AES · 10-Q · 2026Q2 · Full report

Geographic Market Commentary

AES CORP · 2026-08-04 · Importance 17 · Surprise 24

U.S. renewables operations experienced higher development-services activity, favorable energy-derivative impacts, new projects placed in service, and increased retail-supply-agreement revenue. Colombia benefited from El Niño-driven higher spot sales and prices, although contracted energy margins were lower. Argentina generated higher energy and capacity sales and spot-market prices, while Mexico benefited from higher spot sales after PPA expiration. Chile added revenue from new projects but experienced lower contracted and spot sales, and Bulgaria faced weaker contract sales after the Maritza PPA expired.

Key facts

• In Panama, first half 2026 closed with lower than average reservoir levels and Gatun combined cycle gas power plant has reduced price and volatility source
• In Colombia, the first half of the year has been slightly wetter than average and the AES Chivor reservoir level remained elevated source
• In Chile, first half 2026 remained very dry but power system offset decline in hydro with record-breaking solar and wind generation and accelerated integration of BESS source