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AES Met or Exceeded all 2020 Strategic and Financial Objectives

ARLINGTON, Va., Feb. 25, 2021 /PRNewswire/ —

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ARLINGTON, Va., Feb. 25, 2021 /PRNewswire/ —

2020 Strategic Accomplishments

Signed 3 GW of new PPAs for renewables and energy storage, bringing backlog to 6.9 GW
Fluence maintained its global lead in the energy storage market by signing 785 MW in 2020, bringing total delivered or awarded to 2.4 GW
Attained a second investment grade rating
Announced the retirement or sale of 4.5 GW of coal generation, which is now 25% of total generation on a proforma basis

2020 Financial Highlights

Diluted EPS of $0.06, compared to $0.45 in 2019
Adjusted EPS of $1.44, compared to $1.36 in 2019 and 2020 guidance of $1.32 to $1.42

Financial Position and Outlook

Initiating 2021 guidance for Adjusted EPS of $1.50 to $1.58
Holding a Virtual Investor Day on March 3, 2021 to review strategy and longer-term financial outlook

The AES Corporation (NYSE: AES) today reported financial results for the year ended December 31, 2020.

«We had a strong year in 2020, meeting or exceeding all of our strategic and financial objectives,» said Andrés Gluski, AES President and Chief Executive Officer. «We made great progress in our transition toward a low-carbon future and consolidated our position as market leader in new and innovative technologies, renewables, and cloud-based customer and efficiency solutions. That we were able to accelerate our growth, and deliver on our original financial guidance in the midst of a global pandemic, is a testament to the quality and dedication of our people and the resilience of our business model.»

«We are very pleased with our performance during 2020, including attaining a second investment grade rating and reducing our generation from coal to 25% on a proforma basis. We signed 3 GW of renewables under long-term contracts, bringing our backlog to 6.9 GW expected to come on-line through 2023. We also significantly outperformed the S&P Utilities Index and the S&P 500 Index, with a total shareholder return of 22%,» said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer. «In 2021, we expect to deliver Adjusted EPS of $1.50 to $1.58, in line with our expectation of 7% to 9% average annual growth. We look forward to discussing our longer-term outlook with you at our Virtual Investor Day next week.»

Key Full Year 2020 Financial Results

Full year 2020 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was $0.06, a decrease of $0.39 compared to full year 2019. Full year 2020 results reflect: an impact of $0.76 from higher net charges related to impairments and early retirement of debt; a gain of $0.20 from the early termination of a contract in Chile; and $0.17 of higher contributions primarily from the commencement of new businesses, higher contributions from the South America Strategic Business Unit (SBU), and lower income tax expense.

Full year 2020 Adjusted Earnings Per Share (Adjusted EPS, a non-GAAP financial measure) was $1.44, an increase of $0.08, primarily reflecting contributions from new businesses, including renewables and the Southland repowering, improved performance at the South America SBU, cost savings and deleveraging initiatives, as well as a lower adjusted tax rate. These positive drivers were partially offset by lower demand at utilities as a result of the COVID-19 pandemic.

Detailed Strategic Highlights

AES is leading the industry’s transition to clean energy by investing in sustainable growth and innovative solutions. The Company is taking advantage of favorable trends in clean power generation, transmission and distribution, and LNG infrastructure to deliver superior results.

Through its presence in key growth markets, AES is well-positioned to benefit from the global transition toward a more sustainable power generation mix.

In 2020, the Company completed construction of 2,318 MW of new projects, including:

1,299 MW Southland Repowering in Southern California;
240 MW Highlander solar facility in Virginia;
200 MW Prevailing Winds wind facility in South Dakota;
100 MW Vientos Bonaerenses wind facility in Argentina;
100 MW Vientos Neuquinos wind facility in Argentina;
100 MW Southland Energy – Alamitos Energy storage facility in California;
100 MW East Line Solar facility in Arizona;
80 MW Andes 2a solar facility in Chile;
56 MW of solar and solar plus storage in the US at AES Distributed Energy;
28 MW Na Pua Makani wind facility in Hawaii;
10 MW Alfalfal Virtual Reservoir energy storage facility in Chile;
4 MW Opico solar facility in El Salvador; and
1 MW Brazil Community Solar facility in Brazil.

In 2020, the Company signed 3,017 MW of renewables and energy storage under long-term Power Purchase Agreements (PPA):

1,180 MW of energy storage, solar and solar plus storage in the US and El Salvador;
1,171 MW of wind and solar at AES Gener in Chile and Colombia;
346 MW of wind at AES Brasil;
211 MW of wind and solar in Panama and the Dominican Republic; and
109 MW of wind in Mexico.

The Company’s backlog of 6,909 MW of renewables now includes:

1,850 MW under construction and expected on-line through 2022; and
5,059 MW signed under long-term PPAs.

The Company has reduced its coal-fired generation to 25% of total generation volume (proforma for asset sales and retirements announced in 2020) and is on track to further reduce its coal-fired generation to less than 10% by year-end 2030.

The Company is developing and deploying innovative solutions such as battery-based energy storage, digital customer interfaces and energy management.

Fluence, the Company’s joint venture with Siemens, is the global leader in the fast-growing energy storage market, which is expected to increase by 15 to 20 GW annually.

In 2020, Fluence signed 785 MW of new contracts, bringing its total delivered or awarded to 2.4 GW.
In December 2020, the Qatar Investment Authority (QIA) agreed to invest $125 million in Fluence through a private placement transaction, valuing Fluence at more than $1 billion.

Guidance and Expectations¹

The Company is initiating 2021 guidance for Adjusted EPS of $1.50 to $1.58. Growth in 2021 is expected to be primarily driven by: contributions from new businesses, including Southland Energy in California, which came on-line in mid-2020 and approximately 4 GW of backlog projects expected to be completed in 2021; benefits from cost savings and digital initiatives; and reduced Parent Company interest from refinancings in 2020. The Company will review its strategy and longer-term financial outlook at its Virtual Investor Day on Wednesday, March 3, 2021.

Adjusted EPS is a non-GAAP financial measure. See attached «Non-GAAP Measures» for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the year ended December 31, 2020. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort.

The Company’s 2021 guidance is based on foreign currency and commodity forward curves as of December 31, 2020.

Non-GAAP Financial Measures

See Non-GAAP Measures for definitions of Adjusted Earnings Per Share and Adjusted Pre-Tax Contributions, as well as reconciliations to the most comparable GAAP financial measures.

Attachments

Condensed Consolidated Statements of Operations, Segment Information, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Non-GAAP Financial Measures and Parent Financial Information.

Conference Call Information

AES will host a conference call on Thursday, February 25, 2021 at 9:00 a.m. Eastern Standard Time (EST). Interested parties may listen to the teleconference by dialing 1-888-317-6003 at least ten minutes before the start of the call. International callers should dial +1-412-317-6061. The Conference ID for this call is 2262772. Internet access to the conference call and presentation materials will be available on the AES website at www.aes.com by selecting «Investors» and then «Presentations and Webcasts.»

A webcast replay, as well as a replay in downloadable MP3 format, will be accessible at www.aes.com beginning shortly after the completion of the call.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power 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 www.aes.com.

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.

Any Stockholder who desires a copy of the Company’s 2020 Annual Report on Form 10-K filed February 25, 2021 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.

Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of Company information. The information AES posts through these channels may be deemed material. Accordingly, investors should monitor our website, in addition to following AES’ press releases, quarterly SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the «Subscribe to Alerts» page of AES’ Investors website. The contents of AES’ website, including its quarterly updates, are not, however, incorporated by reference into this release.

