Dayton Power & Light’s lithium-ion battery array in Moraine contributed to a $17 million increase in U.S. adjusted pre-tax contribution in the second quarter for parent company AES Corp., company officials said Thursday.
Officials said the increase was primarily driven by the contributions from platform expansion projects, including the implementation of synchronous condensers at Southland in California and the 40 megawatt Tait energy storage facility in Moraine.
In June, this newspaper reported that the $20 million AES battery array, located at the Tait generating station off Arbor and Carillon boulevards, is the first advanced battery energy storage system in Ohio.
AES Corp. on Thursday reported adjusted earnings per share of 28 cents for the second quarter, a decrease of 7 cents from the same period last year.
Company officials said second quarter results reflect the 11 cent decrease from the higher effective income tax rate of 40 percent, versus a tax rate of 11 percent in same period last year.
Second quarter adjusted earnings per share benefited from improvements in operations at the company’s U.S., Andes, Brazil and Mexico, Central America and Caribbean strategic business units. Results also reflect accretion from the repurchase of 26 million shares for $335 million, as well as prepayments and refinancings of debt, since the second quarter last year.
Second quarter diluted earnings per share from continuing operations decreased 2 cents to 20 cents from the same period last year. Those results include 9 cents of losses related to the revaluation of AES’s investment in Silver Ridge Power LLC, the company’s solar joint venture, and its generation business in Nigeria.
“We continue to make good progress on our financial, operational and strategic objectives, despite a second year of poor hydrology in several markets in Latin America,” said Andres Gluski, AES president and chief executive, in a statement. “We are ahead of our global overhead cost reduction target, continue to exit non-core markets and have received $833 million in asset sale proceeds. At the same time, we have started construction on three new platform expansion projects, totaling 702 megawatts, brought in partners at the project-level, while repurchasing our shares and prepaying recourse debt.”
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