AES says long-term contracts have helped it avoid some of the coronavirus impact

摘要

AES, which owns two US utilities but is an active power seller in a totalof 15 countries, said Thursday that it is deriving roughly 70% of its pretaxincome from sales of power under long-term contracts.It said it is now projecting a “5% negative impact on 2020 adjustedearnings per share” due to the pandemic, and does not see powermarkets returning to pre-crisis levels until 2021.“Primarily at US regulated utilities, C&I demand declined by mid teens, which was partially offset by an increase in residential demandof 6%,” Andres Gluski, AES President and CEO told analysts during a Q12020 earnings call on Thursday. “Internationally, demand has declinedby 5% to 15%, but exposure is limited due to take-or-pay contracts andtolling agreements.”