|Delayed - 07/30 04:10:00 pm|
AES Sets Robust Near- and Long-Term Goals, Announces Key Developments at Uplight and in Green Hydrogen
|03/04/2021 | 10:37am|
'The energy sector is evolving as a result of decarbonization, electrification and digitalization, and AES is uniquely positioned to take advantage of this shift,' said
'We continue to focus on delivering a compelling total return to shareholders and to that end, today, we are extending our target for 7% to 9% average annual growth in Adjusted EPS and Parent Free Cash Flow through 2025. This reflects the highly contracted nature of our portfolio and the attractive investment opportunities we are seeing in renewables, US utilities and LNG infrastructure,' said
Uplight, an equity method investment of AES, is the technology partner of energy providers transitioning to the clean energy ecosystem, announced today that it has signed an investment agreement with a consortium of investors, including
Guidance and Expectations1
The Company is extending its average annual growth rate target of 7% to 9% through 2025 for both Adjusted EPS and Parent Free Cash Flow, from a 2020 base.
The Company's average annual growth through 2025 is expected to be primarily driven by: contributions from annual renewables additions of 3 to 4 GW; rate base growth at US utilities; investments in LNG infrastructure in the Company's
The Company is also reaffirming its 2021 guidance for Adjusted EPS of
The Company is also accelerating its goal to reduce coal generation to below 10% by 2025 on a proforma basis2, five years earlier than its prior expectation. Additionally, the Company is setting a new target to achieve portfolio-wide net zero carbon emissions from electricity sales by 2040.
Based on annual generation in MWh from the portfolio as of, or expected by the relevant date, adjusted for: (i) (+) generation from new assets added to the portfolio and (ii) (-) actual generation from announced asset sales or retirements.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the
Any Stockholder who desires a copy of the Company's 2020 Annual Report on Form 10-K filed
(C) 2021 Electronic News Publishing, source