AES
39 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Puerto Rico Electric Power Authority (PREPA)
earns from · 524 MWnamed as a riskThis plant is fully contracted through a long-term PPA with PREPA expiring in 2027.Business (Item 1)
National Electric Company (NEK) Bulgaria
earns from · 690 MWnamed as a riskHowever, NEK's liquidity position is subject to political conditions and regulatory changes in Bulgaria.Business (Item 1)
Southern California Edison
earns from · 1,387 MWAES Huntington Beach Energy, LLC and AES Alamitos Energy, LLC (collectively "Southland Energy") each operate under 20-year tolling agreements with Southern California Edison ("SCE") to provide 1,387 MW of combined cycle gas-fired generation (through 2040).Business (Item 1)
Also named by AMRC
EVN (Vietnam Electricity)
earns from · 1,242 MWThe BOT company has a PPA with EVN and a Coal Supply Agreement with Vinacomin, both expiring in 2040.Business (Item 1)
Andes Solar 4 Chile Solar 211 51% 2023-2024 2026-2042 Google, VariousBusiness (Item 1)
Also named by ABNB, APP, BKNG, CSGP, CTSH, DOCU, ETSY, EXPE and 14 more
Microsoft
earns fromMorris (OpCo D) (3) US-MO Solar 250 75% 2025 2040 MicrosoftBusiness (Item 1)
Also named by AAOI, AAON, AJG, AMD, BLK, CDW, CEG, CG and 13 more
Amazon
earns fromBellefield 1 US-CA Solar 500 75% 2025 2040 AmazonBusiness (Item 1)
Also named by AFRM, ALK, AOS, APP, AXP, BBW, CART, CELH and 10 more
Data center customers
earns fromWe are very well-positioned as a leading provider of renewable energy to data center companies, particularly in the U.S., and to large mining companies outside the U.S.Business (Item 1)
California Department of Water Resources
earns fromCommencing on January 1, 2024, the Southland OTC units are contracted through Standby Capacity Purchase Agreements with the California Department of Water Resources (“California DWR”), an agency of the State of California, as part of the Electricity Supply Strategic Reliability Reserve Program (“Strategic Reserve”) established under California Assembly Bill 205.Business (Item 1)
Suppliers
Vinacomin
depends onThe BOT company has a PPA with EVN and a Coal Supply Agreement with Vinacomin, both expiring in 2040.Business (Item 1)
Partners and platforms
Ecopetrol
earns fromIn 2025, AES Colombia executed an investment agreement for a partnership structure with Ecopetrol S.A. in connection with these projects.Business (Item 1)
Other companies
Fluence Energy
28.19% economic interestnamed as a riskFurther, we have a significant equity method investment in Fluence.Risk factors (Item 1A)
Places
Chile
operates in · approximately 6%named as a riskIn total, AES operates 2,195 MW of renewable installed capacity in Chile, excluding energy storage, and has a market share of approximately 6% as of December 31, 2025.Business (Item 1)
Indianapolis, Indiana
operates in · 533,000 customersAES Indiana is an integrated utility that is engaged primarily in generating, transmitting, distributing, and selling electric energy to retail customers in the city of Indianapolis and neighboring areas within the state of Indiana and is subject to regulatory authority—see Regulatory Framework and Market Structure below.Business (Item 1)
Dominican Republic
operates in · approximately 16% of the country's energy demandWith a total of 679 MW of installed thermal capacity, AES provides 9% of the country's capacity and supplies approximately 16% of the country's energy demand via these generation facilities.Business (Item 1)
West Central Ohio
operates in · approximately 541,000 retail customersAES Ohio is a utility company that transmits and distributes electricity to approximately 541,000 retail customers in a 6,000 square mile area of West Central Ohio and is subject to regulatory authority—see Regulatory Framework and Market Structure below.Business (Item 1)
El Salvador
operates in · 77% of the countryAES El Salvador's territory covers 77% of the country and accounted for 4,744 GWh of the market energy sales during 2025.Business (Item 1)
Hazards
Panama hydrology
concentrated in · 16% of the total installed capacity in Panamanamed as a riskHydrological conditions have an important influence on profitability.Business (Item 1)
Colombia hydrology
concentrated in · approximately 5% of system capacitynamed as a riskAES Colombia is dependent on hydrological conditions, which influence generation and spot prices of non-contracted generation in Colombia.Business (Item 1)
Commodities and inputs
Natural gas
exposed to its price · 29% of the capacitynamed as a risk29% of the capacity of our generation plants is fueled by natural gas.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AESI, AGX, ALB, AMRC and 132 more
Coal
exposed to its price · 15% of the capacitynamed as a risk15% of the capacity of our generation fleet is coal-fired.Business (Item 1)
Also named by AA, AEE, AEP, ARLP, BKH, BRK/B, CNP, CSX and 19 more
Argentine peso
exposed to its price · approximately 22% and 29%named as a riskAES has unhedged forward‑looking earnings exposure to the Argentine peso, which could increase earnings volatility, particularly in times of adverse exchange-rate movement.Market risk (Item 7A)
