The
AES Corporation (NYSE: AES) today announced its subsidiary, AES
Energy Storage, has entered into two contracts with San Diego Gas
and Electric (SDG&E). AES will install and commission two energy storage
arrays totaling 37.5 MW using its Advancion® energy storage
solution at sites in San Diego County, California. The SDG&E-owned
energy storage arrays will help to improve regional reliability and
integrate greater amounts of renewable energy when operational by the
end of January 2017.
“We are excited that SDG&E has selected AES’ Advancion energy storage
solution to help meet peak demand and ensure the reliability of the
electric grid in Southern California,” said Andrés
Gluski, AES President and Chief Executive Officer. “AES recently
made Advancion available to utilities, developers and commercial
customers interested in owning our innovative and scalable solution, and
SDG&E’s selection of Advancion highlights the significant growth
potential we see for our energy storage business.”
With the support of the California Public Utilities Commission, SDG&E
leveraged an ongoing competitive solicitation to seek energy storage
projects on an expedited basis. SDG&E selected Advancion 4, AES’ fourth
generation battery-based energy storage platform and recipient of the
Edison Electric Institute’s 2016 International Edison Award. Advancion
is designed for rapid deployment and is a smart, dependable and cost
competitive alternative to peaking power plants that improves existing
electric infrastructure and enables a greater penetration of clean
energy resources.
“These batteries are beneficial because they maintain a reliable flow of
energy to customers when they need it most,” said James P. Avery,
SDG&E’s chief development officer. “We also are national leaders in
supplying renewable resources, with more than 33 percent of the energy
we supply to customers coming from wind and solar. These batteries will
help smoothly integrate this growing supply of clean energy onto the
power grid for use by our customers.”
The SDG&E Advancion arrays will be able to provide 37.5 MW of power for
four continuous hours and serve as a 75 MW of flexible resource to the
grid. The arrays will be installed at two SDG&E substation facilities:
30 MW in Escondido and 7.5 MW in El Cajon. Once completed, the Escondido
array will be the largest battery-based energy storage project in
operation in the United States. Both arrays will incorporate components
from best-in-class Advancion certified suppliers, including batteries by
Samsung SDI and power conversion systems by Parker Hannifin.
AES has been deploying advanced battery-based energy storage onto
electric grids since 2008, including recent installations in the United
States, Northern Ireland and the Netherlands. With more than three
million megawatt-hours of delivered service across 136 MW of energy
storage projects in four countries and an additional 296 MW under
construction or in late stage development, AES is the most experienced
energy storage provider in the world.
About AES
The AES Corporation (NYSE: AES) is a Fortune 200 global power company.
We provide affordable, sustainable energy to 17 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 21,000 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2015 revenues were $15 billion and we own and manage
$37 billion in total assets. To learn more, please visit www.aes.com.
Follow AES on Twitter @TheAESCorp.
About AES Energy Storage
AES Energy Storage is a leader in commercial energy storage solutions,
which improve flexibility and reliability of the power system, and
provide customers with a complete alternative to traditional peaking
power plants. The company’s Advancion® 4 energy storage
solution is available for sale to leading utilities, power markets, and
independent power producers, and AES Energy Storage and its partners can
manage installations from concept to operation with a market-proven
solution that integrates best in class battery and power conversion
technologies. AES Energy Storage introduced the first grid-scale
advanced battery-based energy storage solution in commercial operations
in 2008 and operates the largest fleet of battery-based storage assets
in service today. AES Energy Storage has a total of 432 MW of
interconnected energy storage, equivalent to 864 MW of flexible
resource, in operation, construction or late stage development in seven
countries. To learn more, please visit www.aesenergystorage.com
or @aes_es
on Twitter.
Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
those related to future earnings, growth and financial and operating
performance. Forward-looking statements are not intended to be a
guarantee of future results, but instead constitute AES’ current
expectations based on reasonable assumptions. Forecasted financial
information is based on certain material assumptions. These assumptions
include, but are not limited to, our accurate projections of future
interest rates, commodity price and foreign currency pricing, continued
normal levels of operating performance and electricity volume at our
distribution companies and operational performance at our generation
businesses consistent with historical levels, as well as achievements of
planned productivity improvements and incremental growth investments at
normalized investment levels and rates of return consistent with prior
experience.
Actual results could differ materially from those projected in our
forward-looking statements due to risks, uncertainties and other
factors. Important factors that could affect actual results are
discussed in AES’ filings with the Securities and Exchange Commission
(the “SEC”), including, but not limited to, the risks discussed under
Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in
AES’ 2015 Annual Report on Form 10-K and in subsequent reports filed
with the SEC. Readers are encouraged to read AES’ filings to learn more
about the risk factors associated with AES’ business. AES undertakes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2015 Annual Report
on Form 10-K dated on or about February 23, 2016 with the SEC may obtain
a copy (excluding Exhibits) without charge by addressing a request to
the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson
Boulevard, Arlington, Virginia 22203. Exhibits also may be requested,
but a charge equal to the reproduction cost thereof will be made. A copy
of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.
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