THE AES CORPORATION
Consolidated Statements of Operations

	Year Ended December 31,
	2020		2019		2018
	(in millions, except per share amounts)
Revenue:
Regulated	$	2,661	$	3,028	$	2,939
Non-Regulated	6,999		7,161		7,797
Total revenue	9,660		10,189		10,736
Cost of Sales:
Regulated	(2,235)		(2,484)		(2,473)
Non-Regulated	(4,732)		(5,356)		(5,690)
Total cost of sales	(6,967)		(7,840)		(8,163)
Operating margin	2,693		2,349		2,573
General and administrative expenses	(165)		(196)		(192)
Interest expense	(1,038)		(1,050)		(1,056)
Interest income	268		318		310
Loss on extinguishment of debt	(186)		(169)		(188)
Other expense	(53)		(80)		(58)
Other income	75		145		72
Gain (loss) on disposal and sale of business interests	(95)		28		984
Asset impairment expense	(864)		(185)		(208)
Foreign currency transaction gains (losses)	55		(67)		(72)
Other non-operating expense	(202)		(92)		(147)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES	488		1,001		2,018
Income tax expense	(216)		(352)		(708)
Net equity in earnings (losses) of affiliates	(123)		(172)		39
INCOME FROM CONTINUING OPERATIONS	149		477		1,349
Loss from operations of discontinued businesses, net of income tax expense of $0, $0, and $2, respectively	—		—		(9)
Gain from disposal of discontinued businesses, net of income tax expense of $0, $0, and $44, respectively	3		1		225
NET INCOME	152		478		1,565
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries	(106)		(175)		(364)
Less: Loss from discontinued operations attributable to noncontrolling interests	—		—		2
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION	$	46	$	303	$	1,203
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income from continuing operations, net of tax	$	43	$	302	$	985
Income from discontinued operations, net of tax	3		1		218
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION	$	46	$	303	$	1,203
BASIC EARNINGS PER SHARE:
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.06	$	0.46	$	1.49
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	0.01		—		0.33
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$	0.07	$	0.46	$	1.82
DILUTED EARNINGS PER SHARE:
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.06	$	0.45	$	1.48
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	0.01		—		0.33
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$	0.07	$	0.45	$	1.81
DILUTED SHARES OUTSTANDING	668		667		665

THE AES CORPORATION
Consolidated Statements of Operations (Unaudited)

	Three Months Ended December 31,
	2020		2019
	(in millions, except per share amounts)
Revenue:
Regulated	$	645	$	720
Non-Regulated	1,915		1,711
Total revenue	2,560		2,431
Cost of Sales:
Regulated	(560)		(611)
Non-Regulated	(1,094)		(1,260)
Total cost of sales	(1,654)		(1,871)
Operating margin	906		560
General and administrative expenses	(46)		(60)
Interest expense	(297)		(262)
Interest income	70		76
Loss on extinguishment of debt	(91)		(43)
Other expense	(26)		(45)
Other income	15		19
Gain on disposal and sale of business interests	22		19
Asset impairment expense	(9)		(69)
Foreign currency transaction gains (losses)	35		2
Other non-operating expense	—		(92)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES	579		105
Income tax expense	(161)		(50)
Net equity in earnings (losses) of affiliates	(17)		(175)
INCOME FROM CONTINUING OPERATIONS	401		(120)
Gain (loss) from disposal and impairments of discontinued businesses	—		—
NET INCOME	401		(120)
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries	(83)		42
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION	$	318	$	(78)
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income from continuing operations, net of tax	$	318	$	(78)
Income from discontinued operations, net of tax	—		—
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION	$	318	$	(78)
BASIC EARNINGS PER SHARE:
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.48	$	(0.12)
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—		—
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$	0.48	$	(0.12)
DILUTED EARNINGS PER SHARE:
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.47	$	(0.12)
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—		—
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS	$	0.47	$	(0.12)
DILUTED SHARES OUTSTANDING	669		664

THE AES CORPORATION
Strategic Business Unit (SBU) Information
(Unaudited)

	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2020		2019		2020		2019
REVENUE
US and Utilities SBU	$	973	$	933	$	3,918	$	4,058
South America SBU	886		770		3,159		3,208
MCAC SBU	511		484		1,766		1,882
Eurasia SBU	194		246		828		1,047
Corporate and Other	40		7		231		46
Eliminations	(44)		(9)		(242)		(52)
Total Revenue	$	2,560	$	2,431	$	9,660	$	10,189

THE AES CORPORATION
Consolidated Balance Sheets

	December 31, 2020		December 31, 2019
	(in millions, except share and per share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,089	$	1,029
Restricted cash	297		336
Short-term investments	335		400
Accounts receivable, net of allowance for doubtful accounts of $13 and $20, respectively	1,300		1,479
Inventory	461		487
Prepaid expenses	102		80
Other current assets, net of allowance of $0 and $0, respectively	726		802
Current held-for-sale assets	1,104		618
Total current assets	5,414		5,231
NONCURRENT ASSETS
Property, Plant and Equipment:
Land	417		447
Electric generation, distribution assets and other	26,707		25,383
Accumulated depreciation	(8,472)		(8,505)
Construction in progress	4,174		5,249
Property, plant and equipment, net	22,826		22,574
Other Assets:
Investments in and advances to affiliates	835		966
Debt service reserves and other deposits	441		207
Goodwill	1,061		1,059
Other intangible assets, net of accumulated amortization of $330 and $307, respectively	827		469
Deferred income taxes	288		156
Loan receivable, net of allowance of $0 and $0, respectively	—		1,351
Other noncurrent assets, net of allowance of $21 and $0, respectively	1,660		1,635
Noncurrent held-for-sale assets	1,251		—
Total other assets	6,363		5,843
TOTAL ASSETS	$	34,603	$	33,648
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	1,156	$	1,311
Accrued interest	191		201
Accrued non-income taxes	257		253
Deferred income	438		34
Accrued and other liabilities	1,223		987
Non-recourse debt, including $407 and $337, respectively, related to variable interest entities	1,430		1,868
Current held-for-sale liabilities	667		442
Total current liabilities	5,362		5,096
NONCURRENT LIABILITIES
Recourse debt	3,446		3,391
Non-recourse debt, including $5,832 and $3,872, respectively, related to variable interest entities	15,005		14,914
Deferred income taxes	1,100		1,213
Other noncurrent liabilities	3,241		2,917
Noncurrent held-for-sale liabilities	857		—
Total noncurrent liabilities	23,649		22,435
Commitments and Contingencies
Redeemable stock of subsidiaries	872		888
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 0 issued and 0 outstanding at December 31, 2020 and 817,843,916 issued and 663,952,656 outstanding at December 31, 2019)	8		8
Additional paid-in capital	7,561		7,776
Accumulated deficit	(680)		(692)
Accumulated other comprehensive loss	(2,397)		(2,229)
Treasury stock, at cost (0 and 153,891,260 shares at December 31, 2020 and December 31, 2019, respectively)	(1,858)		(1,867)
Total AES Corporation stockholders’ equity	2,634		2,996
NONCONTROLLING INTERESTS	2,086		2,233
Total equity	4,720		5,229
TOTAL LIABILITIES AND EQUITY	$	34,603	$	33,648

