AES Provides an Update on Operations in Puerto Rico and the U.S. Virgin Islands, Following Recent Hurricanes

• All AES people and their families are safe
• Sustained some damage to three power plants
• Reaffirming 2017 guidance for all metrics, but now expects Adjusted
  EPS to be in the lower half of the $1.00 to $1.10 range
  • Potential Adjusted EPS impact from recent hurricanes of $0.03 to
    $0.05 per share

ARLINGTON, Va.–(BUSINESS WIRE)–The
AES Corporation (NYSE:AES) today provided an update on its
operations in Puerto Rico and the U.S. Virgin Islands, following
Hurricanes Irma and Maria.

Although a more detailed assessment of the damage to its facilities is
still ongoing, the Company sustained modest damage to its 24 MW Illumina
solar plant and minor damage to its 524 MW AES Puerto Rico coal-fired
plant, both located in Puerto Rico. One of the two units at AES Puerto
Rico is available to generate electricity, while the inspection of the
second unit is ongoing. The Company’s 5 MW USVI Solar I solar plant in
the U.S. Virgin Islands has been materially damaged.

“Our number one priority before, during and after the recent hurricanes
was the safety of our people and their families. Fortunately, all AES
people and their families are safe and we have now turned our attention
to assessing our facilities and assisting the impacted communities,”
said Andrés
Gluski, AES President and Chief Executive Officer. “We expect to
have the second unit at AES Puerto Rico be available to generate
much-needed electricity in the next couple of weeks. We are working
closely with the communities to assist in providing humanitarian relief,
as well.”

Following the hurricanes, AES has provided critical assistance to its
employees and local communities in Puerto Rico. Specifically, the
Company has delivered 10,200 gallons of bottled water, cleared storm
debris from roads and schools and provided critical diesel fuel for
generators to the Salvation Army and Guayama Hospital. AES is involved
in ongoing discussions to provide additional supplies and manpower to
aid in further recovery on the island.

The impact on the Company’s 2017 Adjusted EPS is expected to be $0.03 to
$0.05, which is related to the damages to the three plants, business
interruption and deductibles under the Company’s captive insurance
policy. Accordingly, the Company is reaffirming its 2017 guidance for
all metrics, but now expects Adjusted EPS to be in the lower half of the
$1.00 to $1.10 range. The Company’s 2017 guidance for Consolidated Free
Cash Flow is $1,400 to $2,000 million and Operating Cash Flow is $2,000
million to $2,800 million.

About AES

The AES Corporation (NYSE:AES) is a Fortune 200 global power company. We
provide affordable, sustainable energy to 17 countries through our
diverse portfolio of distribution businesses as well as thermal and
renewable generation facilities. Our workforce of 19,000 people is
committed to operational excellence and meeting the world’s changing
power needs. Our 2016 revenues were $14 billion and we own and manage
$36 billion in total assets. To learn more, please visit www.aes.com.
Follow AES on Twitter @TheAESCorp.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning
of the Securities Act of 1933 and of the Securities Exchange Act of
1934. Such forward-looking statements include, but are not limited to,
those related to future earnings, growth and financial and operating
performance. Forward-looking statements are not intended to be a
guarantee of future results, but instead constitute AES’ current
expectations based on reasonable assumptions. Forecasted financial
information is based on certain material assumptions. These assumptions
include, but are not limited to, our accurate projections of future
interest rates, commodity price and foreign currency pricing, continued
normal levels of operating performance and electricity volume at our
distribution companies and operational performance at our generation
businesses consistent with historical levels, as well as achievements of
planned productivity improvements and incremental 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’ 2016 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 2016 Annual Report
on Form 10-K dated on or about February 24, 2017 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.

Contacts

For The AES Corporation
Investors:
Ahmed Pasha,
703-682-6451
or
Media:
Amy Ackerman, 703-682-6399