AES reports results for 3Q18
Published by Will Owen,
The AES Corporation has reported its financial results for the quarter ended 30 September 2018.
3Q18 strategic highlights
- On track to attain investment grade credit metrics in 2019 and ratings in 2020.
- Signed long-term contracts for 392 MW of renewable capacity, bringing year-to-date total to 1.9 GW and backlog to 5.7 GW.
- Agreed to sell approximately 24% of the company’s interest in sPower’s operating portfolio, contributing to an overall return on sPower of 13%.
- Negotiated a 10-year agreement to sell 9 trillion Btu annually in the Dominican Republic, bringing year-to-date total new sales to 25 trillion Btu, which will contribute to growth beyond 2020.
- Year-to-date, Fluence energy storage JV awarded more than 250 MW of new projects.
“During the third quarter, we continued to successfully execute on our strategic plan. On the renewables front, we signed 392 MW of long-term contracts, bringing our year-to-date total to 1.9 GW and increasing our backlog of projects to 5.7 GW. This includes the first 270 MW of ‘green blend and extend’ we recently signed in Chile, which will allow us to reduce our carbon intensity, while extending AES Gener’s average contract life at attractive returns,” said Andrés Gluski, AES President and Chief Executive Officer. “We also agreed to sell 24% of sPower’s operating fleet and we will invest the proceeds in sPower’s 10 GW development pipeline, yielding higher returns. Regarding LNG in Central America and the Caribbean, we signed a long-term LNG supply agreement for 9 trillion Btu per year in the Dominican Republic, nearly fully utilising the terminal’s capacity. We expect to replicate this success in Panama, where approximately 60% of the tank’s capacity is available for future growth.”
“We are pleased with our third quarter performance, including our Adjusted EPS, which was 52% higher than in third quarter 2017, and reflects higher contributions from our South America and US and Utilities SBUs. Further, our year-to-date results put us on track to achieve our 2018 guidance and we remain confident that we will deliver on our longer-term expectations through 2020,” said Tom O’Flynn, AES Executive Vice President and Chief Financial Officer. “We are continuing on our path to investment grade credit metrics in 2019 and ratings in 2020.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06112018/aes-reports-results-for-3q18/
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