Liquefied natural gas (LNG)
depends onAES Dominicana has a long-term LNG purchase contract through the second half of 2034 to cover the expected dispatch for Andres and Los Mina.Business (Item 1)
Also named by PPL
Regulators
Indiana Utility Regulatory Commission (IURC)
subject to · rate base of approximately $5.5 billionnamed as a riskAES Indiana is subject to comprehensive regulation by the IURC with respect to its services and facilities, retail rates and charges, the issuance of long-term securities, and certain other matters.Business (Item 1)
Public Utilities Commission of Ohio (PUCO)
subject to · $167.9 millionnamed as a riskAES Ohio is regulated by the PUCO for its distribution services and facilities, retail rates and charges, reliability of service, compliance with renewable energy portfolio requirements, energy efficiency program requirements, and certain other matters.Business (Item 1)
European Commission DG Competition state aid review
subject tonamed as a riskThe DG Comp is reviewing NEK’s PPA with AES Maritza pursuant to the European Union’s state aid rules.Business (Item 1)
Laws and programs
U.S. Inflation Reduction Act (IRA) renewable tax credits
subject to · $1.5 billionnamed as a riskIn 2025, AES recognized $1.5 billion related to the monetization of tax attributes to tax equity investors and transferability tax credit buyers relating to U.S. renewables projects, $166 million of which relates to solar projects owned by our utility at AES Indiana.Business (Item 1)
Ohio Supreme Court ESP 1 appeal (RSC Rider)
subject to · approximately $79.0 millionnamed as a riskAmong other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million.Business (Item 1)
Indiana TDSIC statute (Senate Enrolled Act 560)
subject to · $1.2 billionOn March 4, 2020, the IURC issued an order approving the projects in AES Indiana's seven-year TDSIC Plan for eligible transmission, distribution, and storage system improvements totaling $1.2 billion from 2020 through 2026.Business (Item 1)
EPA Coal Combustion Residuals (CCR) Rule
subject tonamed as a riskThe CCR rule, current or proposed amendments to the federal CCR rule or state/territory CCR regulations, the results of groundwater monitoring data, or the outcome of CCR-related litigation could have a material impact on our business, financial condition, and results of operations.Business (Item 1)
Clean Water Act Section 316(b)
subject tonamed as a riskThe Company anticipates that compliance with CWA Section 316(b) regulations and associated costs could have a material impact on our consolidated financial condition or results of operations.Business (Item 1)
H.R. 1 (2025 Act)
subject tonamed as a riskMore recently, the favorable regulatory regimes associated with the U.S. Inflation Reduction Act of 2022 have been curtailed by the passage of H.R. 1 (the "2025 Act").Risk factors (Item 1A)
Also named by SLM
Ohio House Bill 15
subject tonamed as a riskChanges to the regulatory framework from this legislation, including the recovery of future net OVEC costs and revenues or remaining recovery rider balances, could be material to our results of operations, financial condition, and cash flows.Business (Item 1)
California SWRCB OTC Policy
subject tonamed as a riskThe SWRCB OTC Policy currently requires the shutdown and permanent retirement of the remaining OTC generating units at AES Huntington Beach, LLC and AES Alamitos, LLC by December 31, 2026, as extended in support of grid reliability.Business (Item 1)
EU Regulation 2022/1854
subject tonamed as a riskThe main measure of interest to AES in Bulgaria is the limitation of revenues for "infra-marginal" producers, a category that includes renewables and other technologies which are providing electricity to the grid at a cost below the price level set by the more expensive “marginal” producers.Business (Item 1)
Chile coal plant decarbonization plan
subject tonamed as a riskThe Chilean government’s decarbonization plan includes the complete retirement of the SEN coal fleet by the end of 2040 and carbon neutrality by 2050.Business (Item 1)
CAMMESA / Argentina SE Resolution 400/25
subject tonamed as a riskThe regulatory landscape underwent a significant transformation with SE Resolution 400/25, effective November 2025, which instituted new rules for the wholesale energy market and its progressive adaptation.Business (Item 1)
Mexico Electricity Sector Law (LSE)
subject tonamed as a riskThe LESE permit allows Merida to sell power in the WHEM for one year, until December 8, 2026, and to trade energy and capacity contracts with third parties, while securing natural gas and diesel under flexible contracts to ensure reliable and continuous operation.Business (Item 1)
U.S. tariffs on solar cells, modules and batteries
subject tonamed as a riskIn addition, new tariffs, duties, or other assessments have been imposed on the imports of solar cells, modules, batteries, or other equipment utilized in our renewable energy projects.Risk factors (Item 1A)