AES Collaborates with X, the moonshot factory on New Grid Virtualization Technologies to Accelerate a Cleaner Energy Future

Companies working together to develop new grid virtualization technologies that are designed to make it easier to build and operate all types of clean energy resources

News provided by

AES CORP.

Aug 03, 2021, 07:59 ET

ARLINGTON, Va., Aug. 3, 2021 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced that it is working with X, the moonshot factory (formerly Google X) to develop tools that enable additional clean energy resources to come onto the grid at a faster pace while improving grid reliability, optimizing operations and reducing costs.

AES and X are using the tools to simulate and virtualize AES' distribution grids in Indiana and Ohio. The near real-time grid virtualization technologies will improve the customer experience by testing new ideas, optimizing the grid for renewables, improving reliability and building new efficiencies into the system.

As Audrey Zibelman, Vice President and General Manager for X's electric grid team explains, "One of the biggest obstacles to shifting to a renewable and reliable electric system is having a complete real-time picture of what is happening on the electric grid. We are developing new computational and virtualization tools designed to give everyone who manages and operates the grid the ability to plan, build, and manage a clean and resilient grid."

"We believe the future of energy is clean, reliable, affordable and accessible to all. By combining X's technical expertise with our industry experience and insights, we're accelerating that future," said Kristina Lund, AES President for US Utilities. "We are proud to be among the first to embrace these grid virtualization tools from X in our smart grid strategy. Our goal is to build a modern and green grid to benefit all."

Zibelman added, "We're delighted to be working with an industry leader like AES to develop tools that guide towards an efficient, reliable and low-carbon energy future."

This work complements the 10-year strategic alliance that AES formed with Google in 2019 to leverage Google Cloud technology to accelerate innovation in energy distribution and management and AES' First-of-Its-Kind Agreement to Supply 24/7 Carbon-Free Energy for Google Data Centers in Virginia.

About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit our advanced energy networks page.

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 expectations regarding the COVID-19 pandemic, 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' 2020 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.

SOURCE AES CORP.