THE AES CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
OPERATING ACTIVITIES:	(in millions)				(in millions)
Net income	$	401	$	(120)	$	152	$	478
Adjustments to net income:
Depreciation and amortization	265		271		1,068		1,045
Loss (gain) on disposal and sale of business interests	(22)		(19)		95		(28)
Impairment expense	9		161		1,066		277
Deferred income taxes	109		(12)		(233)		(8)
Provisions for (reversals of) contingencies	(183)		2		(186)		3
Loss on extinguishment of debt	91		43		186		169
Loss (gain) on sale and disposal of assets	18		33		(19)		54
Loss of affiliates, net of dividends	12		176		128		194
Other	71		62		208		321
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	88		46		48		73
(Increase) decrease in inventory	(5)		31		(20)		28
(Increase) decrease in prepaid expenses and other current assets	(20)		59		13		42
(Increase) decrease in other assets	118		(21)		(134)		(20)
Increase (decrease) in accounts payable and other current liabilities	(88)		6		(186)		(6)
Increase (decrease) in income tax payables, net and other tax payables	(3)		41		59		(83)
Increase (decrease) in deferred income	(175)		3		431		28
Increase (decrease) in other liabilities	(18)		(71)		79		(101)
Net cash provided by operating activities	668		691		2,755		2,466
INVESTING ACTIVITIES:
Capital expenditures	(525)		(777)		(1,900)		(2,405)
Acquisitions of business interests, net of cash and restricted cash acquired	(42)		(136)		(136)		(192)
Proceeds from the sale of business interests, net of cash and restricted cash sold	128		(48)		169		178
Sale of short-term investments	188		142		627		666
Purchase of short-term investments	(107)		(198)		(653)		(770)
Contributions and loans to equity affiliates	(46)		(66)		(332)		(324)
Insurance proceeds	9		71		9		150
Other investing	(44)		2		(79)		(24)
Net cash used in investing activities	(439)		(1,010)		(2,295)		(2,721)
FINANCING ACTIVITIES:
Borrowings under the revolving credit facilities	321		557		2,420		2,026
Repayments under the revolving credit facilities	(964)		(694)		(2,479)		(1,735)
Issuance of recourse debt	1,800		—		3,419		—
Repayments of recourse debt	(1,770)		(1)		(3,366)		(450)
Issuance of non-recourse debt	451		2,248		4,680		5,828
Repayments of non-recourse debt	(685)		(1,853)		(4,136)		(4,831)
Payments for financing fees	(28)		(57)		(107)		(126)
Distributions to noncontrolling interests	(228)		(172)		(422)		(427)
Acquisitions of noncontrolling interests	(19)		—		(259)		—
Sales to noncontrolling interests	512		122		553		128
Issuance of preferred shares in subsidiaries	(1)		—		112		—
Dividends paid on AES common stock	(95)		(90)		(381)		(362)
Payments for financed capital expenditures	(1)		(20)		(60)		(146)
Other financing	(28)		7		(52)		9
Net cash used in financing activities	(735)		47		(78)		(86)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9		10		(24)		(18)
(Increase) decrease in cash, cash equivalents and restricted cash of held-for- sale businesses	(57)		(7)		(103)		(72)
Total increase (decrease) in cash, cash equivalents and restricted cash	(554)		(269)		255		(431)
Cash, cash equivalents and restricted cash, beginning	2,381		1,841		1,572		2,003
Cash, cash equivalents and restricted cash, ending	$	1,827	$	1,572	$	1,827	$	1,572
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest, net of amounts capitalized	$	290	$	265	$	908	$	946
Cash payments for income taxes, net of refunds	75		67		333		363
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared but not yet paid	$	100	$	95	$	100	$	95
Notes payable issued for the acquisition of the Ventus Wind Complex	47		—		47		—
Refinancing of non-recourse debt at Mong Duong	—		—		—		1,081
Contributions to equity affiliates	—		(1)		—		61
Partial reinvestment of consideration from the sPower transaction	—		—		—		58

THE AES CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
RECONCILIATION OF ADJUSTED PRE-TAX CONTRIBUTION (PTC) AND ADJUSTED EPS

Adjusted PTC is defined as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities.

Adjusted EPS is defined as diluted earnings per share from continuing operations excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, the tax impact from the repatriation of sales proceeds, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations and office consolidation; (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence; and (h) tax benefit or expense related to the enactment effects of 2017 U.S. tax law reform and related regulations and any subsequent period adjustments related to enactment effects.

The GAAP measure most comparable to Adjusted PTC is income from continuing operations attributable to The AES Corporation. The GAAP measure most comparable to Adjusted EPS is diluted earnings per share from continuing operations. We believe that Adjusted PTC and Adjusted EPS better reflect the underlying business performance of the Company and are considered in the Company’s internal evaluation of financial performance. Factors in this determination include the variability due to unrealized gains or losses related to derivative transactions or equity securities remeasurement, unrealized foreign currency gains or losses, losses due to impairments, strategic decisions to dispose of or acquire business interests, retire debt or implement restructuring initiatives, and the non-recurring nature of the impact of the early contract terminations at Angamos, which affect results in a given period or periods. In addition, for Adjusted PTC, earnings before tax represents the business performance of the Company before the application of statutory income tax rates and tax adjustments, including the effects of tax planning, corresponding to the various jurisdictions in which the Company operates. Adjusted PTC and Adjusted EPS should not be construed as alternatives to income from continuing operations attributable to The AES Corporation and diluted earnings per share from continuing operations, which are determined in accordance with GAAP.

For the year ended December 31, 2020, the Company changed the definitions of Adjusted Operating Margin, Adjusted PTC and Adjusted EPS to exclude net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. We believe the inclusion of the effects of this non-recurring transaction would result in a lack of comparability in our results of operations and would distort the metrics that our investors use to measure us.

THE AES CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
RECONCILIATION OF ADJUSTED PRE-TAX CONTRIBUTION (PTC) AND ADJUSTED EPS

	Three Months Ended December 31, 2020					Three Months Ended December 31, 2019					Twelve Months Ended December 31, 2020					Twelve Months Ended December 31, 2019
	Net of NCI (1)		Per Share (Diluted) Net of NCI (1)			Net of NCI (1)		Per Share (Diluted) Net of NCI (1)			Net of NCI (1)		Per Share (Diluted) Net of NCI (1)			Net of NCI (1)		Per Share (Diluted) Net of NCI (1)
	(in millions, except per share amounts)
Income (loss) from continuing operations, net of tax, attributable to AES and Diluted EPS	$	318	$	0.47		$	(78)	$	(0.12)		$	43	$	0.06		$	302	$	0.45
Add: Income tax expense from continuing operations attributable to AES	92					35					130					250
Pre-tax contribution	$	410				$	(43)				$	173				$	552
Adjustments
Unrealized derivative and equity securities losses	$	(21)	$	(0.03)		$	35	$	0.05		$	3	$	0.01		$	113	$	0.17	(2)
Unrealized foreign currency losses (gains)	(3)		—			(13)		(0.01)			(10)		(0.01)			36		0.05		(3)
Disposition/acquisition losses (gains)	(18)		(0.02)		(4)	15		0.02		(5)	112		0.17		(6)	12		0.02		(7)
Impairment losses	50		0.07		(8)	282		0.42		(9)	928		1.39		(10)	406		0.61		(11)
Loss on extinguishment of debt	120		0.18		(12)	26		0.04		(13)	223		0.33		(14)	121		0.18		(15)
Net gains from early contract terminations at Angamos	(110)		(0.16)		(16)	—		—			(182)		(0.27)		(16)	—		—
U.S. Tax Law Reform Impact			—					(0.02)					0.02		(17)			(0.01)
Less: Net income tax benefit			(0.03)		(18)			(0.03)		(19)			(0.26)		(20)			(0.11)		(21)
Adjusted PTC and Adjusted EPS	$	428	$	0.48		$	302	$	0.35		$	1,247	$	1.44		$	1,240	$	1.36

_______________________________
⁽¹⁾	NCI is defined as Noncontrolling Interests.

⁽²⁾	Amount primarily relates to unrealized derivative losses in Argentina of $89 million, or $0.13 per share, mainly associated with foreign currency derivatives on government receivables.

⁽³⁾	Amount primarily relates to unrealized FX losses in Argentina of $25 million, or $0.04 per share, mainly associated with the devaluation of long-term receivables denominated in Argentine pesos, and unrealized FX losses at the Parent Company of $12 million, or $0.02 per share, mainly associated with intercompany receivables denominated in Euro.

⁽⁴⁾	Amount primarily relates to gain on sale of OPGC of $23 million, or $0.03 per share.

⁽⁵⁾	Amount primarily relates to losses recognized at commencement of sales-type leases at Distributed Energy of $36 million, or $0.05 per share, partially offset by gain on disposal of Stuart and Killen at DPL of $20 million, or $0.03 per share.

