The AES Corporation (NYSE: AES) today announced it was selected by Arizona Public Service (APS) to deliver a 100 megawatt (MW) 4-hour duration battery-based energy storage system. The project, owned and operated by AES, will provide critical peaking capacity and unmatched operational flexibility, enabling the most efficient use of renewable energy, lowering costs and emissions, and providing increased reliability for APS customers.
This project demonstrates how technological innovation can help us deliver on todays changing energy needs, while having the flexibility to prioritize customer affordability and reliability. Under a 20-year agreement, AES will provide APS with the storage capabilities powered by Fluences proven Advancion platform. The project will contribute to a more sustainable energy future for Arizona through the integration of more renewables in the states energy mix.
Arizona is realizing its great solar potential. As the state continues its transition to more sustainable energy sources, customers will require cost-effective and reliable electricity, said Andrs Gluski, AES President and Chief Executive Officer. Energy storage can replace traditional peaking thermal generation to meet peak power demands while reducing greenhouse gas emissions and maximizing the use of renewable energy. We look forward to our continued partnership with APS to help the state and its customers accelerate a greener energy future through the broader adoption of energy storage.
The ability for batteries to absorb and discharge power has great value for regions pursuing high levels of renewable energy, such as Arizona. The storage system will collect energy when the sun is shining and then give it back during peak hours when its capacity is needed most by customers. By releasing solar energy when it has traditionally been unavailable, customers will have continuous access to a cleaner, more reliable energy mix.
By delivering solar after sunset, these projects with AES signal a new direction for how we can meet our customers peak need for energy with an increasingly clean mix of resources, said Brad Albert, Vice President, Resource Management for APS. This work with AES is also part of a long-term transition to larger roles for renewable and storage technologies in Arizonas energy future.
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This partnership is part of APSs plan to add nearly one gigawatt of clean energy projects by 2025. In 2017, AES began operations on Arizonas first standalone battery peaker, a 4 MW energy storage system for APS with enough storage capacity to power 1,000 homes. The pair of 2 MW Advancion energy storage arrays were deployed as part of the APS Solar Partner Program (SPP) and deliver energy to customers at the time of day when electricity is in greatest demand and most expensive. The existing system has allowed APS to maintain reliable service for solar customers while the sun is down and solar panels are not producing power.
The new 100 MW energy storage system is expected to begin operations in June 2021.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the worlds changing power needs. Our 2017 revenues were $11 billion, and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
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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: Managements Discussion & Analysis in AES 2017 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 Companys 2017 Annual Report on Form 10-K dated on or about February 26, 2018 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 Companys website at www.aes.com.
The AES Corporation
Investor: Ahmed Pasha 703-682-6451
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