to FirstEnergy by the New York State Common Retirement Fund. We also have received a letter on the proponent's behalfdated February 12, 3013. Copies ofall ofthe correspondence on which this response is based will be made available on our website at http://www.sec.gov/divisions/corpfin/cf­ noaction/14a-8.shtml. For your reference, a brief discussion ofthe Division's informal procedures regarding shareholder proposals is also available at the same website address. Sincerely, TedYu Senior Special Counsel Enclosure cc: Sanford J. Lewis [email protected] March 8, 2013 Response ofthe Office of Chief Counsel Division of Corporation Finance Re: FirstEnergy Corp. Incoming letter dated January 11, 2013 The proposal requests a report on actions that FirstEnergy is taking or could take to reduce risk throughout its energy portfolio by "diversifying the company's energy resources to include increased energy efficiency and renewable energy resources". There appears to be some basis for your view that FirstEnergy may exclude the proposal under rule 14a-8(i)(7), as relating to FirstEnergy's ordinary business operations. Proposals that concern a company's choice oftechnologies for use in its operations are generally excludable under rule 14a-8(i)(7). Accordingly, we will not recommend enforcement action to the Commission ifFirstEnergy omits the proposal from its proxy materials in reliance on rule 14a-8(i)(7).
    [Show full text]
  • AES Corporation V. Argentine Republic
    International Centre for Settlement of Investment Disputes Washington, D.C. In the proceedings between AES Corporation (Claimant) and The Argentine Republic (Respondent) ICSID Case No. ARB/02/17 ____________ DECISION ON JURISDICTION ____________ Members of the Tribunal Professor Pierre-Marie Dupuy, President Professor Karl-Heinz Böckstiegel, Arbitrator Professor Domingo Bello Janeiro, Arbitrator Secretary of the Tribunal Mr. Gonzalo Flores Representing the Claimant Representing the Respondent Messrs. David M. Lindsey and Procurador del Tesoro de la Nación Argentina James M. Hosking Dr. Osvaldo César Guglielmino Clifford Chance U.S. LLP Procuración del Tesoro de la Nación Argentina New York, NY Buenos Aires República Argentina Date of Decision: April 26, 2005 AES Corp. v. Argentine Republic 2 ICSID Case No. ARB/02/17 Decision on Jurisdiction I. Procedure 1. On November 5, 2002, the International Centre for Settlement of Investment Disputes (“ICSID” or “the Centre”) received a Request for Arbitration against the Argentine Republic (“the Respondent” or “Argentina”) from the AES Corporation (“the Claimant” or “AES”), a company incorporated in the State of Delaware, with headquarters in Arlington, Virginia, United States of America. The Request concerns AES’ investment in eight electricity generation companies and three major electricity distribution companies in Argentina, and Argentina’s alleged refusal to apply previously agreed tariff calculation and adjustment mechanisms. 2. In its request, AES invoked the provisions of the 1991 Treaty between the United States of America and the Argentine Republic Concerning the Reciprocal Encouragement and Protection of Investment (the “Argentina–US Bilateral Investment Treaty” or the “BIT”).1 3. On November 6, 2002, the Centre, in accordance with Rule 5 of the ICSID Rules of Procedure for the Institution of Conciliation and Arbitration Proceedings (Institution Rules), acknowledged receipt and transmitted a copy of the request to the Argentine Republic and to the Argentine Embassy in Washington D.C.