⁽⁶⁾	Amount primarily relates to loss on sale of Uruguaiana of $85 million, or $0.13 per share, loss on sale of the Kazakhstan HPPs of $30 million, or $0.05 per share, as a result of the final arbitration decision, and advisor fees associated with the successful acquisition of additional ownership interest in AES Brasil of $9 million, or $0.01 per share; partially offset by gain on sale of OPGC of $23 million, or $0.03 per share.

⁽⁷⁾	Amount primarily relates to losses recognized at commencement of sales-type leases at Distributed Energy of $36 million, or $0.05 per share, and loss on sale of Kilroot and Ballylumford of $31 million, or $0.05 per share; partially offset by gain on sale of a portion of our interest in sPower’s operating assets of $28 million, or $0.04 per share, gain on disposal of Stuart and Killen at DPL of $20 million, or $0.03 per share, and gain on sale of ownership interest in Simple Energy as part of the Uplight merger of $12 million, or $0.02 per share.

⁽⁸⁾	Amount primarily relates to asset impairments at our sPower equity affiliate, impacting equity earnings by $41 million, or $0.06 per share.

⁽⁹⁾	Amount primarily relates to asset impairment at Hawaii of $60 million, or $0.09 per share; impairments at our Guacolda and sPower equity affiliates, impacting equity earnings by $105 million, or $0.16 per share, and $15 million, or $0.02 per share, respectively; and other-than-temporary impairment of OPGC of $92 million, or $0.14 per share.

⁽¹⁰⁾	Amount primarily relates to asset impairments at Gener of $527 million, or $0.79 per share, other-than-temporary impairment of OPGC of $201 million, or $0.30 per share, impairments at our Guacolda and sPower equity affiliates, impacting equity earnings by $85 million, or $0.13 per share, and $57 million, or $0.09 per share, respectively; impairment at Hawaii of $38 million, or $0.06 per share, and impairment at Panama of $15 million, or $0.02 per share.

⁽¹¹⁾	Amount primarily relates to asset impairments at Kilroot and Ballylumford of $115 million, or $0.17 per share, and Hawaii of $60 million, or $0.09 per share; impairments at our Guacolda and sPower equity affiliates, impacting equity earnings by $105 million, or $0.16 per share, and $21 million, or $0.03 per share, respectively; and other-than-temporary impairment of OPGC of $92 million, or $0.14 per share.

⁽¹²⁾	Amount primarily relates to loss on early retirement of debt at the Parent Company of $108 million, or $0.16 per share, and Angamos of $6 million, or $0.01 per share.

⁽¹³⁾	Amount primarily relates to losses on early retirement of debt at AES Gener of $22 million, or $0.03 per share.

⁽¹⁴⁾	Amount primarily relates to losses on early retirement of debt at the Parent Company of $146 million, or $0.22 per share, DPL of $32 million, or $0.05 per share, Angamos of $17 million, or $0.02 per share, and Panama of $11 million, or $0.02 per share.

⁽¹⁵⁾	Amount primarily relates to losses on early retirement of debt at DPL of $45 million, or $0.07 per share, AES Gener of $35 million, or $0.05 per share, Mong Duong of $17 million, or $0.03 per share, and Colon of $14 million, or $0.02 per share.

⁽¹⁶⁾	Amounts relate to net gains at Angamos associated with the early contract terminations with Minera Escondida and Minera Spence of $110 million, or $0.16 per share, for the three months ended December 31, 2020, and $182 million, or $0.27 per share, for the twelve months ended December 31, 2020.

⁽¹⁷⁾	Amount represents adjustment to tax law reform remeasurement due to incremental deferred taxes related to DPL of $16 million, or $0.02 per share.

⁽¹⁸⁾	Amount primarily relates to income tax benefits associated with the loss on early retirement of debt at the Parent Company of $21 million, or $0.03 per share, and income tax benefits associated with the impairments at Gener of $17 million, or $0.02 per share, and at sPower of $10 million, or $0.01 per share; partially offset by income tax expense related to net gains at Angamos associated with the early contract terminations with Minera Escondida and Minera Spence of $32 million, or $0.05 per share.

⁽¹⁹⁾	Amount primarily relates to income tax benefits associated with the impairments at OPGC of $23 million, or $0.03 per share, Guacolda of $13 million, or $0.02 per share, and Hawaii of $13 million, or $0.02 per share; partially offset by an adjustment to income tax expense related to 2018 gains on sales of business interests, primarily Masinloc, of $25 million, or $0.04 per share.

⁽²⁰⁾	Amount primarily relates to income tax benefits associated with the impairments at Gener and Guacolda of $164 million, or $0.25 per share, and income tax benefits associated with losses on early retirement of debt at the Parent Company of $31 million, or $0.05 per share; partially offset by income tax expense related to net gains at Angamos associated with the early contract terminations with Minera Escondida and Minera Spence of $49 million, or $0.07 per share.

⁽²¹⁾	Amount primarily relates to the income tax benefits associated with the impairments at OPGC of $23 million, or $0.03 per share, Guacolda of $13 million, or $0.02 per share, Hawaii of $13 million, or $0.02 per share, and Kilroot and Ballylumford of $11 million, or $0.02 per share, and income tax benefits associated with losses on early retirement of debt of $24 million, or $0.04 per share; partially offset by an adjustment to income tax expense related to 2018 gains on sales of business interests, primarily Masinloc, of $25 million, or $0.04 per share.

The AES Corporation
Parent Financial Information
Parent only data: last four quarters
(in millions)	4 Quarters Ended
Total subsidiary distributions & returns of capital to Parent	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	Actual		Actual		Actual		Actual
Subsidiary distributions¹ to Parent & QHCs	$	1,145	$	1,206	$	1,312	$	1,180
Returns of capital distributions to Parent & QHCs	45		182		380		217
Total subsidiary distributions & returns of capital to Parent	$	1,190	$	1,388	$	1,692	$	1,397
Parent only data: quarterly
(in millions)	Quarter Ended
Total subsidiary distributions & returns of capital to Parent	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	Actual		Actual		Actual		Actual
Subsidiary distributions¹ to Parent & QHCs	$	335	$	220	$	401	$	189
Returns of capital distributions to Parent & QHCs	(118)		—		163		—
Total subsidiary distributions & returns of capital to Parent	$	217	$	220	$	564	$	189

(in millions)	Balance at
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Parent Company Liquidity²	Actual		Actual		Actual		Actual
Cash at Parent & Cash at QHCs³	$	71	$	26	$	91	$	346
Availability under credit facilities	853		274		518		181
Ending liquidity	$	924	$	300	$	609	$	527

_____________________________
⁽¹⁾	Subsidiary distributions received by Qualified Holding Companies («QHCs») excluded from Schedule 1. Subsidiary Distributions should not be construed as an alternative to Consolidated Net Cash Provided by Operating Activities, which is determined in accordance with US GAAP. Subsidiary Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other cash needs of the holding company. The reconciliation of the difference between the Subsidiary Distributions and Consolidated Net Cash Provided by Operating Activities consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non-discretionary in nature. These factors include, but are not limited to, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non-recourse debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAAP statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other similar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies.

⁽²⁾	Parent Company Liquidity is defined as cash available to the Parent Company, including cash at qualified holding companies (QHCs), plus available borrowings under our existing credit facility. AES believes that unconsolidated Parent Company liquidity is important to the liquidity position of AES as a Parent Company because of the non-recourse nature of most of AES’ indebtedness.

⁽³⁾	The cash held at QHCs represents cash sent to subsidiaries of the company domiciled outside of the US. Such subsidiaries have no contractual restrictions on their ability to send cash to AES, the Parent Company. Cash at those subsidiaries was used for investment and related activities outside of the US. These investments included equity investments and loans to other foreign subsidiaries as well as development and general costs and expenses incurred outside the US. Since the cash held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs.

