AES Energy Storage, a subsidiary of The AES Corporation (NYSE:AES),
today announced that its fleet of advanced grid storage solutions
achieved an important milestone by surpassing 1.5 million MW-h of
delivered service in the U.S. and Chile. In January 2014, AES entered
its sixth year of commercial service from advanced battery arrays.
Working with electric grid operators and utilities in the U.S. and
Chile, AES has deployed and now operates and maintains a fleet of 174 MW
of battery-based controllable resources. These resources play critical
roles in grid reliability for customers by providing active grid
balancing and reserves. Whether in response to variations in wind output
or to help support the unplanned outage of a transmission line, electric
utility customers have been depending on AES designed grid battery
arrays to monitor grid conditions and to dispatch accordingly 24x7 for
more than five years.
“Electricity customers are enjoying the reliability of advanced energy
storage at competitive prices, and we are honored to have contributed to
make this a reality over the last five years,” said Chris Shelton,
President, AES Energy Storage. “With more than 1,000 MW of storage
capacity targeted for procurement in California alone, we are encouraged
to see grid storage growing in markets around the world.”
Building on the commercial service record celebrated today, AES now
offers utilities complete battery-based alternatives for resource
adequacy and advanced reserves. Our most recent offering is a 4th-generation
design incorporating learning from more than five years of deployment,
operations, and maintenance experience.
“These battery arrays continually serve and compete with traditional
resources in market systems in the U.S. and Chile, so we can celebrate
their proven cost-competitiveness today in addition to their
dependability and scale of service,” said John Zahurancik, Vice
President Commercial Development, AES Energy Storage. “Industry leading
grid storage control systems, no direct emission, no need for fuel, and
no ongoing water use represent a smart approach to reliability for the
utilities AES serves.”
In the development of its four successive designs of grid storage
solutions, AES has had the opportunity to work with the following system
operators and utilities: PJM Interconnection, New York ISO, ERCOT,
California ISO, CDEC-SING, Indianapolis Power & Light, Dayton Power &
Light, PECO, Southern California Edison, Centerpoint, and NYSEG.
In recognition of this service milestone, AES is releasing a short video
highlighting the smart collaborative work of our deployment partners
along with a performance summary and new photos of key projects at www.aesenergystorage.com
About AES Energy Storage Solutions
AES is a leader in commercial energy storage partnerships, which enable
utilities, power markets and renewable developers to manage projects
from concept to operation. The company’s energy storage solutions unlock
value from existing power infrastructure, liberating reserve capacity,
enabling renewable facilities to generate new revenue streams, improving
flexibility and reliability of the power system, and meeting peak power
demand. With 200 MW of storage-based resources in operation and
construction, AES has the largest fleet of battery-based storage assets
in commercial operation today. The company has over 1,000 MW in
development with prospects in the US and abroad. 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 21 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 25,000 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2012 revenues were $18 billion and we own and manage
$42 billion in total assets.
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 the Offering and the Repurchase. Forward-looking
statements are not intended to be a guarantee of future results, but
instead constitute AES’ current expectations based on reasonable
assumptions. Consummation of the Offering and the Repurchase are subject
to risks and uncertainties, such as our continued eligibility to use our
shelf registration statement, our ability to fund the Repurchase and
general economic conditions and other risks and uncertainties 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’ 2012
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 2012 Annual Report
on Form 10-K dated on or about February 26, 2013 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.
Copyright Business Wire 2014