ARLINGTON, Va.--(BUSINESS WIRE)--The AES Corporation (NYSE: AES) announced it has been selected for the Edison Electric Institute’s (EEI) 2019 Edison Award, the electric power industry’s most prestigious honor. A panel of former energy company chief executives selected AES for the 91st annual award for introducing the world’s largest solar and storage system in operation on the Hawaiian island of Kaua’i.
In December 2018, AES and Kaua’i Island Utility Cooperative (KIUC) completed the Lāwa’i solar and energy storage project, creating a new model for stabilizing large-scale renewable energy. Owned and operated by AES Distributed Energy, the project was designed with KIUC and consists of 28 MW of solar photovoltaic (PV) and a 100 MWh five-hour duration energy storage system. The PV peaker will also deliver roughly 11 percent of Kaua’i’s power, making the island more than 50 percent powered by renewables and helping Hawaii meet its goal of reaching 100 percent renewable energy by 2045.
“The Lāwa’i project that we designed together with KIUC will help Kaua’i realize its vision of a green energy future by reducing its reliance on fossil fuels and generating clean, reliable and affordable energy,” said Andrés Gluski, AES President and Chief Executive Officer. “We are honored to receive the prestigious 2019 Edison Award from EEI for an innovation that will serve as a model for future large-scale renewable energy projects by proving that solar + storage can provide around the clock load following renewable power.”
By combining solar power with battery-based energy storage, intermittent renewable generation can be converted into safe, reliable and high-quality power. The fully integrated Lāwa’i project will eliminate the use of 3.7 million gallons of diesel annually, while supporting three vital scenarios in power distribution – it allows for solar generation to supply the grid while charging the battery system, dispatches power stored in the battery system to the grid during peak demand periods and can dispatch solar and battery power simultaneously to answer spikes in demand.
“Declining costs of solar, coupled with model projects such as this one, are making renewable energy solutions a reality in the United States and across the world,” said EEI President Tom Kuhn. “Despite the challenges Kaua’i faced, the PV peaker plant designed by AES with KIUC helped establish the island as a leader in the clean energy transition and as a case study for the successful integration of renewables.”
The Edison Award honors distinguished leadership, innovation and contribution to the advancement of the electric industry for the benefit of all. These accomplishments may include (but need not be limited to) any or all the following areas: engineering, construction, operations, communications, customer service, environment, finances, and strategy. This is AES’ first US Edison Award and sixth Edison Award overall, and is a testament to the work AES people are doing to collaborate with customers, and create innovative and sustainable energy solutions.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2018 revenues were $11 billion, and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2018 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2018 Annual Report on Form 10-K filed February 27, 2019 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.