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SOURCE The AES Corporation

Bend, Boise and Charleston Are Attracting Twice as Many Out-of-Town Homebuyers as Last Year Amid Pandemic-Fueled Migration

SEATTLE, Feb. 25, 2021 /PRNewswire/ — (NASDAQ: RDFN) — Nationwide, 30.7% of Redfin.com users looked to move to a different metro in January, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s up from 25.9% during the same time period last year and the highest share since Redfin started tracking migration in 2017. The increase is driven by buyers leaving pricey coastal areas like the Bay Area and Los Angeles in favor of relatively affordable places like Boise, ID and Bend, OR.

The latest migration analysis is based on a sample of more than 2 million Redfin.com users who searched for homes across 87 metro areas in January, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must make up at least 80% of the user’s searches.

The number of homebuyers looking to move to Bend, Boise and Charleston has more than doubled over the last year

Bend had a net inflow of roughly 1,600 Redfin.com users in January, up from 750 in January 2020, before the onset of the pandemic. A net inflow is a measure of how many more Redfin.com home searchers looked to move into a metro than leave out of a sample of 2 million Redfin users.

Bend is one of 17 metros where net inflow has more than doubled over the last year. Another example is Boise, which had a net inflow of roughly 1,100 Redfin.com users in January, up from 500 the year before. And Charleston had a net inflow of about 1,000, up from 300. Compared to major cities like New York and Los Angeles, those are all relatively affordable areas that offer a slower pace of life and plenty of natural beauty.

«Boise has been hot with out-of-towners for the last several years, but the pandemic has pushed people who were on the brink to move here as quickly as possible,» said local Redfin agent Kristin Lopez. «Almost all my buyers are people from California, Washington, Oregon, Texas and Arizona who can work remotely and have kids in online school. There’s an interesting dynamic right now because Boise is still less expensive than places like Seattle or Los Angeles, but migration has caused prices to skyrocket and supply to shrink. Some buyers have been searching for six months and now suddenly they’re priced out.»

«It makes it hard for locals to buy a home,» Lopez continued. «Local wages haven’t caught up with the appreciation of home prices. And as long as interest rates stay low, I don’t foresee the market slowing down anytime in at least the next year.»

Portland, OR, Seattle and the Bay Area were the top origins for homebuyers moving into Bend from out of town, and Los Angeles, the Bay Area and Seattle were the top origins for those moving to Boise. New York, Washington, D.C. and Chicago were the top origins for people relocating to Charleston. Although Bend, Boise and Charleston aren’t necessarily inexpensive—the median home-sale price in January was $509,000 in Bend, $420,000 in Boise and $330,000 in Charleston—they are more affordable than the places people are moving from. For instance, the typical home sold for $1.34 million in the San Francisco metro in January, and $725,000 in Los Angeles.

Metros with at least a 100% year-over-year increase in Redfin.com users looking to move in, January 2020 to January 2021
Metro area	Net inflow of Redfin.com users (January 2021)	Net inflow of Redfin.com users (January 2020)	Top three origins (January 2021)
Austin, TX	7,946	2816	Bay Area, Houston, Los Angeles
Bakersfield, CA	1,139	407	Los Angeles, Bay Area, Tampa
Bend, OR	1,591	755	Portland, OR, Bay Area, Seattle
Boise, ID	1,058	465	Los Angeles, Bay Area, Seattle
Cape Coral, FL	3,744	1370	Chicago, Miami, New York
Charleston, SC	1,014	338	New York, Washington, D.C., Chicago
Dallas, TX	6,215	2499	Los Angeles, Bay Area, Seattle
Honolulu, HI	1,409	634	Los Angeles, Bay Area, Seattle
Houston, TX	1,854	54	Los Angeles, Bay Area, New York
Miami, FL	4,963	1742	New York, Washington, D.C., Chicago
North Port, FL	2,522	1060	Chicago, Tampa, New York
Orlando, FL	3,175	1266	Miami, New York, Tampa
Philadelphia, PA	1,277	600	New York, Washington, D.C., Allentown, PA
Portland, ME	1,405	642	Boston, New York, Washington, D.C.
Salisbury, MD	1,100	201	Washington, D.C., Philadelphia, New York
San Antonio, TX	2,198	977	Houston, Los Angeles, Austin
Tampa, FL	4,036	1869	Orlando, New York, Washington, D.C.
*Combined statistical areas with at least 500 users in January 2021 †Negative values indicate a net outflow; among the one million users sampled for this analysis only

Austin, Phoenix and Las Vegas are attracting more out-of-town homebuyers than any other metro

Austin had a bigger net inflow of residents than any other major metro in January. It’s followed by Phoenix, Las Vegas, Dallas and Atlanta. Relatively affordable inland areas like those five are typically the most popular destinations for people relocating.

The share of home searches from out-of-towners as opposed to locals also increased from last January in nine of the 10 most popular destinations (Atlanta is the exception). Nearly 45% of searches for homes in Austin were from out of town, up from 32.6% a year earlier.

Top 10 Metros by Net Inflow of Users and Their Top Origins (January 2021)
Rank	Metro^*	Net Inflow (January 2021)^†	Net Inflow (January 2020)	Portion of Searches from Users Outside the Metro (January 2021)	Portion of Searches from Users Outside the Metro (January 2020)	Top Origin	Top Out-of-State Origin
1	Austin, TX	7,946	2,816	44.9%	32.6%	San Francisco, CA	San Francisco, CA
2	Phoenix, AZ	7,394	5,109	38.9%	35.9%	Los Angeles, CA	Los Angeles, CA
3	Las Vegas, NV	6,702	4,045	53.4%	49.3%	Los Angeles, CA	Los Angeles, CA
4	Dallas, TX	6,215	2,499	34.0%	27.0%	Los Angeles, CA	Los Angeles, CA
5	Atlanta, GA	5,509	3,674	26.8%	27.3%	New York, NY	New York, NY
6	Sacramento, CA	5,506	3,645	48.6%	44.9%	San Francisco, CA	Reno, NV
7	Miami, FL	4,963	1,742	31.4%	26.8%	New York, NY	New York, NY
8	Tampa, FL	4,036	1,869	59.1%	55.9%	Orlando, FL	New York, NY
9	Cape Coral, FL	3,744	1,370	76.9%	75.3%	Chicago, IL	Chicago, IL
10	Nashville, TN	3,259	2,100	40.3%	36.9%	New York, NY	New York, NY
*Combined statistical areas with at least 500 users in January 2021 †Negative values indicate a net outflow; among the one million users sampled for this analysis only

San Francisco, New York and Los Angeles are losing more residents than any other metro

San Francisco, New York, Los Angeles, Washington, D.C. and Seattle topped the list of metros with the biggest net outflow in January. A net outflow means more people are looking to leave than move in.

Net outflow increased from last year in all 10 of the top places people are leaving. Plus, the share of locals searching for homes in other metros as opposed to their home metro increased from last January in nine of the 10 metros people are leaving. The portion of Redfin.com users in New York looking to move away has declined slightly since last year, but that’s likely because a lot of New Yorkers searching for homes elsewhere have already left the metro, so their search origins reflect their current location.

