AES Corporation

The AES Corporation
Public
S&P 500 Component
Traded as NYSE: AES
Industry Energy
Founded January 28, 1981
Founder Dennis Bakke
Roger Sant
Headquarters Arlington, Virginia, U.S.
Area served
 Worldwide
Key people
 Philip A. Odeen
(Chairman)
Andres Gluski
(President), (CEO) & (Director)
Products Electricity
Natural gas
Revenue Increase US$17.274 Billion (FY 2011)[1]
Increase US$1.541 Billion (FY 2011)[1]
Increase US$58 Million (FY 2011)[1]
Total assets Decrease US$45.333 Billion (FY 2011)[1]
Total equity Increase US$5.946 Billion (FY 2011)[1]
Number of employees
 27,000 (Dec 2011)[1]
Website AES.com

The AES Corporation is a Fortune 200 company that generates and distributes electrical power. AES is headquartered in Arlington, Virginia, and is one of the world's leading power companies, generating and distributing electric power in 27 countries and employing 27,000 people worldwide.

History

The company was founded on January 28, 1981, as Applied Energy Services[2] by Roger Sant from the U.S. Federal Energy Administration and Dennis Bakke from the Office of Management and Budget, who met in the Carter Administration. The company was initially a consulting firm; it became AES Corporation, which went public in 1991. Bakke held various positions in the corporation, serving as Executive Vice President from 1982 to 1986, Treasurer from 1985 to 1986, Chief Operating Officer from 1987 to 1993, President from 1987 to 2002, and Chief Executive Officer from 1994 to 2002.[3]

Bakke and Sant expanded AES at a breakneck pace, building power plants in 29 countries and expanding its staff from 1,400 to 50,000 employees. At the same time, they advocated a decentralized management system, promoting social responsibility over profits. During his tenure as president and CEO, Bakke was widely considered to be one of the most successful corporate leaders.[4]

After the collapse of Enron, another energy giant, AES faced a liquidity crisis and Bakke resigned.[5]

In April 2010, AES acquired UK-based wind developer Your Energy Limited (YEL) and also signed an agreement to buy a 51% stake in a wind portfolio from 3E, a Polish wind developer. This move will add more than 700MW to AES Wind Generation's European pipeline. YEL subsequently changed its name to AES Wind Generation Ltd.

In fiscal 2011 AES' total revenue was $17.274 billion.[1]

Subsidiaries

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "AES Corporation, Form 10-K, Annual Report, Filing Date Feb 27, 2012". secdatabase.com. Retrieved Dec 30, 2012.
  2. ↑ "AES - Frequently Asked Questions". Investor.aes.com. Retrieved 2012-10-07.
  3. ↑ "Executive Profile: Dennis W. Bakke". Bloomberg Businessweek. 2011. Retrieved 3 August 2011.
  4. ↑ Smith, Ken A. "Profile: Dennis Bakke" in The New Superleadership: Leading others to lead themselves, Charles C. Manz and Henry P. Sims, Jr., eds. (2001). San Francisco: Berrett-Koehler Publishers, Inc., p. 30ff. ISBN 978-1-57675-105-3.
  5. ↑ Gunther, Marc (16 October 2009). "AES's Powerful Comeback". CNN. Retrieved 3 August 2011.
  6. ↑ "AES Energy Storage". AES Energy Storage. Retrieved 2012-10-07.
  7. ↑ "Home | AES | AES". Aeswind.co.uk. Retrieved 2012-10-07.

External links