AES - Earnings call transcript Q1 2020

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Operator

Good day, and welcome to the AES Corporation First Quarter 2020 Financial Review Conference Call. [Operator Instructions].

I would now like to turn the conference over to Ahmed Pasha, Vice President of Investor Relations. Please go ahead.

Ahmed Pasha

Thank you, and good morning, everyone, and welcome to our first quarter 2020 financial review call.

and are presentation website on release, aes.com. at press financial available information our Our be statements making will we Today, forward-looking during call. the from many XX-Q and are SEC. to discussed factors may our these materially in cause are statements, recent filed with There most which future that differ XX-K results the Reconciliations found our between financial along website be and can non-GAAP with GAAP measures on the presentation.

our management senior are Andres Chief Gustavo Pimenta, and members Gluski, Executive other and our President morning Chief our this Officer; me team. Joining of Financial Officer;

I that, call to With turn will over Andres. the Andres?

Andrés Gluski

Good our our morning, current call. will for forward. everyone, state and thank goals the strategic first Today, you joining discuss and review quarter financial business going of our I

benefits positioned effects to pandemic electricity We effort which the demand and from our are enhance the the the withstand protection resilience generation, contracted in to come The provides our well earnings our significant of of from vast of long-term majority multiyear seeing of the business. COVID-XX and prices. are downturn

our liquidity is Furthermore, strong. position

have and investment-grade major continue metrics. to improve our We debt we near-term amortizations, no

goals. any are our backlog without on environmental on achieve schedule track disruptions, renewables chain construction projects our we Our to and progressing grow supply and are

reductions The earnings to we $X.XX. is despite net a in $X.XX of year to our range for that effect by of demand the are seeing of some guidance double-digit in our this markets, lowering only X%

projections longer-term our overview detail. financial Gustavo our quarter We both flow. in of liquidity growth our reaffirming expectations EPS are for our and first and and free for results, our parent an free more flow adjusted XXXX provide will cash guidance current cash

with themes X the restrictions leadership growth Beginning and Slide from sharp in resilience, are times focus Turning a with my to will sustainable global Today, pandemic Slide and a discussion work. of resulting economic These and unprecedented travel, X downturn, on on on certainly innovation. mobility the resilience. X. core I

business. were we quarterly its COVID-XX spread recall closely as to of from you our call, for our and may AES, taking on monitoring Fortunately, reduce last steps the impact

to fuel liquidity levels for week our began our cash and work our built our and plans up all remotely stocks portfolio. sites nonessential of the first all implement work to at personnel We PPE at of and plants of March, increased by

ensured the We and critical of movement generation governments also recognize essential, and provide as national construction and the facilitating plants, to importance personnel that our local the of we operations classified utilities service our sites.

people all XX continued minimized of result AES ill a And of have our people we recovered and any out deliver services hospitalized. contagion As of a for among actions, have and virus. positive virus-free. population to our tested or become none importantly, without seriously have X been of these, and To early contractors. date, X,XXX Of have significant have impact only deemed more these the

X. Turning to Slide

just comes actions our our resilience our in Across of business business our contract part and are very capacity our address unaffected demand. for years. primarily our U.S. with investment portfolio, to revenue Approximately life but we of not remaining is offtakers all euros. dollars resilient this of with prices actual are the Nearly or a Thus, produced. by downturn and grade, energy relatively contracts majority energy is fundamental generation Our the of in our an vast XX% XX model. to crisis business from from long-term average the have contracted our

utilities, the principally and generation business, shorter-term next industrial modest with mainly in customers, year. before several around continue demand. by expect from XX% recovering for have and some which been additional is in months most remaining a is impacted where net regulated our XX% by of has commercial to prices. to spot lower XX% of the which we decrease We U.S., saw of we business is contracts, an early this our have exposure The We and April, demand in reduction

We are initiatives. from cost we savings are XXXX that in primarily reduction through digital offset to our the realizing earnings, measures taking

For much many example, on made two our investments have work we for of it over side. including positions remotely, to the staff operational made the years past have possible

the this some initiatives, to degree remote expect expect continue these Through additional detail. pandemic in deliver Gustavo of a to We of which will around savings post work in and associated $XX and benefits world. other more cover even we cost million year,

to area turn crisis, we X focus. to portfolio our and by Despite triple versus Slide of the growth growth, on be let projections second continues and remain track XXXX. me key sustainable our theme, to our ambitions Now renewables XXXX current which current a with

Our backlog is are now construction. under currently X.X gigawatts gigawatts, of which X.X

