AES · 10-Q · 2026Q3 · Full report

Capital Expenditure Program

AES CORP · 2026-11-03 · Importance 53 · Surprise 22 · Matches filing data

Capital expenditures were $4.916 billion in the nine months ended September 30, 2026, up $522 million from the comparable 2025 period. The cash-flow table reports $363 million of capitalized interest on development and construction in 2026, including $357 million related to recourse and non-recourse debt interest payments. The filing defines growth expenditures to include development projects in construction, capacity additions, load growth, and system modernization; maintenance expenditures support regular operations or net maximum facility capacity.

Key facts

• AES capital expenditures increased $522 million in the nine months ended September 30, 2026 compared with the same 2025 period. source
• Growth expenditures increased $445 million, primarily due to higher U.S. renewables project expenditures and U.S. utilities transmission and distribution investments. source
• AES capitalized $363 million of interest on development and construction in the nine months ended September 30, 2026, versus $374 million in the same 2025 period. source
• AES's net cash used in investing activities increased $138 million in the nine months ended September 30, 2026 compared with the same 2025 period. source
• Maintenance expenditures increased $77 million, primarily due to the timing of maintenance at AES Ohio and AES Indiana. source

Impact estimates