The AES Corporation (NYSE:AES) AES Energy Storage has recently entered into two agreements with San Diego Gas & Electric Company (OTCMKTS:SDOGP) (SDG&E).
According to the terms of the agreements, AES Energy Storage is to deploy and commission two energy storage arrays at San Diego sites using the Advancion energy storage solutions. The energy storage arrays are expected to provide greater renewable energy in the region. Specifically, they will render a total of 37.50 megaWatts of power for four hours. Operations are likely to begin by early next year.
Andrés Gluski, The AES CEO and President, has expressed that the company is delighted to be working with SDG&E on this project that seeks to enhance the reliability of electric grids in San Diego using Advancion 4. He noted that SDG&E choosing AES Energy Storage underscores the subsidiary’s high-quality, cost-efficient energy storage solutions.
Geared toward providing clean energy solutions, SDG&E, as James Avery, SDG&E Chief Development Officer, boasted, can further improve its services with the help of Advancion 4.
Q2 Financial Highlights
The AES has published its earnings report for the second quarter earlier this month. The company had a total of $723 million in net cash from operating activities, which is up by more than half-a-billion-dollar year-over-year.
For the period, diluted earnings per share (EPS) came in at $(0.16), which is down from an EPS of $0.11 reported during the same quarter in 2015. Meanwhile, adjusted EPS also declined year-over-year to $0.17 from $0.26.
Year-to-date, the company has a total of $1.36 billion in net cash from operating activities, which is more than twice its year-to-date net cash from operating activities of $590 million reported last year. However, its year-to-date diluted EPS is down year-over-year to $0.05 from $0.33. Similarly, the company’s year-to-date adjusted EPS is down year-over-year to $0.32 from $0.52.
FY2016 Financial Guidance
For the fiscal year (FY) 2016, The AES has reiterated a guidance of about $2 billion to $2.90 billion in net cash from operating activities. The company also expects an adjusted EPS of about $0.95 to $1.05 for the full-year.