X. renewable to start which XX in complete. than at under work. X.X only continues early date includes our Of to now schedule. small in Alto The the are stop more year. Slide to XX% and COVID-XX Chile, megawatt miles are Phase of the have operations to according hydro affected XX X Maipo Both our Turning in to than of progress lockdown. New is Construction place we York, a out prior only total Phase where X temporarily remains next to XXX of and X projects been ones by upstate turbines construction, complete more had tunneling

call, in our we our at ensure our bottlenecks and panels of took Korea. as we fourth chain early sites Fortunately, potential from balance China to foresaw and we in-country and very plant you supply PV had recall construction solar may steps quarter as

highest has using pleased commissioning X. I solar as Atacama irradiation, Chile, the desert. high a the temperatures low PV factor panels of bifacial the most world's am announce Turning efficient project, to and Slide world's result at solar in start with the the of Andes of Solar capacity of to combined a which XX%

PV with to an Building a in on innovation bringing initial starting Chile. are we our in solar, new our XX projects, prefabricated megawatts design

the are time designs. project not acre energy half that today's in but a has only with the company allows per design versus be also strategic a partnership to construction double can finalizing best-in-class We completed patented for a output that

expect use new and to future to expand construction, C&I solar PV this offerings. allow technology our land to more faster projects of many for in of We the efficient

signed, added approximately continue PPA our the see project stand-alone we year, and renewable Chile Regarding PPAs our megawatts XXX so new U.S. in leadership of new at to Thanks backlog, in levered returns far we the innovation, mostly mid-teen to to projects this our have renewable on level.

the in X in has growth X.X strong. on renewables. are green between remains and to new our We In U.S. gigawatts smaller of deliver this especially Chile and of the of gigawatts X.X new track year and new renewable demand of resulted extend X PPAs and projects strategy in for Colombia, and blend construction gigawatts PPAs

XX. Now Slide on to

joint solar with battery to parties. solar, demand In systems about our rapidly, Both of Siemens, business storage benefiting our business U.S. Storage systems. sells energy energy grow addition through half in our third aspects which venture include both our of for wind through and based acceleration and storage an Energy to an also projects to Fluence, Today, our the are in bids own from continues component.

the storage application Virginia's to to to New up and markets and to energy also gigawatts as X add continue network. mandate transmission support emerge, X.X plan Germany's such gigawatt

are XX-year the reservoir soon be PPA Even we first storage through signed I'm virtual consists California very which not hydro XX early of the crisis, virtual X-hour of we current also sPower. in midst in commissioning Chile. world's higher. Alfalfal in energy of allow complex the will Santiago, the hydro just prices run a the duration of for at for reservoir of solar Southern and megawatts energy X-hour river proud This night available the is at outside when dispatching batteries, XXX megawatts largely power April, that

increasing late-stage U.S. megawatts next be development are in reservoir the virtual over will We years, to in reservoir there this XXX and couple projects virtual smaller several the of

year, out currently increase in the of of some generation storage sixth we assembled the and energy all-time improve gigawatts high which platform. of reliability, and speed factory an is costs. Fluence systems world. construction, under the will be rolling will It energy execution both storage projects modular, has lower our of technology largest X.X and include This

continue progress to our make and Through our ambitious towards in environmental storage, growth goals. renewables energy we

As Slide us set this year, Norges with gigawatt compliant make other we the by than end by of among to you generation hours to remain our less standards XX, Bank, can which will committed institutions. of coal see ESG on XX% reducing our

along realize expect to the the projects. renewable this execution plants, We of our backlog target with of through extensive coal decommissioning and continued of sale

Finally, turning to Slide our leadership and innovation on XX.

the as Uplight, reaching forward XX providing industry. move for works on a than suite million the to is One number with continue in utilities of a future relevant businesses, We long-term solutions. innovative example we a more of households that and the XXX more electric gas U.S., reminder, digital solutions than as which, and of highly see

digital this improve in XX% experiences desire of way. customers' year, a growth in expect We by utilities' revenue capital-efficient part to fueled

example our our Google, partnership is well. with of Another innovation is which progressing

on of number headway initiatives make be we the to a continue that announce a to future. in position near in We will

would debt I guidance. results, Gustavo profile on the and more he to like pass Now our CFO, color our Pimenta, call to can provide so

