AES Provides Clarification to New York Times Article Concerning Potential Exposure Resulting From Agreements With Williams Companies.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--July 29, 2002 The AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. (NYSE NYSE See: New York Stock Exchange : AES) provided clarification today to a July 25 article in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times that inaccurately portrayed its relationship with Williams Companies. "AES is not `deeply intertwined' with Williams as stated in the New York Times article ("Bottom Still Far Off for Energy Traders")," said Stu Ryan, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The facts are that only three AES subsidiaries have tolling arrangements (contracts whereby AES converts Williams' natural gas into electricity for them at plants owned by AES) with Williams. AES's total equity invested in these three businesses is $210 million, which is small a fraction of the equity AES has invested in electric generating and distribution businesses around the world." "The parent operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. forecasts for the three AES businesses with Williams tolling agreements is expected to be only $8 million for the remainder of 2002 and $35 million for 2003. The 2003 amount represents approximately 3 percent of cash flow forecasted for next year," Paul T. Hanrahan, President and Chief Executive Officer, stated. AES hopes that this information corrects any inaccurate impression that may have been conveyed in the article about AES's potential exposure to Williams. For more general information visit our web site at www.aes.com or contact investor relations Investor relations The process by which the corporation communicates with its investors. at investing@aes.com. |
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