    [Show full text]
  • IPALCO DEC 23 2014 CDP Fund App.Pdf
    UNITED STATES OF AMERICA BEFORE THE FEDERAL ENERGY REGULATORY COMMISSION Indianapolis Power & Light Company ) Docket No. EC15-___-000 CDP Infrastructure Fund GP ) APPLICATION FOR AUTHORIZATION UNDER SECTION 203 OF THE FEDERAL POWER ACT AND REQUEST FOR EXPEDITED ACTION PUBLIC VERSION PRIVILEGED AND CONFIDENTIAL INFORMATION OMITTED PURSUANT TO 18 C.F.R. § 388.112 Catherine P. McCarthy William B. Conway Jr. Bracewell & Giuliani LLP James P. Danly 2000 K Street N.W. Skadden, Arps, Slate, Suite 500 Meagher & Flom LLP Washington, D.C. 20006 1440 New York Avenue N.W. Tel: (202) 828-5839 Washington, DC 20005 [email protected] Tel: (202) 371-7135 [email protected] Counsel for CDP Infrastructure Fund GP Counsel for Indianapolis Power & Light Company Paul Freedman Senior Corporate Counsel The AES Corporation 4300 Wilson Blvd. Arlington, VA 22203 Tel: (703) 682-1159 [email protected] December 23, 2014 UNITED STATES OF AMERICA BEFORE THE FEDERAL ENERGY REGULATORY COMMISSION Indianapolis Power & Light Company ) Docket No. EC15-___-000 CDP Infrastructure Fund GP ) APPLICATION FOR AUTHORIZATION UNDER SECTION 203 OF THE FEDERAL POWER ACT AND REQUEST FOR EXPEDITED ACTION Pursuant to sections 203(a)(1) and 203(a)(2) of the Federal Power Act (“FPA”) 1 and Part 33 of the regulations of the Federal Energy Regulatory Commission (“FERC” or “Commission”), 2 Indianapolis Power & Light Company (“IPL”), an indirect, wholly owned subsidiary of The AES Corporation (“AES”) and traditional public utility subject to the Commission’s jurisdiction, and CDP Infrastructure Fund GP (“CDP Fund” and together with IPL the “Applicants”) submit this application (“Application”) requesting authorization for a financial transaction in which CDP Fund will purchase minority interests in the common stock of two of IPL’s intermediate parent companies (the “Transaction”).
    [Show full text]
  • Annual Report — 1998
    Ohio Valley Electric Corporation GENERAL OFFICES, 3932 U.S. Route 23, Piketon, Ohio 45661 Ohio Valley Electric Corporation (OVEC) and its wholly The current Shareholders and their respective owned subsidiary, Indiana-Kentucky Electric Corporation percentages of equity in OVEC are: (IKEC), collectively, the Companies, were organized on October 1, 1952. The Companies were formed by Allegheny Energy, Inc.1 ........................................ 3.50 investor-owned utilities furnishing electric service in the American Electric Power Company, Inc.* ........... 39.17 Ohio River Valley area and their parent holding Buckeye Power Generating, LLC2........................ 18.00 companies for the purpose of providing the large electric The Dayton Power and Light Company3 .............. 4.90 power requirements projected for the uranium enrichment Duke Energy Ohio, Inc.4 ....................................... 9.00 facilities then under construction by the Atomic Energy Kentucky Utilities Company5 ............................... 2.50 Commission (AEC) near Portsmouth, Ohio. Louisville Gas and Electric Company5 ................. 5.63 Ohio Edison Company1 ........................................ 0.85 OVEC, AEC and OVEC’s owners or their utility- Ohio Power Company**6 ..................................... 4.30 company affiliates (called Sponsoring Companies) Peninsula Generation Cooperative7 ...................... 6.65 entered into power agreements to ensure the availability Southern Indiana Gas and Electric Company8 ...... 1.50 of the AEC’s substantial power requirements. On October The Toledo Edison Company1 .............................. 4.00 15, 1952, OVEC and AEC executed a 25-year agreement, 100.00 which was later extended through December 31, 2005 The Sponsoring Companies are each either a under a Department of Energy (DOE) Power Agreement. shareholder in the Company or an affiliate of a On September 29, 2000, the DOE gave OVEC notice of shareholder in the Company, with the exception of Energy cancellation of the DOE Power Agreement.
    [Show full text]
  • EPS Guidanceguidance
