AES Meets 2010 Guidance, Driven by Operating Improvements and Growth in Latin America and Asia; Issues 2011 Adjusted Earnings Per Share Guidance of $1.08-$1.14 Per Share Full year Adjusted Earnings Per Share of $0.94 was at the high-end of guidance. Full year Diluted Earnings Per Share from Continuing Operations decreased $1.17 to a loss of $0.11, reflecting the impact of impairment charges of $1.07 primarily due to commodity price declines in North America and Hungary. 2011 Adjusted Earnings Per Share Guidance of $1.08 to $1.14, which implies 15%-21% year-over-year growth. 2011 Diluted Earnings Per Share from Continuing Operations Guidance of $1.04 to $1.10. Common stock buyback program launched in July 2010 resulted in cumulative repurchases of 9.7 million shares for $116 million at an average share price of $11.93 through February 25, 2011.
SANTIAGO, Chile & ARLINGTON, Va.--(BUSINESS WIRE)-- AES Gener and AES Energy Storage today announced the selection of Parker-Hannifin to supply advanced battery energy storage systems for their new Cochrane power station. The battery energy storage system will be supplied by Mitsubishi Corporation with the lithium ion battery module manufactured by GS Yuasa and the lithium ion battery cells by Lithium Energy Japan, a joint venture of Mitsubishi Corporation and GS Yuasa. The project is the companies' third energy storage facility in Northern Chile, integrating 20MW of advanced battery-based energy storage with a 532MW thermal power plant. The project is owned by AES Gener, the second largest power generator in the country, and Mitsubishi Corporation.
"We are pleased to announce our relationship with Mitsubishi Corporation and GS Yuasa, leading suppliers of advanced batteries and to continue working with Parker, a leader in power conversion systems," said Chris Shelton, President of AES Energy Storage. "These are strong partners among a robust global supply chain for energy storage."
"We are very excited about this addition of the battery storage system to our Cochrane power station. We already have battery energy storage systems in our Angamos and Norgener power plants. It will be good for the supply of power in the northern grid, and also for the stability of the system," said Felipe Cerón, CEO of AES Gener S.A.
The Cochrane facility being developed by AES Gener, will incorporate AES Energy Storage's Advanced Reserves product including patented controls, a highly reliable modular system architecture, and industry leading operational support. The advanced lithium-ion battery modules for the project will be supplied by GS Yuasa, a world's leading manufacturer of batteries, and the battery cells will be supplied by Lithium Energy Japan, a leading lithium ion battery manufacturer who supplies large capacity cells to Automotive and Industrial Application from its world's first mass production plant. The Grid Services division of Parker-Hannifin will provide power conversion and system-level services. The battery energy storage systems in combination with the energy produced by the Cochrane generating station will provide responsive, reliable power in the Northern Grid.