Top 10 Metros by Net Outflow of Users and Their Top Destinations (January 2021)
Rank	Metro^*	Net Outflow (January 2021)^†	Net Outflow (January 2020)	Portion of Local Users Searching Elsewhere (January 2021)	Portion of Local Users Searching Elsewhere (January 2020)	Top Destination	Top Out-of-State Destination
1	San Francisco, CA	28,386	18,451	24.7%	22.6%	Sacramento, CA	Austin, TX
2	New York, NY	26,528	17,197	33.5%	34.8%	Philadelphia, PA	Philadelphia, PA
3	Los Angeles, CA	17,674	9,794	18.4%	16.5%	San Diego, CA	Las Vegas, NV
4	Washington, DC	10,051	4,915	14.3%	11.6%	Salisbury, MD	Salisbury, MD
5	Seattle, WA	6,010	2,088	16.3%	13.2%	Los Angeles, CA	Los Angeles, CA
6	Chicago, IL	5,903	3,230	13.2%	10.6%	Cape Coral, FL	Cape Coral, FL
7	Denver, CO	4,480	2,099	29.8%	23.8%	Seattle, WA	Seattle, WA
8	Boston, MA	2,414	852	14.4%	11.6%	Portland, ME	Portland, ME
9	Milwaukee, WI	1,489	612	42.0%	37.6%	Chicago, IL	Chicago, IL
10	Indianapolis, IN	1,378	442	43.4%	35.1%	Chicago, IL	Chicago, IL
*Combined statistical areas with at least 500 users in January 2021 †Among the one million users sampled for this analysis only

To read the full report, please visit: https://www.redfin.com/news/january-2021-housing-migration-trends

About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 95 markets in the United States and Canada. Since our launch in 2006, we have saved our customers nearly $1 billion and we’ve helped them buy or sell more than 310,000 homes worth more than $152 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

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SOURCE Redfin

Door County Coastal Byway gains National Scenic Byway Designation

DOOR COUNTY, Wis., Feb. 25, 2021 /PRNewswire-PRWeb/ — The U.S. Department of Transportation’s Federal Highway Administration’s National Scenic Byways program named the Door County Coastal Byway (DCCB) a National Scenic Byway on February 16, 2021.

The Door County Coastal Byway stretches across 66 miles of Wisconsin’s Door Peninsula from north of the city of Sturgeon…

The Door County Coastal Byway stretches across 66 miles of Wisconsin’s Door Peninsula from north of the city of Sturgeon Bay on HWY 57 to the tip of peninsula and down HWY 42 back to the starting point.

The popular Door County circle tour route offers sweeping views of Lake Michigan and the Niagara Escarpment bluffs along with dense forests, agricultural lands, and travels through several of the peninsula’s quaint shore-side towns and villages.

DCCB’s council chairwoman, Annie Miller is thrilled with the new national title. «In 2009 we pursued the Wisconsin Scenic Byway designation in Door County and 10 years later our council believed we had what it took to pursue the national designation,» Miller said. «I felt the designation gave the communities the opportunity to preserve and protect the land and provided something for visitors no matter the season.»

Miller credits the cooperative efforts of many individuals and agencies that made this designation possible.

To learn more, visit DoorCountyCoastalByway.org.

Media Contact

Jen Rogers, Destination Door County, 920-743-4456, jen@doorcounty.com

Annie Miller, Door County Coastal Byway, 920-839-2288, bhnews@amautocare.com

Twitter

SOURCE Destination Door County

Door County Coastal Byway gains National Scenic Byway Designation

The Door County Coastal Byway stretches across 66 miles of Wisconsin’s Door Peninsula from north of the city of Sturgeon…

Miller credits the cooperative efforts of many individuals and agencies that made this designation possible.

To learn more, visit DoorCountyCoastalByway.org.

Media Contact

Jen Rogers, Destination Door County, 920-743-4456, jen@doorcounty.com

Annie Miller, Door County Coastal Byway, 920-839-2288, bhnews@amautocare.com

Twitter

SOURCE Destination Door County

What do Growing EV Sales Mean for Hydrogen Sensor Manufacturers

NEW YORK, Feb. 25, 2021 /PRNewswire/ — Award winning market research company Fact.MR’s global hydrogen sensor market opines a moderate outlook for 2021, owing to commencement of recovery in APAC automotive market. Although, demand for hydrogen sensors grew at around 3% from 2016-2020, the market is expected to grow at over 6% CAGR through 2031.

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Innovation in technology and investment in research and development remain key focus areas for manufacturers. The rapid standardization in the developing countries is also bolstering the demand for hydrogen sensors.

Industry giant like Siemens is investing in the fuel cell drive which remains a lucrative category. For instance, in November 2020, Deutsche Bahn and Siemens entered the Hydrogen age by developing a joint project to develop fuel cell drives for trains.

Countries investing in the renewable technology, especially developed regions, is expected provide stimulus. This is especially true for US and Western European countries.

The United States Department of Energy’s Fuel Cell Technology is bracing the development of hydrogen as an alternative fuel source in the country. To ensure the US security, the fuel cell technologies support the department of energy in addressing the environmental and energy challenges through advanced science and technology solutions.

«Customers using macro scale hydrogen for the application of synthetic compounds and petrochemicals will in general produce it on premise paving its way for the increased utilization of the product. The alarming awareness for the renewable sources and the advantages of using hydrogen as a fuel source will foster the consumption.» says a Fact.MR analyst.

For more Insights into the Market, Request a Sample of this Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=3401

Key Takeaways

Growing electric vehicle (EV) sales continue to create demand for hydrogen sensors
Rising investment in hydrogen technology for power generation a key opportunity
Germany to remain a lucrative market, owing to well-established automotive industry in the region
Chinese government is leaning toward developing more sustainable hydrogen infrastructure and promoting the usage of fuel cell vehicles
US remains the most lucrative hydrogen sensor market

Competitive Landscape

Key industry players analyzed by Fact.MR include Honeywell International, City Technology, Figaro Engineering, Nissha FIS Inc., SGX Sensortech, Siemens AG, MSA Safety Inc., Membrapor AG, Makel Engineering, and Aeroqual among others. Foray into new markets, and a strong focus on R&D remains a key strategy of market players.

In 2020, Figaro Engineering launched a new hydrogen sensor product, TGS6812-D00, for hydrogen detection and Fuel cell power safety with updated features like low cost and gas leak detector in FCEV.

Also, Siemens signed an agreement with the State Power Investment Corporation Limited (SPIC) China to develop and foster an environmental friendly usage of hydrogen.

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German energy group RWE AG plans to install a transferrable hub where green hydrogen is injected into the system and develop a joint venture with ThyssenKrupp Steel Europe to build the plant in Lingen. That will be able to produce 1.7 tonnes of hydrogen per hour making both the companies a major contributor to the market.

More Insights on the Hydrogen Sensor Market

In its latest report, Fact.MR provides a detailed analysis of the global hydrogen sensors market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of technology type (Electro chemicals, Metal-Oxide Semi-Conductors, Thermal Conductivity, and Catalytic), by Maximum Measurement Range (<2000 ppm, <5000 ppm, <10,000 ppm, <20,000 ppm, and above 20,000 ppm), by Utility (Fixed and Portable), End-user industries (Industrial, Transportation, Residential & Commercial), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

Key Questions Covered in the Report

How will the hydrogen sensors market shape in 2030?
Which country is the major contributor for the hydrogen sensors market?
How is North-America the leading region for hydrogen sensors?
Which are the major industry players for the hydrogen sensors market?
What is the impact of COVID-19 on the market share of hydrogen sensors?

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Explore Fact.MR’s Coverage on the Healthcare Domain

Chemical Sensors Market: Fact.MR’s extensive study on the chemical sensors market brings to fore important insights concerning major growth dynamics, including the drivers, restraints and opportunities across key regions. The report provides a holistic overview of the expected trends and shares of prominent manufacturers investing in chemical sensors.

Oxygen Sensors Market: A recent study by Fact.MR on the cables and leads for medical equipment market offers a detailed forecast. The study analyzes crucial trends that are currently determining the growth of the oxygen sensors market. This report focuses on salient features, such as the drivers, restraints, and opportunities for key market players along with key stakeholders.

Gas Sensors Market: The gas sensors market study published by Fact.MR offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analyses of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies and segments.

About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.

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ACORE Policy Forum to Feature Speakers from the White House, Congress and FERC

WASHINGTON, Feb. 25, 2021 /PRNewswire-PRWeb/ — With a new presidential administration focused as never before on climate, a changing Congress and the ongoing pandemic – it will be critical for renewable energy companies to understand the outlook for executive, regulatory and legislative action over the coming year. The ACORE Policy Forum, taking place virtually on March 10-11, will convene leaders from across government and the renewable energy industry for a deep dive on climate policy, grid advocacy, and their expectations for progress at the federal and state levels.

