AES is a global electricity company that develops, builds, and owns power generation assets and regulated utilities. AES sells electricity through two main channels: long-term power purchase agreements (PPAs) with large corporate customers — primarily data center hyperscalers like Amazon, Microsoft, Meta, and Google — and regulated utility service to retail customers in Indiana, Ohio, and El Salvador. AES operates across four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The Renewables segment, branded AES Clean Energy in the U.S., operates 17,836 MW of solar, wind, hydro, and storage assets across 10 countries. The Utilities segment serves roughly 1.1 million U.S. customers through AES Indiana and AES Ohio, both of which are growing rate bases to serve surging data center demand. The Energy Infrastructure segment holds legacy thermal assets that AES is winding down as it exits coal. AES finances projects using non-recourse project-level debt, monetizes U.S. renewable tax credits through tax equity and IRA transferability provisions, and regularly sells minority stakes in operating assets to recycle capital. AES's growth strategy is centered on winning large-scale renewable energy contracts from hyperscalers and executing heavy capital programs at its two U.S. utilities, targeting double-digit annual rate base growth through 2027. AES has committed to no equity issuance through 2027 and has cut headcount and development spending to self-fund its growth plan.