Latest news with #AES
Scoop
2 days ago
- Business
- Scoop
Annual Enterprise Survey: 2024 Financial Year (Provisional)
The annual enterprise survey (AES) is New Zealand's most comprehensive source of financial statistics covering more than 500,000 businesses. It provides annual information on the financial performance and financial position for industry groups operating in New Zealand. Key facts Provisional results for all AES industries are for the 2024 financial year, compared with the 2023 financial year. Total income increased by $51 billion (5.5 percent) to $980 billion. Total expenditure increased by $26 billion (3.1 percent) to $857 billion. Businesses earned $121 billion in surplus before income tax – up $16 billion (15 percent). This increase was mainly driven by non-operating activity, with non-operating income increasing, and non-operating expenses decreasing. Operating surplus (excludes non-operating income and expenses) increased by $5.0 billion (4.9 percent) to $108 billion. This was driven by a $12 billion increase in operating surplus for the financial and insurance services industries. Total assets increased by $99 billion (3.5 percent) to $2.9 trillion. Businesses made a 4 percent return on assets – unchanged from 2023. Visit our website to read this information release and to download CSV files: Annual enterprise survey: 2024 financial year (provisional) - CSV files for download -
International Business Times
2 days ago
- Business
- International Business Times
Meta Partners with Invenergy, Secures 791 MW of Clean Energy to Power AI-Driven Data Centers
Technology giant Meta has inked a new deal with renewable energy producer Invenergy to buy 791 megawatts (MW) of solar and wind energy. The deal will help meet the increasing electricity needs of Meta's data centers, which have been growing at a rapid pace to support the company's artificial intelligence operations. Both companies confirmed that they had agreed to the deal, which is the latest of a string of renewable energy pacts made by the social media company. The deal also involves four projects currently being developed in Ohio, Arkansas, and Texas, Invenergy said. The power produced will be delivered to local grids, and Meta will get credit for clean energy. Ohio's Yellow Wood Solar Energy Center and Pleasant Prairie Solar Energy Center will produce 300 MW and 140 MW of power, respectively. Arkansas is home to our Decoy Solar Energy Center, which will add another 155 MW to our system. The 196-megawatt Seaway Wind Energy Center will be built in Texas. The financial value of the agreement between the two companies was not revealed. This new deal will bring the Mark Zuckerberg-led company's clean energy partnership with Invenergy to 1,800 MW. The social media giant signed contracts for 760 MW of solar power with Invenergy in 2023. Meta has also struck other clean power deals beyond its Invenergy deal, including 650 MW of solar energy from deals with AES through projects in Kansas and Texas. These initiatives are designed to fuel Meta's growing AI capabilities, which depend on large-scale data processing and energy-intensive computing infrastructure. According to the company, these initiatives are part of its larger bid to match the rapid energy consumption of its AI-focused infrastructure with zero-carbon sources. The company has also announced four solar projects of 595 MW, 505 MW, and two at 200 MW each in Texas this year. The projects contribute to Meta's aggregate renewable energy portfolio, which now exceeds 12 gigawatts (GW). Texas has emerged as a leading solar hub due to favorable factors like abundant sunshine, quick permitting, and ease of connection to the grid. The state led the U.S. in new solar capacity in 2023 and 2024, according to data from the Solar Energy Industry Association. Meta's power strategy involves exploring other forms of clean power, like geothermal and nuclear. The company has invited proposals from nuclear developers and partnered with large-scale solar and geothermal providers.