KEYNOTE SPEAKERS INCLUDE:

The Honorable Gina McCarthy, White House National Climate Advisor
The Honorable Joe Manchin, United States Senator, West Virginia; Chairman, U.S. Senate Committee on Energy & Natural Resources
The Honorable Ron Wyden, United States Senator, Oregon; Chairman, U.S. Senate Committee on Finance
The Honorable Steven Horsford, United States Representative, NV-4
The Honorable Allison Clements, Commissioner, U.S. Federal Energy Regulatory Commission

Hosted on an easy-to-use digital event platform, the ACORE Policy Forum will feature interactive panels and keynote addresses, attendee-to-attendee networking and messaging, engaging Q&A and discussion sessions, and virtual exhibiting.

AGENDA HIGHLIGHTS:

Incentives to Unleash the Renewable Economy: Smart Tax Policies and What’s Next
Supporting Diversity, Equity and Inclusion Across the Clean Energy Workforce: Turning Ambitions into Action
Fireside Chat: Regulatory Action to Tackle the Climate Crisis
Priorities for an Infrastructure Plan

To see the full list of confirmed speakers and panel discussion topics, click here.

To register for the 2021 ACORE Policy Forum, click here.

Media Contact

Alex Hobson, American Council on Renewable Energy (ACORE), 202.777.7584, hobson@acore.org

SOURCE American Council on Renewable Energy (ACORE)

Raptor Maps Releases 2021 Global Solar Aerial Inspection Report

BOSTON, Feb. 25, 2021 /PRNewswire-PRWeb/ — Raptor Maps, a leading provider of solar lifecycle management software, released its third annual report on causation and frequency of PV system underperformance. The company utilized its solar data model to query 22 GW of utility-scale and C&I PV systems across 27 countries.

This report leveraged data collected by aerial inspection, a technique specified by owners and operators for commissioning, preventative maintenance, and warranty…

This report leveraged data collected by aerial inspection, a technique specified by owners and operators for commissioning, preventative maintenance, and warranty inspections. Aerial inspection fuses site-specific schematics with thermal and color image data captured under specific conditions by unmanned or manned aircraft.

The results are available for download here: https://raptormaps.com/2021-global-solar-aerial-inspection-report/

«This year, we were surprised that each online report was shared to an average of 22 additional users,» reveals Nikhil Vadhavkar, co-founder and CEO of Raptor Maps. «The data owners are authorizing more counterparties to access raw and synthesized data. In particular, we have seen an increased willingness from module manufacturers and EPCs to leverage this data to provide owners and operators with positive resolutions.»

The study encompassed over 70 million modules, 92 module manufacturers, and 1,126 PV systems. On average, Raptor Maps inspections revealed that 1.9% of power production is affected, compared with 1.6% from the previous year. Classifications included in the study include functional units, such as off-nominal inverters and trackers, environmental conditions, such as shading and soiling, and module-level findings, such as cracking and activated bypass diodes.

The global report comes on the heels of a BloombergNEF (BNEF) report forecasting up to 209 GW of new solar PV installations in 2021. 84% of the modules analyzed in the Raptor Maps report are classified as BNEF Tier One. Industry tailwinds include net zero targets from governments and corporations, a stable supply chain, and overall favorable levelized cost of energy (LCOE). Due to this growth, developers, owners, and operators have increasingly required software and data-driven analytics to meet their financial objectives at scale.

For more information, visit https://raptormaps.com/. Technical information regarding data collection protocols, sample contracts, and API documentation is available at https://docs.raptormaps.com/.

Media Contact

Nikhil Vadhavkar, Raptor Maps, Inc., +1 6175396357, info@raptormaps.com

Twitter, Facebook

SOURCE Raptor Maps, Inc.

El archivo de Artprice es la alternativa mundial tras el cierre de los archivos de Christie’s en Londres para los profesionales del arte

«Christie’s cierra en Londres sus archivos para los profesionales del arte»

«Los catálogos de venta, publicados por primera…

PARIS, 25 de febrero de 2021 /PRNewswire/ — Según publica esta tarde Le Figaro: https://www.lefigaro.fr/culture/encheres/a-londres-christie-s-closes-its-archives-to-professionals-of-the-art-world-20210222

«Christie’s cierra en Londres sus archivos para los profesionales del arte»

«Los catálogos de venta, publicados por primera vez en 1766, son un recurso inestimable para los especialistas. Ante esta decisión de cierre, han expresado su enfado e incomprensión.

La prestigiosa casa de subastas ha decidido poner fin al acceso a sus archivos debido a una reducción de su personal.

Según informa el Art Newspaper, un portavoz de la casa de subastas afirmó que «como cortesía, Christie’s ha permitido el libre acceso a sus archivos para fines de investigación». «Sin embargo, el personal encargado de los archivos se ha visto reducido y ahora sólo pueden satisfacerse las necesidades de nuestros propios equipos de especialistas».

Recurso inestimable…

La casa de subastas ha respondido a las críticas y no parece estar muy segura respecto a una posible reapertura. Dirk Bool, presidente de Christie’s en Europa, Oriente Medio, Rusia e India: «Lamentablemente, todo el edificio de King Street ha sido cerrado al público debido a la crisis sanitaria. Tengan la seguridad de que seguiremos manteniendo nuestros archivos de forma adecuada y accesible. También estudiaremos la forma de ampliar el acceso a estos archivos en el futuro».

thierry Ehrmann, Presidente y Fundador de Artmarket.com y su departamento de Artprice: «La respuesta para los profesionales del arte, las casas de subastas, los expertos, las galerías, los museos y los coleccionistas es el departamento de archivos de Artprice by Artmarket, actor global del mercado del arte y líder mundial en bases de datos de precios e índices de arte».

El archivo de Artprices «Artprice Images®» es absolutamente único…

Permite el acceso ilimitado al mayor archivo del Mercado del Arte del mundo… una biblioteca que consta de 180 millones de imágenes y grabados de obras de arte desde 1700 hasta hoy, comentados por nuestros historiadores, econometristas y escritores, y que abarca más de 770.000 artistas.

Este archivo, que según la prensa especializada de todo el mundo es único en el mundo, consta de más de 750.000 manuscritos y catálogos de arte procedentes de más de 6.300 casas de subastas, cuidadosamente conservados en bloques de archivo estandarizados, y que según un antiguo Ministro de Cultura francés constituye «una misión de Estado, realizada por una empresa privada que, mediante la obtención de capital, consiguió hacer lo que debería haber hecho el Estado…»

El archivo de Artprice, que incluye documentos de arte desde 1700 hasta la actualidad, ha ido ampliándose desde 1987 mediante la adquisición selectiva de una multitud de fondos y/o empresas de todos los continentes (Sound View Press, Frank Van Wilder, Mayer, Bayer USA, Hippolyte Mireur etc…).

Es la piedra angular de la base de datos de Artprice by Artmarket, con más de 30 millones de índices del mercado del arte y resultados de ventas.

Accesible online en www.artprice.com o www.artmarket.com a través de nuestras suscripciones ilimitadas.

Imágenes:

[https://imgpublic.artprice.com/img/wp/sites/11/2021/02/Artmarket-Artprice-room-9-Archives-1.jpg]

[https://imgpublic.artprice.com/img/wp/sites/11/2021/02/Artmarket-Artprice-room-9-Archives-2.jpg]

Copyright 1987-2021 thierry Ehrmann www.artprice.com – www.artmarket.com

No dude en ponerse en contacto con nuestro Departamento de Econometría para mayor información sobre estadísticas y estudios personalizados: econometrics@artprice.com

Pruebe nuestros servicios (demo gratuita): https://www.artprice.com/demo

Suscríbase a nuestros servicios: https://www.artprice.com/subscription

Acerca de Artmarket:

Artmarket.com cotiza en Eurolist por Euronext Paris, SRD long only y Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Descubra Artmarket y su departamento de Artprice en vídeo: www.artprice.com/video

Artmarket y su departamento Artprice se fundaron en 1997 por su CEO, Thierry Ehrmann. Artmarket y su departamento Artprice están controlados por el Groupe Serveur, creado en 1987.

