The AES Corporation ended 2024 with 32.1 GW of gross operating generation capacity, 2.7 million utility customers and 4.9 GW under construction. Its data spans global generation, renewables, utilities, contracts, financial results and balance-sheet resources; capacity figures are generally gross rather than AES equity capacity.
Key AES Statistics
The most useful AES figures across scale, portfolio composition, contracts and financial performance are:
- In 2024, AES had 32.1 GW of gross generation capacity in operation across its global portfolio at December 31.
- In 2024, AES served 2.7 million utility customers across six utility businesses.
- In 2024, AES generated enough electricity to meet the needs of 17 million people across its markets, a company estimate rather than a metered-customer count.
- At December 31, 2024, AES had 4.9 GW of gross generation capacity under construction globally.
- At year-end 2024, renewables represented 50% of AES generation-plant capacity across its fleet.
- At year-end 2024, natural gas represented 32% of AES generation-fleet capacity.
- At year-end 2024, coal represented 16% of AES generation-fleet capacity.
- At December 31, 2024, AES Renewables had 13,229 MW of operating installed capacity.
- During 2024, AES completed construction or acquisition of 3.0 GW of solar, storage and wind projects, primarily in the United States and Chile.
- At year-end 2024, AES had an 11.9 GW signed-PPA backlog, of which 4.9 GW was under construction.
- During 2024, AES signed or was awarded 6.8 GW of new contracts globally.
- During 2024, AES Renewables revenue was $2,510 million, compared with $2,339 million in 2023.
- In 2024, AES reported $698 million of net income, compared with a $182 million net loss in 2023.
- In 2024, AES adjusted EBITDA was $2,639 million, compared with $2,828 million in 2023.
- At December 31, 2024, AES reported $47.4 billion in total assets.
- At December 31, 2024, AES held $1,524 million in cash and cash equivalents, excluding restricted cash and short-term investments.
- In 2024, AES retired 481 MW of coal generation in Chile and the United States.
- Through 2027, AES reaffirmed a 5%-7% annualized adjusted-EBITDA growth target, a forward-looking management target.
Contents
- Key AES Statistics
- AES Global Capacity, Customers and Operating Scale
- AES Renewable Energy and Generation Portfolio Data
- AES Contracts, Backlog and Construction Trends
- AES Revenue, Earnings and Segment Statistics
- AES Assets, Liquidity and Balance-Sheet Data
- AES Utilities, Fuel Mix and Reliability-Related Statistics
AES Global Capacity, Customers and Operating Scale
AES’s 2024 Form 10-K describes a multinational energy company with both generation and regulated-utility operations. The figures below mix physical assets, customers, people served and workforce, so each measures a different part of the company’s reach.
| Measure | Result | Period and scope |
|---|---|---|
| Gross operating generation capacity | 32.1 GW | December 31, 2024; global AES portfolio |
| Generation capacity under construction | 4.9 GW | December 31, 2024; global AES portfolio |
| Utility customers | 2.7 million | 2024; six utility businesses |
| People reached by generated electricity | 17 million | 2024; company estimate across AES markets |
| Employees | Approximately 9,100 | December 31, 2024; 12 countries |
Source: AES Corporation 2024 Form 10-K.
The 17-million-person figure is an estimate of people whose needs were met by generated electricity, not a count of utility accounts or metered customers. Likewise, the 32.1 GW and 4.9 GW figures are gross capacity measures and should not be read as AES’s equity share or annual electricity production.
AES traces its founding to 1981 and had operated for more than four decades by the 2024 reporting period. That historical statement is derived from the company’s founding year and the 2024 reporting year, rather than being a separate operating metric.
AES Renewable Energy and Generation Portfolio Data
Renewables made up half of AES generation-plant capacity at year-end 2024. In this dataset, renewables include solar, hydro, wind, energy storage and landfill gas, while the fuel percentages describe capacity rather than electricity actually generated.
| Capacity category | Share or capacity | Period and scope |
|---|---|---|
| Renewables | 50% of fleet capacity | December 31, 2024; AES generation fleet |
| Natural gas | 32% of fleet capacity | December 31, 2024; AES generation fleet |
| Coal | 16% of fleet capacity | December 31, 2024; AES generation fleet |
| Pet coke or oil | 2% of fleet capacity | December 31, 2024; AES generation fleet |
| AES Renewables operating installed capacity | 13,229 MW | December 31, 2024; Renewables SBU |
Source: AES Corporation 2024 Form 10-K.
Selected asset-table figures show how the portfolio spans technologies and geographies:
- Alicura hydro in Argentina had 1,050 MW of gross capacity in the 2024 asset table, with AES reporting a 100% equity interest.
- Chivor hydro in Colombia had 1,000 MW of gross capacity, with AES reporting a 99% equity interest.
- AES’s New York Wind facility had 612 MW of gross capacity, with AES reporting a 75% equity interest.
- AES Renewable Holdings listed 470 MW of solar capacity and 77 MW of energy-storage capacity in the United States.
The 77 MW storage number is a power rating, not a stored-energy duration or MWh measure. Individual facility capacities may therefore reflect different AES equity interests and are not directly interchangeable with the company-wide gross total.
AES completed construction or acquisition of 3.0 GW of solar, storage and wind projects in 2024, primarily in the United States and Chile. It also completed a 670 MW combined-cycle gas plant in Panama during 2024; that is plant capacity, not annual generation.
Source: AES Achieves 2024 Strategic & Financial Goals; Initiates 2025 Guidance.
