AES Energy Storage Announces 260 MW of Interconnected Global Projects in Construction or Late Stage Development

ARLINGTON, Va., April 27, 2015 – AES Energy Storage today unveiled a portion of its deployment roadmap for AES Advancion™ Energy Storage Solutions, which includes the addition of battery-based storage resources across the US, South America, and Europe. Projects in construction or late stage development are expected to deliver 260 MW of interconnected battery-based energy storage, equivalent to 520 MW of flexible power resource, 25% of which is expected to be on-line by mid-2016.  These projects are in addition to the 86 MW of interconnected energy storage, equivalent to 172 MW of resource, AES currently has in operation.

“The electricity grid is poised for a major transformation and AES is proud to work with leading utilities and power systems to bring advanced storage to a new scale,” said John Zahurancik, President of AES Energy Storage. “Energy storage is lowering costs and improving critical grid infrastructure for customers around the world.”

¹ Resource MW are power plant equivalent dispatchable resource, including supply and load capacity.

PJM: AES’ Warrior Run project under construction in Cumberland, Maryland, adds to AES’ installations in West Virginia, Pennsylvania, and Ohio that supply critical grid stability services across the PJM territory. The project is part of a series of expansions under development for this market.

Chile:  AES’ third energy storage project in Northern Chile is currently under construction.  This project integrates advanced battery-based energy storage with a 532 MW thermal power plant to provide reliability services to Chile’s northern grid.  

Western Europe: This spring, AES will begin construction on its first advanced energy storage projects in Europe – in Northern Ireland and the Netherlands.  Both will provide fast, accurate power to improve grid efficiency and reliability assisting with grid integration and operations. AES will be the first to deliver advanced energy storage projects of this scale in both countries, providing safe and emissions-free power, supporting regional wind integration and lowering overall cost to consumers.

MISO: AES’ project in Indiana will be the first utility scale storage project in MISO.  AES performed its initial storage pilot work in Indiana in 2008. The new project will deliver enhanced reliability and ancillary services, including frequency regulation and peak power.

California: As previously announced, AES is proceeding with the deployment plan for its Alamitos Energy Center storage project in Long Beach, CA. This local capacity resource will supply fast acting power for Southern California Edison customers under a 20-year Power Purchase Agreement.

“By choosing storage as a smart alternative, progressive utilities, power system operators, and policy makers are improving lives through lower cost, increased use of renewables, and higher reliability,” said Praveen Kathpal, Vice President of AES Energy Storage. “We’re excited to work with our customers and partners to provide resilient, cost-effective power in the US and around the world.”

About AES Energy Storage Solutions

AES is a leader in commercial energy storage, which enables utilities, power markets and renewable developers to manage projects from concept to operation with a market-proven solution.  The company’s Advancion^TM energy storage solutions unlock value from existing power infrastructure, improving flexibility and reliability of the power system, and providing customers with a complete alternative to traditional peaking power plants. AES introduced the first grid-scale advanced battery in commercial power market service in 2008 and operates the largest fleet of battery-based storage assets in service today.  The company works with utility partners and other customers to deliver the value of advanced storage in the US and around the world.  To learn more, please visit www.aesenergystorage.com or @aes_es on Twitter.

About AES

The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 18 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,500 people is committed to operational excellence and meeting the world’s changing power needs. Our 2014 revenues were $17 billion and we own and manage $39 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.

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 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 achievements of planned productivity improvements and incremental 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 Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2014 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company’s 2014 Annual Report on Form 10-K dated on or about February 25, 2015 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.