Ver biografía certificada en Who’s who ©:

imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket es un actor global del Mercado del Arte con, entre otras estructuras, su departamento de Artprice, líder mundial en la recopilación, gestión y explotación de información histórica y actual del Mercado del Arte en bancos de datos con más de 30 millones de índices y resultados en subastas que abarcan más de 749.000 artistas.

Artprice Images® permite el acceso ilimitado al mayor banco de imágenes del Mercado del Arte del mundo: al menos 180 millones de imágenes digitales de fotografías o reproducciones grabadas de obras de arte desde 1700 hasta nuestros días, comentadas por nuestros historiadores de arte.

Artmarket, con su departamento de Artprice, recopila datos de forma permanente de 6.300 casas de subastas y produce información clave sobre el Mercado del Arte para las principales agencias de información y medios de comunicación (7.200 publicaciones). Sus 4,5 millones de usuarios «miembros registrados» tienen acceso a anuncios publicados por otros miembros, una red que representa hoy en día el principal Marketplace® Estandarizado del mundo para comprar y vender obras de arte a un precio fijo o a un precio de oferta (subastas reguladas por los apartados 2 y 3 del artículo L 321.3 del Código de Comercio de Francia).

Artmarket, con su departamento de Artprice, ha sido galardonada con la etiqueta de «Empresa Innovadora» por el Banco Público de Inversiones (BPI) (por segunda vez en noviembre de 2018 para un nuevo periodo de 3 años), el cual apoya a la compañía en su proyecto de consolidar su posición como actor global del mercado del arte.

Informe del Mercado del Arte Global 2019 de Artprice, publicado en febrero de 2020:

www.artprice.com/artprice-reports/the-art-market-in-2019

Índice de comunicados de prensa publicados por Artmarket junto a su departamento de Artprice:

serveur.serveur.com/press_release/pressreleaseen.htm

Siga todas las noticias del Mercado del Arte en tiempo real con Artmarket y su departamento de Artprice en Facebook y Twitter:

www.facebook.com/artpricedotcom/ (5 millones de seguidores)

twitter.com/artmarketdotcom

twitter.com/artpricedotcom

Descubra la alquimia y el universo de Artmarket y su departamento de Artprice http://web.artprice.com/videocon sede en el famoso Museo de Arte Contemporáneo Organe «The Abode of Chaos» (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – El museo del futuro: https://youtu.be/29LXBPJrs-o

www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

(4,5 millones de seguidores)

https://vimeo.com/124643720

Contacto Artmarket.com y su departamento Artprice

Contacto: ir@artmarket.com

Photo – https://mma.prnewswire.com/media/1442351/Artprice_Archives_1.jpg
Photo – https://mma.prnewswire.com/media/1442352/Artprice_Archives_2.jpg
Logo – https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg

Autor venredPublicado el 25 febrero, 2021Categorías Puro Cine

The ‘Fusion Trip’ Trend: City and Nature Getaways

Time Out Travel Survey reveals over a third of people are planning a city getaway in 2021

LONDON, Feb. 25, 2021 /PRNewswire/ — Time Out, the global media and hospitality brand that helps people explore and experience the soul of the city, debuts its first global Travel Survey. The findings reveal…

Time Out Travel Survey reveals over a third of people are planning a city getaway in 2021

LONDON, Feb. 25, 2021 /PRNewswire/ — Time Out, the global media and hospitality brand that helps people explore and experience the soul of the city, debuts its first global Travel Survey. The findings reveal that travellers are in search of a fusion of city and nature for their future trips. This emerging trend follows the results revealed from the global poll of more than 21,000 people, which indicates that more than a third are planning a city getaway this year.

Despite the pandemic emptying city centres in 2020, the survey reveals that just as many travellers are craving the unique culture and diversity of city holidays (41%) in 2021 as are planning nature and countryside escapes (42%). More people will be looking to travel with partners (16%) and family (14%) than friends (10%), with the majority (67%) saying they will travel by plane.

A fifth of respondents (19%) want to travel to both city and nature destinations this year. This has led Time Out editors worldwide to agree that when travel eventually resumes, there will be a greater pull toward two-part city and nature travel experiences. This ‘fusion trip’ trend will involve travellers exploring city neighbourhoods and their food and drink scenes, while discovering less-crowded culture spots and attractions. Following a few days of city exploration, travellers will venture out to find nearby nature trails, wide-open spaces and other outdoor activities.

Time Out International Editor, James Manning says: «It’s been a hard year for city life and for travel, so it’s incredibly heartening to see our Time Out Travel Survey identifying a huge interest in city breaks for 2021. We believe that cities will bounce back more quickly than anyone expects, given the huge pent-up demand for food, drink, culture and nightlife. Nevertheless, we’re expecting the surge in nature travel to continue too, with many people still preferring outdoor activities. The ‘fusion trip’ combines the best of both worlds: the vibe of the city, with a wave of travellers discovering the new urban phenomena emerging from the global shutdown, plus the relaxation (and built-in social distance) of a nature trip.»

Time Out city experts have identified 15 leading city destinations for a ‘fusion trip’ once international travel reopens: FULL DESCRIPTIONS HERE

For further press information, please contact:
PR@timeout.com
Images

Autor venredPublicado el 25 febrero, 2021Categorías Marco carvajal

The ‘Fusion Trip’ Trend: City and Nature Getaways

Time Out Travel Survey reveals over a third of people are planning a city getaway in 2021

LONDON, Feb. 25, 2021 /PRNewswire/ — Time Out, the global media and hospitality brand that helps people explore and experience the soul of the city, debuts its first global Travel Survey. The findings reveal…

Time Out Travel Survey reveals over a third of people are planning a city getaway in 2021

LONDON, Feb. 25, 2021 /PRNewswire/ — Time Out, the global media and hospitality brand that helps people explore and experience the soul of the city, debuts its first global Travel Survey. The findings reveal that travellers are in search of a fusion of city and nature for their future trips. This emerging trend follows the results revealed from the global poll of more than 21,000 people, which indicates that more than a third are planning a city getaway this year.

Despite the pandemic emptying city centres in 2020, the survey reveals that just as many travellers are craving the unique culture and diversity of city holidays (41%) in 2021 as are planning nature and countryside escapes (42%). More people will be looking to travel with partners (16%) and family (14%) than friends (10%), with the majority (67%) saying they will travel by plane.

A fifth of respondents (19%) want to travel to both city and nature destinations this year. This has led Time Out editors worldwide to agree that when travel eventually resumes, there will be a greater pull toward two-part city and nature travel experiences. This ‘fusion trip’ trend will involve travellers exploring city neighbourhoods and their food and drink scenes, while discovering less-crowded culture spots and attractions. Following a few days of city exploration, travellers will venture out to find nearby nature trails, wide-open spaces and other outdoor activities.

Time Out International Editor, James Manning says: «It’s been a hard year for city life and for travel, so it’s incredibly heartening to see our Time Out Travel Survey identifying a huge interest in city breaks for 2021. We believe that cities will bounce back more quickly than anyone expects, given the huge pent-up demand for food, drink, culture and nightlife. Nevertheless, we’re expecting the surge in nature travel to continue too, with many people still preferring outdoor activities. The ‘fusion trip’ combines the best of both worlds: the vibe of the city, with a wave of travellers discovering the new urban phenomena emerging from the global shutdown, plus the relaxation (and built-in social distance) of a nature trip.»

Time Out city experts have identified 15 leading city destinations for a ‘fusion trip’ once international travel reopens: FULL DESCRIPTIONS HERE

For further press information, please contact:
PR@timeout.com
Images

View original content:http://www.prnewswire.com/news-releases/the-fusion-trip-trend-city-and-nature-getaways-301234872.html

SOURCE Time Out Group

Autor venredPublicado el 25 febrero, 2021Categorías Marco carvajal

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