爱依斯电力 2025年季度报告

WASHINGTON, D.C. 20549______________________________________________________________________________________________ FORM10-Q (MarkOne) ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF1934 For the Quarterly Period EndedMarch 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF1934 THE AES CORPORATION (Exact name of registrant as specified in its charter) 54-1163725 (I.R.S. Employer Identification No.) Name of Each Exchange on Which RegisteredNew York Stock Exchange Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reportingcompany”, and “emerging growth company” in Rule12b-2 of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒______________________________________________________________________________________________ The number of shares outstanding of Registrant’s Common Stock, par value $0.01per share, on April29, 2025 was711,922,815. The AES CorporationForm 10-Q for the Quarterly Period ended March 31, 2025 Table of Contents Glossary of TermsPART I: FINANCIAL INFORMATION Glossary of Terms The following terms and acronyms appear in the text of this report and have the definitions indicated below: 2024 Base Rate OrderThe order issued in April 2024 by the IURC authorizing AES Indiana to, among other things, increase its basic rates andcharges by $71 million annuallyAdjusted EBITDAAdjusted earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure ofoperating performanceAdjusted EBITDA with TaxAttributesAdjusted earnings before interest income and expense, taxes, depreciation and amortization, adding back the pre-tax effeProduction Tax Credits, Investment Tax Credits and depreciation tax deductions allocated to tax equity investors, a non-GAmeasureAdjusted EPSAdjusted Earnings Per Share, a non-GAAP measureAdjusted PTCAdjusted Pre-tax Contribution, a non-GAAP measure of operating performanceAESThe Parent Company and its subsidiaries and affiliatesAES AndesAES Andes S.A., formerly AES GenerAES BrasilAES Brasil Operações S.A., formerly branded as AES TietêAES Clean EnergyDevelopmentAES Clean Energy Development, LLCAES IndianaIndianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCOAES OhioThe Dayton Power & Light Company, formerly branded as DP&L. For the periods covered by this report, AES Ohio was whowned by DPL. Beginning in April 2025, CDPQ owns an aggregate indirect equity interest in AES Ohio of approximately 30AES Renewable HoldingsAES Renewable Holdings, LLC, formerly branded as AES Distributed EnergyAFUDCAllowance for Funds Used During ConstructionAGICAES Global Insurance Company, AES’ captive insurance companyAOCLAccumulated Other Comprehensive LossASCAccounting Standards CodificationASUAccounting Standards UpdateCAAUnited States Clean Air ActCCRCoal Combustion Residuals, which includes bottom ash, fly ash, and air pollution control wastes generated at coal-firedgeneration plant sitesCECLCurrent Expected Credit LossCDPQCaisse de dépôt et placement du QuébecCOCarbon DioxideCSAPRCross-State Air Pollution RuleCWAU.S. Clean Water ActDG CompDirectorate-General for CompetitionDIRDistribution Investment Rider - established in ESP 4 to recover certain distribution capital investments placed in servicebeginning June 30, 2020, and subject to increasing annual revenue limits and other terms. The annual revenue limit for 20$49.4 million.DPLDPL LLC and its consolidated subsidiaries. On April 3, 2025, DPL Inc. converted its form of business organization from ancorporation to an Ohio limited liability company. Upon the conversion, DPL Inc. changed its name to DPL LLC. ReferencesDPL are to DPL Inc. before April 3, 2025, and DPL LLC on and after April 3, 2025.EBITDAEarnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP meaof operating performanceECCRAEnvironmental Compliance Cost Recovery AdjustmentENSOEl Niño-Southern OscillationEPAUnited Stat