AES narrows FY2023 net loss to US$182 million, doubles renewables additions to 3.5GW

AES adds 1.6GW of solar PV projects, 1.3GW of wind and 600MW of energy storage capacity. Image: AES Indiana via Twitter.

US energy utility AES has posted improved financial results for 2023 as it narrowed its yearly loss to US$182 million and doubled its renewables additions to 3.5GW.

The company’s net loss dropped to US$182 million in 2023 from US$505 million in 2022 due to ‘favourable contributions’ from its utilities, new energy technologies, and renewables strategic business units. The net loss included US$1.1 billion of impairments in 2023 related to the company’s continued exit from coal-fired generation. Adjusted EBITDA fell to US$2.81 billion in 2023 from US$2.93 billion in 2022.

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Regarding its renewables business, AES completed the construction of 3.5GW of solar, wind and energy storage last year. In its deployment report announced in January 2024, AES said that it built 1.6GW of solar PV projects, 1.3GW of wind and 600MW of energy storage capacity across its active markets last year.

Notable among these were the 200MW Great Cove Solar project in Pennsylvania, which is being commissioned in multiple phases. The site has a power purchase agreement (PPA) in place with the University of Pennsylvania for the entirety of its capacity.

The company also signed 5.6GW of long-term contracts for new renewables, marking the third year in a row of adding 5GW or more to the backlog.

As of February, AES’ backlog, consisting of projects with signed contracts but not operational, reached 12.3GW, including 5.1GW under construction.

AES president and CEO Andrés Gluski commented on the company’s financial results: “We continue to see strong and growing demand from our corporate customers, including data centre companies. We are well-positioned to add 3.6GW of new capacity to our operating portfolio in 2024 and sign 14-17GW of new renewables contracts from 2023 through 2025.”

Looking ahead, the company’s adjusted EBITDA is expected to be within the range of US$2.6-2.9 billion.

Stephen Coughlin, AES executive vice president and CFO, said the company’s financial results for 2023 met the expectations on all metrics and asset sales goals for the year.

“Our 2024 targets and our higher long-term growth rates reflect our confidence in our strategy, our leading market position, and our ability to continue executing our plan,” he said.

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