AES · 10-Q · 2026Q3 · Full report

Net Equity in Affiliate Earnings

AES CORP · 2026-11-03 · Importance 45 · Surprise 64

Net equity in earnings of affiliates rose $11 million to $12 million in the third quarter of 2026 from $1 million in the prior-year quarter. Gatun contributed $7 million of higher earnings from increased generation, while Uplight losses declined $5 million after equity-method accounting was suspended in the fourth quarter of 2025. These gains were partly offset by $7 million of higher Fluence losses, driven by project-delay liquidated damages, deployment costs for newer offerings, and higher battery prices. For the first nine months, affiliate losses narrowed 45% ($25 million) to $30 million, including $21 million of lower Uplight losses and $8 million of contributions from new sPower projects.

Key facts

• AES net equity in affiliate earnings increased $11 million to $12 million in the third quarter of 2026, from $1 million, including higher Gatun earnings and lower Uplight losses, partly offset by higher Fluence losses. source
• AES net equity in losses of affiliates decreased $25 million, or 45%, to $30 million for the first nine months of 2026 from $55 million, primarily because Uplight losses declined $21 million after equity-method accounting was suspended in fourth-quarter 2025 and sPower earnings increased $8 million. source