Time of India
3 days ago
- Business
- Time of India
ECOWAS gets a new leader at pivotal time for West Africa
ECOWAS gets a new leader at pivotal time for West Africa (Image: AP) Nigerian President Bola Tinubu led the Economic Community of West African States (ECOWAS) for just under two years as its rotating chairman. But, in that short period, the main political and economic body in the region witnessed some of the biggest challenges in its history. With terror attacks and other security concerns ongoing, the ability of ECOWAS to respond to threats has been further reduced following the exit of Burkina Faso, Mali and Niger from the bloc under the leadership of their respective military rulers. Tinubu acknowledged as much in his speech at the ECOWAS summit over the weekend in Nigeria's capital, Abuja. The president expressed concern about the stalled process of rolling out an expanded ECOWAS Standby Force, which is made up of military, civilian and police components. The force was conceived in 2024 following the departures of the three Sahel nations, which established their own Alliance of Sahel States (AES) in 2023. "The ECOWAS Standby Force must move from concept to operational reality," Tinubu said, highlighting the need for a ready force to combat terrorism as well as other forms of organized crime in West Africa. "I am a little bit worried about the slow pace of its activation, which is taking longer than desired." The ECOWAS coffers received a fresh cash injection from the European Union last week of €110 million ($126 million) — though this is still a far cry from the estimated cost of €2.26 billion needed for the activation of the Standby Force. 'A completely fractured region' Though he expressed optimism that Burkina Faso, Mali and Niger would eventually "return to the family," Tinubu said he had exhausted "all diplomatic means to engage and dialogue with our brothers." The countries have categorically ruled out rejoining ECOWAS. "You now have a completely fractured region," Beverly Ochieng, a senior associate who specializes in the Sahel at the Center for Strategic and International Studies, told DW, citing successive coups in West Africa. "So you have three countries that have basically walked out of the bloc," Ochieng said. "You have one that's still under suspension until it holds its elections, and that is Guinea. And, broadly speaking, you have an ECOWAS that sometimes feels as if it is struggling to be able to just maintain a sense of unity in order for them to be able to face some of those challenges as a united front." Opposing alliances working together The AES has openly defied the authority that ECOWAS has established in the region over the past 50 years, and has been used as an example to underscore accusations that Tinubu showed too much resolve against the junta-led Sahel states during his ECOWAS presidency. "The rhetoric initially in response to the military coups may have been misplaced in the sense of ensuring open dialogue and cooperation," Ochieng said of Tinubu's hardball approach. Perhaps now as a gentle signal of rapprochement — or a final sign of defeat — ECOWAS also announced during its summit in Abuja that it had reached an agreement with the military juntas of Burkina Faso, Mali and Niger to work together in their fight against terrorism throughout the region. Ochieng said the effort was mainly based on "a realization by ECOWAS that they will ultimately have to find a way to work with the Sahel because the issues that affect the Sahel will ultimately have an impact on ECOWAS." The agreement stipulates that the principle of freedom of movement of goods and people between member states of both alliances will be maintained. A new chairman The new ECOWAS chairman, Sierra Leone President Julius Maada Bio, clearly has his work cut out for him — and he knows it, as the bloc faces unprecedented threats to its integrity. "The democratic space is under strain in parts of our region," Bio said in his opening remarks as ECOWAS president. "In some countries, the constitutional order has been disrupted." DW's Ben Shemang, who reported from the ECOWAS summit in Abuja, said Bio had pledged to prioritize democracy, security cooperation, economic integration and the institutional credibility of ECOWAS during his tenure. "Many are expecting a tenure that will not only strengthen security within the regional bloc but also to ensure unity," Shemang said. Organized crime on the rise The issues are piling up on Bio's desk. Organized crime is on the rise in West Africa against the backdrop of political and economic instability, and it often straddles multiple national borders, with insurgents mixing with criminals. Abductions for ransom, a spike in recreational drug abuse and a rise in illegal mining practices highlight the growing despair of people throughout a region with an overall population of 425 million people. "ECOWAS and some of its departments will talk about levels of crime, they'll talk about the issues affecting criminality," Ochieng said. "But when it comes to implementing measures to be able to counter to some of those vices, it's quite slow and bureaucratic." Threats of further fragmentation The founding of the AES has also emboldened leaders as well as opposition groups in the region and beyond to seek new directions, with many interpreting the actions of Mali, Burkina Faso and Niger as an overdue response to the lingering effects of colonialism. A recent survey in Togo carried out by the independent, pan-African research network Afrobarometer found that 64 percent of Togolese respondents found the establishment of the AES "somewhat" or "very" justified and that that 54 percent of Togolese thought their country would benefit from leaving ECOWAS to join the AES. Guinea, which has also been under military rule for close to four years but has not joined the AES, remains suspended from ECOWAS, which could lead the nation to further distance itself from the bloc. Uphill battles for both ECOWAS and the AES Such trends can be interpreted as evidence of the waning influence of former colonial powers, but they also reflect the fact that bodies such as ECOWAS appear to have little impact on people's daily lives, as instability and unrest continue to affect millions. "Understandably, there is a feeling that [ECOWAS] is not fit for purpose in terms of being able to address current political pressures, and in doing so, being able to address the issues that then lead to economic and civil unrest," Ochieng said. She added that ideas like "joining the AES feel like a more reactionary solution. And even the AES itself is a very reactionary institution." "Perhaps the AES could be moving in a direction that people feel is admirable, that is very purposeful, that is very driven, but it's also on a very fragile foundation," Ochieng said. "These are military leaderships. They have widespread unrest and instability that they are facing as they are trying to establish this institution." Growing numbers of people in the region nevertheless appear to be showing their support for strongmen tactics over democratic and consensus-led policies. Bio seemed to be aware of the big task that lies ahead as he begins his tenure. During his opening speech, the new leader of the bloc acknowledged that "ECOWAS must reform itself, and become more transparent, efficient and responsive to its people's needs."