Gustavo Pimenta

expectations financial on credit for profile year and Thank you, our impact we through made metrics. Andres. results, conclude key allocation. first will good I guidance will on and I quarter, progress the In by Today, cover this COVID-XX our of financial capital our XXXX. the addressing

regulated as in largely DPL in at the on and from our expectations. XX, higher prior from as Panama lower Slide adjusted partially drivers our well XXXX, versus MCAC mild rates offset were by line SBU, availability reversion EPS contributions in These the Ohio tax benefited to rate. due hydrology to positive improved and in $X.XX U.S. shown the at weather in QX utilities was As $X.XX We with effective

our South in America largely realized a lower an IPL. projects. At Colon Sanginel new $XX at Adjusted offset as Utilities first XXXX. to SBU, Slide our the at was the the offset Panama, reflects at decrease improved slides, plant four SBU results of PTC and extend SBU, project both in plant. partially Colombia its our at more planned PTC to versus detail availability over or These as weather major hydro major million as in lower Slide well mild XX. our outage to a the life. as of rates and by and from beginning hydro of the on Chile, DPL XXXX, was quarter, gains following were partially driven $XXX in In well useful PTC by for our extended outage part X interest XX. at million U.S. our PTC, Turning plant cover FX next return by DPL as pretax renewable Higher to I'll the expense quarter ESP in larger contribution, contributions MCAC at operations impacts higher reflects reversion a

benefited also We from in year a following very XXXX. Panama in hydrology improved dry

sale of United Kingdom. business the reflect Finally, in primarily our in Eurasia. Lower results the

Before moving DP&L Slide provide on, in Ohio I update an to on 'XX. on the want

comment we for As this pass reverting call, with potential DP&L excessive rates, for significantly set discussed a was July October. by rates. on final ESP application began best tasks, needed, including the good ruling period In ESP our fourth DP&L if to certain an regulatory is previous XXXX. set to maintain by quarter the after April, feel commission. and filing process We test, A our to There test early and SEET. X is earnings hearing, this or the required about ability expected X

continues committed DP&L. past, have the the to said in AES to we be fully As

base competitive this market of These improving it of invest investments through we million deliver grid allow its that experience the are customers to half planning and in provide to equity DP&L including in XXXX. plans which reliable XXXX. distribution, years, rate year million other new To to We in $XXX over approximately base preserving double-digit now transmission safe and AES while and very end, growth materially its the next investments, and to our the will $XXX to half continue will service, to lead low the invest DP&L, rates. X

turning our 'XX. Now to credit Slide profile on

drawn leverage parent our investment-grade our XXXX XX%, was which measure call, we reduced and threshold cash as parent XX%. by borrowings X.Xx Xx $XXX precautionary million we roughly year-end, FFO our within of under Currently, the about discussed fourth position. on was the reinforce quarter have XXXX, between $X.X of we XX%, and As billion, comfortably was to At debt which and revolver, half to respectively. of debt is our our

in end XXXX. to revolver balance are X the with than even that expected a metrics credit We stronger and year

We are be with to the also agencies maintaining continue investment-grade our rating. regular our rating track receive to on dialogue second and

to of environment, the While closer this be upgrade timing more the the unchanged, fundamental of believe is credit now AES strength likely remains current to given macro we year-end.

history. are Moving of To that liquidity we times king. of is our in Slide on financial on recognize XX. the position end, strongest we cash In to uncertainty, that

We X/X unforeseen cash. This the liquidity, have of $X.X than to in sufficient is meet any year. billion is of in available which the over more remainder needs

to Slide on remained Turning receivables the have over XX, last years. stable our which few

closely been very have XX- to the period our monitoring receivables contracts. to ensure allowed are our We XX-day they under grace within

And It a worthwhile few to in lockdown our April, is so place. that payment have are markets, is through a in declared moratorium certain in far, of as for residential clients utility the line. they governments mention

securitizing impact as While create receivables are businesses. generator, some capital the a as To we organizations, Development could to that with in are additional end, needs we Inter-American Bank this at for markets. this mostly removed create from multilateral such these working mechanism working certain

in XX. XXXX Slide refinancing Now on turning needs our to

proactively As debt maturity strengthening you we been have our profile. may know,

year, liability management In our billion fact, $X just than portfolio. in more last we across executed

result, be of a of is of million debt for As at the have refinanced which year, utilities. the only $XXX most we our to U.S. remainder

are the for oversubscribed, Xx being the $XXX to reducing IPALCO remainder needs our to investor the just we in $XXX interest recently year. with We of over completed, refinanced the deal million million pleased refinancing see

is on Now previous to Slide the billion cash, $X.X of Beginning discretionary capital sources allocation largely reflect disclosure. XXXX parent which left-hand side, our total with consistent on XX.

