TAESThe AES Corporation

AES builds and operates power plants worldwide — from regulated networks to wind and solar.

The portfolio is spread across dozens of countries, and that is the defining feature: some assets are ordinary regulated utilities, some sell power under long-term contracts, some operate in open markets. Currency rates and country rules affect the result as much as power prices do.

The company is converting itself from an owner of coal generation into a developer of renewables: plants are built against a contract signed in advance with a corporate buyer, often a technology company needing carbon-free power for data centres. Such construction demands capital, and debt here is high. Risks: interest rates, currencies, country risk and the pace of commissioning. The dividend is high.