Indianapolis Star
4 days ago
- Business
- Indianapolis Star
AES Indiana seeks 13.5% rate hike to cover storm response, infrastructure and inflation
AES Indiana is requesting state approval for electricity rate hikes that will increase residential bills 13.5% by January 2027. The increases, if approved, will be rolled out in two phases: a 7.5% hike in the second quarter of 2026 and a final 6% increase in January 2027. The company says tree trimming and storm response, infrastructure investments, inflation and rising costs are driving these new rates. AES Indiana provides electricity service to Hoosiers mainly in Marion County with some parts of its territory stretching into surrounding counties. The proposed rate hikes will generate about $193 million in annual revenue for AES, according to the utility's filing with the Indiana Utility Regulatory Commission. 'Today, in 2025, the cost to deliver the essential service our customers depend on continues to rise,' Brandi Davis-Handy, president of AES Indiana, wrote in a statement about the request. 'The rate review process ensures transparency around the investments we're making to build a more resilient energy future and demonstrates our commitment to delivering long-term value to our 532,000 customers.' The regulatory process for the requested rate hike will take some time, but public hearings are expected to begin in August for customers to provide input to the IURC. Kerwin Olson, executive director of consumer advocacy group Citizens Action Coalition, said AES customer bills are already going up substantially due to a 2020 rate increase, and this new decision is like pouring salt on the wounds of customers already struggling with expensive bills. 'I think this (rate request) was definitely more about Wall Street than getting power to Main Street,' Olson said. The company is an investor-owned, for-profit utility. Its parent, AES Corporation, also operates in South America, Europe and Asia. The rate hike request includes notable disparities between the burdens being asked of residential customers and those of industrial customers, who Olson said will see less of an increase on bills. 'That seems unfair, especially understanding the affordability crisis households are facing today,' Olson said, 'and there is nothing in the case related to assisting or helping low-income customers with bills.' Davis-Handy, in the AES statement, said the company understands rate changes can create hardships for customers, and they 'are committed to working diligently to manage costs responsibly.' The Indiana Office of Utility Consumer Counselor requested the IURC hold multiple public hearings before August 28 where customers can share their concerns 'due to the magnitude of AES Indiana's request,' according to documents filed with the regulator. Multiple state lawmakers and Indianapolis City-County Council members also sent letters to the OUCC requesting multiple public hearings. The IURC has not made a ruling on if and when any public meetings will take place. Olson said the CAC and OUCC websites will be updated when the meetings are announced. IndyStar's environmental reporting project is made possible through the generous support of the nonprofit Nina Mason Pulliam Charitable Trust.
Yahoo
5 days ago
- Business
- Yahoo
How Is AES Corporation's Stock Performance Compared to Other Utilities Stocks?
Arlington, Virginia-based The AES Corporation (AES) operates as a power generation and utility company in the United States and internationally. With a market cap of $7.4 billion, the company owns and operates power plants to generate and sell power to customers, industrial users, and other intermediaries. Companies worth $2 billion to $10 billion are typically referred to as "mid-cap stocks." AES fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the diversified utilities industry. Robotaxis, Powell and Other Key Things to Watch this Week Make Over a 2.4% One-Month Yield Shorting Nvidia Out-of-the-Money Puts Is Quantum Computing (QUBT) Stock a Buy on This Bold Technological Breakthrough? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Despite its strengths, the stock has plunged 48.7% from its 52-week high of $20.30 touched on Oct. 1, 2024. Over the past three months, AES stock has declined 20.9%, underperforming the Utilities Select Sector SPDR Fund's (XLU) 1.9% rise during the same time frame. AES stock has declined 19.1% on a YTD basis, underperforming XLU's 6.7% rise in 2025. Moreover, AES has tanked 44.8% over the past 52 weeks, underperforming XLU's 15.7% surge. To confirm its recent downtrend, AES has been trading below its 200-day moving average since early October and below its 50-day moving average since mid-June. On May 1, AES shares closed down marginally following the release of its Q1 earnings. The power company posted revenue of $2.93 billion in the period, which did not meet Street forecasts. Additionally, its adjusted EPS came in at $0.27, which missed consensus estimates by 27%. Looking ahead, the company expects full-year earnings in the range of $2.10 to $2.26 per share. Its rival, Sempra (SRE), has declined 15.6% in 2025 and 1.9% over the past year, outperforming the stock. Among the 11 analysts covering the AES stock, the consensus rating is a 'Moderate Buy.' Its mean price target of $14 suggests an impressive 34.5% upside potential from current price levels. On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