beyond million We dividend Moving returning of December, additional Including this the end any the on revolver, XXXX. in which to the on we do the side. be of debt temporary not our million reduction $XXX at uses announced repayment drawings to right-hand shareholders was plan X% year. $XXX we'll increase

is backlog up alone. to investment to asset this Green to Gener's invest last next metrics strategy, our we sales allocated. the at The for call. modernization timing is million & later a cash will needs, credit of DPL this grid Our renewables function of continue This as Gener, The on repowering, investment leave Southland are strength we close year or year. year. this of AES year. And on to discussed million strong $XXX $XXX flow amount largely may AES plan dependent our the our the may funding Blend million subsidiaries, the and be with investment this include to use $XXX our improve plan cash in this we The so Extend equity it of our and in in including early us on be

Next, on to XXXX, allocation from our moving capital through XXXX beginning Slide XX.

generate is generated We proceeds. coming this asset million continue remaining billion to discretionary $X.X of expect $XXX in X/X our be from to from portfolio cash the expected free to parent with sale cash, flow,

XX. uses to allocated discretionary X/X be will to of of cash Roughly, cash Turning on dividends. Slide the this shareholder this

average. Board, Looking expect increase we industry year, by per forward, the annual to by to to the line the subject continue review dividend to with X% X% in

at investment of IPL, our Vietnam the Gener, these T&D This project also to includes project discussed. are in the last our We invest billion and incremental in partial expecting DP&L, the and AES new billion investments investment growth LNG just $X.X PPAs, backlog, in $X.X will use our and to contribute million call. $XXX I projects is beyond. XXXX to Once through infrastructure our to which completed, also funding

our guidance COVID-XX to XX. of on turning Slide and impact Finally, the

have the last our this taken of years AES mentioned, weather improve Andres several the to resilience positioned over is we due to to storm actions As well the portfolio.

start with from impact and let first FX. So me commodities the

both and today, materially is dollars, is an Despite of reducing in because denominated our significant exposure. $X.XX. our business impact volatility are mostly we in markets, contracted only expecting This U.S.

utilities, our companies we drawing a a as expense impact also our regulated with at we an a our $X.XX reinforce protection. both the to an do We interest saw we of sector, higher primarily many the credit facilities on mid-teens and our on due Like impact demand, result C&I coupling liquidity. benefit businesses, in are forecasting offset other where revolving including about to from also at seeing April, margins. are not increased demand, better from IPL in of DPL, have In partial residential X% currently decline demand where a we

those has is model demand But our to The lower contracts to impact our XX% or dropped to based tolling in mostly across Internationally, demand. key markets, in $X.XX is take-or-pay expected with limited demand be agreements our from again, markets. on exposure X% in XXXX. portfolio

portfolio with quarter, until fourth quarter Although projecting unprecedented recovery future year. our will to a decline returning low currently across this times, second in an assuming digits GDP precrisis load, single the in is the U-shaped challenging levels average third very digits recovery we in quarter, in extended the not next high and single are demand have mid-teens

and the an demand translates geographic current mix, year reference, year into full earnings. $X.XX to approximately impact our in a change our assuming a As X% on go

very been working in hard offset about the on this also and an to impact have potential incremental We levers savings $X.XX. expecting are year of cost

most are lower reduced initiatives. Andres these As and fixed control This coming cost and mentioned, laser-focused and of costs from our maintenance includes digital savings G&A.

Slide to Turning XX.

reducing we of by a X% result, new $X.XX. $X.XX to are or our of with a $X.XX As guidance range the midpoint

On flow to a of an result the parent are portfolio. of of million our seeing free communicated our cash goal versus the million not previously as diversification $XXX and strength impact $XXX we side,

X% also rate are to annual XXXX. through X% reaffirming We average growth our

of adjusted Although an in seeing the EPS guidance the our the the and portfolio sheet. limited it illustrates we is global crisis, disappointing strength our of to midst revise unprecedented balance for impact are year, current

back the turn call Andres. I'll over to that, With

Andrés Gluski

Gustavo. you, Thank

technologies related rating. of economic new greening our fundamentals call. on and our generation achieve attaining strategic your to business pandemic strong, leading downturn. portfolio, and track the resilient goals in investment-grade second of remain and a our contracted Therefore, long-term take questions, we we Before largely remain let is today's summarize our of portfolio me current The in

taken already our have the to and this in steps reduce sales. decreases costs further to earnings on mitigate We from strengthen liquidity impact year our

in are year's and we longer-term reaffirming our flow XXXX parent growth dividends. in rates cash a expect Although and we cash earnings, earnings, X% this reduction free

invest continue to through $X.X of to to expect which will discretionary to billion double-digit generate we shareholders. cash We XXXX, deliver returns our

safe, the of we their affordable would are in work who markets hard of I like through to finally, and and ensuring energy serve. all AES, the And discipline thank people reliable

I to for the open Operator, line like would now questions.