    PG&EPG&E CorporationCorporation SanfordSanford BernsteinBernstein StrategicStrategic DecisionsDecisions ConferenceConference MayMay 27,27, 20092009 PacificPacific GasGas andand ElectricElectric CompanyCompany (PG&E)(PG&E) • Provides energy to nearly 1 in 20 people in the U.S. • 70,000 square-mile service territory • Four main operational units: Electric and gas distribution Electric transmission Gas transmission Electric generation PG&E SERVICE AREA IN CALIFORNIA 2 33--yearyear TotalTotal ShareholderShareholder ReturnReturn Total Shareholder Returns 12/31/05 - 12/31/08 20% 15.64% 10% 2.51% 0% -10% -20% (23.05%) -30% -40% (41.69%) -50% PG&E Comparator Merchant S&P 500 Corporation Group Generators Comparator Group Merchant Generator Group Ameren Corporation Consolidated Edison NiSource Inc. Southern Company AES Corporation American Electric Power Entergy Corporation Pinnacle West Capital TECO Energy Dynegy Inc. Centerpoint Energy FPL Group Progress Energy Xcel Energy Inc. Mirant Corporation Reliant Energy 3 11--yearyear TotalTotal ShareholderShareholder ReturnReturn Total Shareholder Returns 12/31/07 - 12/31/08 0% -10% (6.42%) -20% (21.60%) -30% -40% (37.00%) -50% -60% (63.78%) -70% PG&E Comparator Merchant S&P 500 Corporation Group Generators 4 PCGPCG InvestmentInvestment CaseCase • PCG is focused on better service to our customers, which is the foundation of our growth: • Substantial Cap Ex Program • Manageable financing requirements • Decoupled revenues • Pass-through of procurement costs • 11.45% weighted ROE on 52% equity • Low carbon
    [Show full text]
  • Supreme Court of the United States ______
    No. 06-1100 IN THE Supreme Court of the United States __________ STATE OF CALIFORNIA EX REL. EDMUND G. BROWN, JR., ATTORNEY GENERAL, Cross-Petitioner, v. CORAL POWER, L.L.C., ET AL., Cross-Respondents. __________ On Cross-Petition for a Writ of Certiorari to the United States Court of Appeals for the Ninth Circuit __________ BRIEF IN OPPOSITION TO CONDITIONAL CROSS-PETITION FOR A WRIT OF CERTIORARI __________ JEFFREY D. WATKISS DAVID C. FREDERICK BRACEWELL & GIULIANI LLP Counsel of Record 2000 K Street, N.W. SCOTT H. ANGSTREICH Suite 500 BRENDAN J. CRIMMINS Washington, D.C. 20006-1872 KELLOGG, HUBER, HANSEN, (202) 828-5800 TODD, EVANS & FIGEL, Counsel for Coral Power, L.L.C. P.L.L.C. 1615 M Street, N.W. Suite 400 Washington, D.C. 20036 (202) 326-7951 May 16, 2007 Counsel for Powerex Corp. (additional counsel listed on inside cover) ROBERT H. LOEFFLER GARY D. BACHMAN KATHERINE C. ZEITLIN HOWARD E. SHAPIRO MORRISON & FOERSTER LLP VAN NESS FELDMAN, P.C. 2000 Pennsylvania Avenue, N.W. 1050 Thomas Jefferson St., N.W. Washington, D.C. 20006-1888 Seventh Floor (202) 887-1500 Washington, D.C. 20007 Counsel for AES Placerita, Inc. (202) 298-1800 Counsel for Puget Sound DONALD A. KAPLAN Energy, Inc. JOHN LONGSTRETH KIRKPATRICK & LOCKHART MARGARET A. MOORE PRESTON GATES ELLIS LLP HOWARD E. SHAPIRO 1735 New York Avenue, N.W. VAN NESS FELDMAN, P.C. Suite 500 1050 Thomas Jefferson St., N.W. Washington, D.C. 20006 Seventh Floor (202) 628-1700 Washington, D.C. 20007 Counsel for PPL EnergyPlus, (202) 298-1800 LLC and PPL Montana, LLC Counsel for Sempra Energy Trading Corp.
    [Show full text]
  • Annual Report 2019 Annual Report | Executive Summary
    2019 Annual Report 2019 Annual Report | Executive Summary Leading the transition to the future of energy Energy fuels life, powers business and sustains growth. At AES, we believe it’s our responsibility to create solutions that are both economically and environmentally viable. We partner with our customers to strategically transition to the future while continuing to meet their energy needs today. Working together with you, we’re improving lives by delivering greener, smarter energy solutions the world needs. AES Targets Reducing Its Coal Generation to Less Than 30% by 2020 FUEL SOURCE BY CAPACITY Targeting to reduce generation (MWh) from coal Capacity by Renewables 32% technology as of Target December 31, Gas 31% Year-End 2020 < 30% 2019 Coal 34% 2030 <10% Other 3% Backlog of projects under construction or under signed long-term contracts As of December 31, 2019 Capacity by MW Under construction 3,009 Signed long-term PPAs 3,136 2 2019 AES ANNUAL REPORT 2019 Annual Report | Executive Summary Delivering Superior Results 2019 Adjusted EPS1 of $1.36 vs. guidance 2019 Parent Free Cash Flow2 of $726 million vs. of $1.28-$1.40 expectation of $700-$750 million $1.28 $1.40 $700M $750M $1.36 $726M Upgraded to an investment Shareholder returns grade rating in 2019 2018-2019 Total Shareholder Returns 2016 2019 Adjusted EPS by year 97.6% Fitch BB- BBB- 2017 $1.08 Moody’s BA3 BA1 2018 $1.24 25.7% 31.5% S&P BB BB+ 2019 $1.36 AES S&P 500 S&P Utilities Our leadership is recognized 1 A non-GAAP measure.
    [Show full text]