AES Provides an Update on Operations in Puerto Rico and the U.S. Virgin Islands, Following Recent Hurricanes
October 09 2017 - 7:31AM
Business Wire
- All AES people and their families are
safe
- Sustained some damage to three power
plants
- Reaffirming 2017 guidance for all
metrics, but now expects Adjusted EPS to be in the lower half of
the $1.00 to $1.10 range
- Potential Adjusted EPS impact from
recent hurricanes of $0.03 to $0.05 per share
The AES Corporation (NYSE:AES) today provided an update on its
operations in Puerto Rico and the U.S. Virgin Islands, following
Hurricanes Irma and Maria.
Although a more detailed assessment of the damage to its
facilities is still ongoing, the Company sustained modest damage to
its 24 MW Illumina solar plant and minor damage to its 524 MW AES
Puerto Rico coal-fired plant, both located in Puerto Rico. One of
the two units at AES Puerto Rico is available to generate
electricity, while the inspection of the second unit is ongoing.
The Company’s 5 MW USVI Solar I solar plant in the U.S. Virgin
Islands has been materially damaged.
“Our number one priority before, during and after the recent
hurricanes was the safety of our people and their families.
Fortunately, all AES people and their families are safe and we have
now turned our attention to assessing our facilities and assisting
the impacted communities,” said Andrés Gluski, AES President and
Chief Executive Officer. “We expect to have the second unit at AES
Puerto Rico be available to generate much-needed electricity in the
next couple of weeks. We are working closely with the communities
to assist in providing humanitarian relief, as well.”
Following the hurricanes, AES has provided critical assistance
to its employees and local communities in Puerto Rico.
Specifically, the Company has delivered 10,200 gallons of bottled
water, cleared storm debris from roads and schools and provided
critical diesel fuel for generators to the Salvation Army and
Guayama Hospital. AES is involved in ongoing discussions to provide
additional supplies and manpower to aid in further recovery on the
island.
The impact on the Company’s 2017 Adjusted EPS is expected to be
$0.03 to $0.05, which is related to the damages to the three
plants, business interruption and deductibles under the Company’s
captive insurance policy. Accordingly, the Company is reaffirming
its 2017 guidance for all metrics, but now expects Adjusted EPS to
be in the lower half of the $1.00 to $1.10 range. The Company’s
2017 guidance for Consolidated Free Cash Flow is $1,400 to $2,000
million and Operating Cash Flow is $2,000 million to $2,800
million.
About AES
The AES Corporation (NYSE:AES) is a Fortune 200 global power
company. We provide affordable, sustainable energy to 17 countries
through our diverse portfolio of distribution businesses as well as
thermal and renewable generation facilities. Our workforce of
19,000 people is committed to operational excellence and meeting
the world’s changing power needs. Our 2016 revenues were $14
billion and we own and manage $36 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’ 2016 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 2016 Annual
Report on Form 10-K dated on or about February 24, 2017 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171009005539/en/
For The AES CorporationInvestors:Ahmed Pasha,
703-682-6451orMedia:Amy Ackerman, 703-682-6399
AES (NYSE:AES)
Historical Stock Chart
From Apr 2024 to May 2024
AES (NYSE:AES)
Historical Stock Chart
From May 2023 to May 2024