Operator

America. Bank Instructions]. [Operator Ryan our from Greenwald first question come And will of with

Unidentified Analyst

sales. can asset month. we late if It like through with start maybe last So just Jordan looks

just if sales and your in of confidence you're those out talk kind commitment to So you about get here? there of the on

Andrés Gluski

asset continue Yes. case Look, In specific sales our binary Jordan, don't think to is as you of progress. the I described. as

year, we're remain this continued we to those year really that a confident of So making interest in and would I asset of we're this depending sales add our and for any closing fund sales number there's not progress. assets, growth.

And So confident. completed. of about don't actually a close course, remain of they're that we interest. sales. we'll we think We There's talk them number until

Unidentified Analyst

enough. then appreciate demand Fair in savings you little trends a scenario? allude a severe additional just know the it. to more alluded And latitude Got more all under to already? around I and have might you could sensitivities. I protracted any kind million But of commentary $XX you

Andrés Gluski

Yes.

So first, clear as transparent to to we're possible. as trying be that be I want

frankly, seeing lower for Gustavo described, as the reduction So quite in of year. what is, demand demand, the remainder we're continued

in quarter decline quarter single-digit So of single-digit and the high the then in only next first you have third the a -- the and most year. quarter. in in severe decline single-digit lower second recovering And fourth,

that's assumption. So our

even So with U-shaped recovery recovery. that or double a consistent really is U-shaped would a

about we that that early add And in more resilient we very what pull. things on levers more would did can severe, on to there I additional we course, because different are are that hand. case. have was having a we we But was thing was of right If uncertainty. of liquidity the latitude that $X.XX a that I do given of our increase think have liquidity, on lot

evolving. I a to given will So that, have track situation react And of controls and cost think again, record see good we how very we the we reductions.

tools to did continue mention initiatives. have we we expect this And that And our we year, can that digital Now we next learned and there that from how are -- work implement, mostly to think more year. these remotely. digital $X.XX will savings I into

next really some So additional because we that's continued numbers. in upside not year's have

Unidentified Analyst

is you then interest And just it. Maipo, Got EPS? in lastly, capitalization at did the adjusted that guys that included Alto

Andrés Gluski

is the It included is. EPS. It in adjusted

Unidentified Analyst

there? And what was kind of the thinking

Andrés Gluski

adjusted calculation. based We've an history just that's project. the year No, the as the team on the of adjustment this refined

QX it So impacted year. this

Operator

Out next question Fishman Morningstar. of Charles will from come

Charles Fishman

April mentioned was at Andres, a utilities, that the weather you XX% reduction demand normalized? in U.S. in

Andrés Gluski

weather that's Yes, normalized.

Charles Fishman

And might obviously, Street severe. -- was you You've there that Argentina Journal or add? you earlier And of Is The about noticing there. anything? late and it week, Wall got pandemic can boots solar this Tiete? in you interest last as Okay. a an in just article pretty got on the in have you was any -- the then Brazil. the to Are it looked Are in ground projects impact week other in significant Brazil got expand maybe You've noticing there color been well.

Andrés Gluski

Sure.

take maybe Latin region. sort let's the So American of

there will somewhat different reaction different, perhaps also developed first, by but countries. the than country, it's the So be

a there's things. of So number

First, and down. they early. But most quick and was countries, severe to lockdown in Brazil Mexico. that quite general, the was were exception quite in an lock quite

been severe pandemic What than age. that it the rates. less has know we restrictions. But in will And pandemic those biggest general, about they the lifting in countries the drivers in is quite do has developed are the, be obesity world. is Second, frankly, these the second

of countries. of average from have XX in of countries lot an XX, So almost very a think different the when developed these of of which you age, age age is an some average

different the have will a pandemic there. effect So

that. fiscal they So to react how I'd say can main difference the is much apply stimulus to

basically again, Panama, varies out gone the -- they pretty the and assured And have like assured countries countries stimulus. is on have some fiscal in by had example, seeing of country, smaller liquidity aggressive it but liquidity we're the for what hand. So have

windows multinationals it's most affected been have distribution level, we've because countries. company we -- cases, at multilateral working of but the investment-grade worked in though we're not vast with these institutions to bulk are also then also our with more not discount mentioned And have in that the to multinationals, the Gustav receivable. a accounts But directly even clients

