AES · 10-Q · 2026Q2 · Full report

Energy Infrastructure Performance

AES CORP · 2026-08-04 · Importance 26 · Surprise 24 · Matches filing data

Energy Infrastructure SBU operating margin increased $65 million in the three months ended June 30, 2026, led by $98 million of higher spot-market energy and capacity sales and prices and $37 million of net derivative gains. Six-month operating margin increased $77 million, including $127 million from higher spot-market energy and capacity sales and prices, $33 million from higher net derivative gains, $20 million of lower fixed costs associated mainly with the 2025 restructuring, and $11 million of higher LNG sales. The gains were partly offset by $48 million of lower quarterly contract sales volume and $65 million of lower six-month contract sales volume, primarily because the Maritza PPA in Bulgaria expired. Six-month Adjusted EBITDA increased $115 million, reflecting the operating-margin drivers, increased ownership of Cochrane, and higher equity earnings mainly at Gatun, partly offset by higher Maritza depreciation and lower availability.

Key facts

• The expiration of the Maritza PPA in Bulgaria reduced contract sales volume by $72 million for the three months and by $207 million for the six months ended June 30, 2026. source
• Energy Infrastructure SBU six-month driver: $127 million higher energy and capacity sales and prices in the spot market source
• Energy Infrastructure SBU Operating Margin for the three months ended June 30, 2026 increased $65 million, primarily driven by $98 million higher energy and capacity sales and prices in the spot market and $37 million driven by net derivative gains, partially offset by $48 million lower contract sales volume source

Impact estimates