AES Contracts, Backlog and Construction Trends
Contracted capacity indicates future commercial commitments rather than operating output. AES reported an 11.9 GW signed-PPA backlog at December 31, 2024, consisting of projects that were not yet operational; 4.9 GW of that backlog was under construction.
| Contract or project measure | Result | Period and geography |
|---|---|---|
| Signed-PPA backlog | 11.9 GW | December 31, 2024; global renewables portfolio |
| Backlog under construction | 4.9 GW | December 31, 2024; signed-PPA subset |
| New contracts signed or awarded | 6.8 GW | 2024; AES global business |
| Renewable PPAs in new contracts | 4.4 GW | 2024; AES renewables business |
| AES Ohio data-center load-growth agreements | 2.1 GW | 2024; Ohio, United States |
| Retail supply agreements for Ohio data centers | 310 MW | 2024; Ohio, United States |
Source: AES Achieves 2024 Strategic & Financial Goals; Initiates 2025 Guidance.
The 2.1 GW Ohio figure describes load-growth agreements, not generation capacity owned by AES. The 310 MW retail-supply figure is a supply commitment and likewise does not necessarily represent incremental owned generation.
Across 2023 and 2024, AES had signed 10.0 GW of PPAs. The company set a 14-17 GW target for signed PPAs over 2023-2025, and expected to complete construction of 3.2 GW of new renewables in 2025; those are forward-looking targets or expectations, not realized outcomes.
AES also said 85% of its nearly 12 GW signed-PPA backlog was expected online by the end of 2027. This is a management expectation based on a rounded backlog figure, so it should not be treated as a completed deployment statistic.
AES Revenue, Earnings and Segment Statistics
AES reported $12,278 million of consolidated revenue in 2024, compared with $12,668 million in 2023. Segment results show different directions across the business units rather than a uniform revenue trend.
| Business or measure | 2024 | 2023 | Geography or definition |
|---|---|---|---|
| Total revenue | $12,278 million | $12,668 million | Consolidated GAAP revenue |
| AES Renewables revenue | $2,510 million | $2,339 million | Renewables SBU |
| AES Utilities revenue | $3,608 million | $3,495 million | Utilities SBU |
| AES Energy Infrastructure revenue | $6,238 million | $6,836 million | Energy Infrastructure SBU |
| AES New Energy Technologies revenue | $1 million | $76 million | New Energy Technologies SBU |
Source: AES Achieves 2024 Strategic & Financial Goals; Initiates 2025 Guidance.
AES reported $698 million of net income in 2024, versus a $182 million net loss in 2023. Net income attributable to AES was $1,686 million in 2024, compared with $242 million in 2023, while diluted EPS from continuing operations was $2.37 versus $0.34.
The company’s non-GAAP measures moved differently: adjusted EBITDA was $2,639 million in 2024 versus $2,828 million in 2023, adjusted EBITDA with tax attributes was $3,952 million versus $3,439 million, and adjusted EPS was $2.14 versus $1.76. These adjusted measures are not directly interchangeable with GAAP net income or GAAP EPS.
AES Assets, Liquidity and Balance-Sheet Data
At December 31, 2024, AES reported $47.4 billion in total assets. Property, plant and equipment represented $33,166 million net, while total current assets were $6,831 million and total equity was $7,704 million.
| Balance-sheet item | Amount at December 31, 2024 | Definition or limitation |
|---|---|---|
| Total assets | $47,400 million | Consolidated balance sheet |
| Cash and cash equivalents | $1,524 million | Excludes restricted cash and short-term investments |
| Restricted cash | $437 million | Not equivalent to unrestricted liquidity |
| Short-term investments | $79 million | Balance-sheet short-term investments |
| Accounts receivable, net | $1,646 million | Net of a $52 million allowance |
| Inventory | $593 million | Consolidated inventory |
| Property, plant and equipment, net | $33,166 million | Net of depreciation and asset adjustments |
| Total current assets | $6,831 million | Includes current held-for-sale assets |
Source: AES Achieves 2024 Strategic & Financial Goals; Initiates 2025 Guidance.
Equity included $3,644 million of AES stockholders’ equity and $4,060 million of noncontrolling interests. The latter represents equity attributable to parties other than AES Corporation, so total equity should not be read as common-stockholders’ equity alone.
AES Utilities, Fuel Mix and Reliability-Related Statistics
AES’s two U.S. utilities, AES Indiana and AES Ohio, had combined generation capacity of 3,561 MW in 2024. This is the combined capacity of those utilities, not all AES assets in the United States.
AES signed or was awarded 4.4 GW of long-term renewable PPAs in 2024, a contracted-capacity measure rather than operating output. In the same year, the company retired 481 MW of coal generation in Chile and the United States.
Across 2017-2024, AES reported 13.4 GW of coal capacity exits announced or closed globally. The cumulative figure may include actions announced but not completed in the same year, and it measures capacity exits rather than emissions or generation reductions.
AES Indiana received approval for a 9.9% return on equity in its new base rates in 2024. That is a regulator-approved utility ROE, not a company-wide return or realized shareholder return.
For 2025, AES provided adjusted EBITDA guidance of $2,650-$2,850 million and reaffirmed a 5%-7% annualized adjusted-EBITDA growth target through 2027. Both are forward-looking, non-GAAP management measures, with the growth target based on a 2023 guidance base.
Source: AES Achieves 2024 Strategic & Financial Goals; Initiates 2025 Guidance.