So countries. that of countries have of to about, very our Gustavo X% those the it's Brazil to one long-term I as X specific it's talked much In key Brazil, yet, the taking a to the in state between -- of countries state. different mean, of don't of case XX% Brazil, we in range have is shorter-term They of be we contracts. tend contracts. sort where

So there has been we is obviously Brazil some effect there in of that's Brazil, affected. and local ones the it's currency. X in been also the that X have

X even that Because effect have large the informal to maybe some What it? is in of demographics sectors prices. again, the is will because our will I will somewhat pandemic the of effects open bigger general, up. shutdowns, feeling of things think, about Personally, different watch of given of these I commodity the be these countries think countries a than the it. The that have. that

few very doing very say, is its mentioned is Argentina. they're terms debt undergoing main say cases, or Argentina shutdown on Argentina cases. that debt well refinancing And the now. to that watch in thing the would controlled You in of restructuring, let's I

free have a we You that will earnings. cash unchanged, flow is in our but notice decrease parent

our in get some that's you've had part And dividends Argentina, any of we significant of to One weren't degradation expecting the -- out reflecting of it. But had you've devaluations. tariffs. where

for don't any dividend. P&L, where One example, we of the expect affected the businesses was other

cash decrease we're So why in that's a unchanged wanted to seeing explain dividend. our and -- remains just I

of So reaction different the demographics, regarding countries. general, Latin differently. of pleased of that evolve governments The respect. supportive it populations the a lot America, their very in have been will given And I'm by in

the on them the to -- country. month and Depends a certainly So be will And I start this population opening by of the different. later do on again, expect But up. June. reaction younger

Charles Fishman

Andres, helpful. very Okay. that's

before DP&L. dependent in $XXX announcement? over X put Just make incremental the on of couple that to years. need that you next any the other the test you The regulatory million of or resolution investment Is earnings investment place things on question final

Andrés Gluski

pretty it. So the the we no first C test the answer -- feel about XXX is because for good

ROE is XX% average Our threshold is and our below recommended XX%. around filed

of and smart But are X feel years that now acceleration plan smart resuming good grid discussing we we about plan. one. filed for that had we our grid an So a ago, we are conversation. Remember,

So approval to around fund second $XXX to as we're expecting market going million, clarity more to approval. the this come we have that's the and get

Operator

Richard our Rosen Columbia Instructions]. And [Operator [ph]. with next

Unidentified Analyst

that, for should Yes. new financing going thought How of in renewable is and getting it there more Should signings issues that expectations be thereof? be financing forward?

Andrés Gluski

question. if me understood Let see I the

terms In before. are were renewables our how of proceeding as with we we

We are project getting financing.

areas. be some seeing areas perhaps stronger are We other than

in As and see there point, our strong. I about look you related -- energy said, smaller to X projects is at storage, we the states, demand particularly we At see about if this renewables strong. quarter demand very

is very like energy and renewables, utilities I strong. especially So guess demand storage the question is, see for for projects basically we

the in that remains for especially America, We angle large, Latin offtakers. mining strong extend and green blend have and

Unidentified Analyst

has that what, expectation? Your a goal Is been, gigawatts X still a year. reasonable X to

Andrés Gluski

trimester, look run megawatts. at our rate And absolutely. first you Yes, it if was the XXX for

year. button So quite almost doing of were on last we frankly, what that's, the

Unidentified Analyst

between changed That's -- why world which QX but you're keeping fantastic. the really QX, that expectation. is Well, and

Okay. That's it. And stay safe.

Operator

would to turn sir. our like ahead, session. back Pasha remarks. for concludes Ahmed This the question-and-answer any conference over I Please to closing go

Ahmed Pasha

you, us Thank joining today's on call. for everybody,

may conference As has you any today's will team have. and follow-up now Bye-bye. available answer questions safe. Thank presentation. attending be to The Thank you, always, for you concluded. the IR stay

You may now disconnect.

Andrés Gluski	President, CEO & Director
Ahmed Pasha	VP, IR
Gustavo Pimenta	EVP & CFO
Charles Fishman	Morningstar Inc.

The AES Corporation (AES) 7 May 202020 Q1 Earnings call transcript