Pay vs Performance Disclosure


					Value of Initial Fixed $100 Investment Based On:
Year (a)	Summary Compensation Table Total for PEO1 (b)	Compensation Actually Paid to PEO1,2 (c)	Average Summary Compensation Table for Non-PEO NEOs1 (d)	Average Compensation Actually Paid to Non-PEO NEOs 1,2 (e)	Total Shareholder Return3 (f)	Peer Group Total Share-holder Return3 (g)	Net Income ($M) (h)	Parent Free Cash Flow ($M)4 (i)
2024	$13,355,284	$5,896,312	$3,193,356	$1,803,133	$76	$138	$802	$1,107
2023	$12,716,194	($5,546,374)	$3,023,432	$31,596	$109	$112	($182)	$1,003
2022	$12,525,258	$27,934,235	$3,210,492	$4,525,790	$158	$120	($505)	$906
2021	$14,379,190	$13,464,027	$3,363,281	$2,482,306	$129	$118	($409)	$839
2020	$11,468,027	$15,372,256	$2,098,237	$2,583,769	$122	$101	$46	$777

(1) Mr. Gluski served as our principal executive officer (“PEO”) for the full year in 2024, 2023, 2022, 2021 and 2020. For 2024, our non-PEO named executive officers (NEOs) included Mr. Coughlin, Mr. Rubiolo, Mr. Falu, and Mr. Da Santos. For 2023, our non-PEO NEOs included Mr. Coughlin, Mr. Rubiolo, Mr. Da Santos, and Ms. Mendoza. For 2022, our non-PEO NEOs included Mr. Coughlin, Mr. Da Santos, Mr. Rubiolo, Ms. Mendoza, and Mr. Nebreda. For 2021, our non-PEO NEOs included Mr. Coughlin, Mr. Pimenta, Mr. Da Santos, Ms. Mendoza, and Ms. Krueger. For 2020, our non-PEO NEOs included Mr. Pimenta, Mr. Da Santos, Ms. Mendoza, and Ms. Krueger.

(2) For 2024, 2023, 2022, 2021 and 2020, the values included in this column for the compensation actually paid (CAP) to our PEO and the average compensation actually paid to our Non-PEO NEOs reflect the following adjustments to the values included in column (b) and column (d), respectively:


PEO		2024
Summary Compensation Table Total for PEO (column (b))*		$13,355,284
-	Summary Compensation Table “Stock Awards” column value	($9,368,525)
-	Summary Compensation Table “Options Awards” column value	$0
+	Year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end	$6,512,478
+	Change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end	($2,058,910)
+	Vesting date fair value of equity awards granted and vested in the covered year	$0
+	Change in fair value of equity awards granted in prior years that vested in the covered year	($1,590,830)
-	Fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year	($1,640,801)
+	Dollar value of dividends/earnings paid on equity awards in the covered year	$687,616
+	Excess fair value for equity award modifications	$0
Compensation Actually Paid to PEO (column (c))		$5,896,312

*Pension calculations excluded from the above table as AES’ PEO does not participate in any pension plan.


Average for Non-PEO NEOs		2024
Summary Compensation Table Average Total for Non-PEO NEOs (column (d))*		$3,193,356
-	Summary Compensation Table “Stock Awards” Column Value	($1,437,940)
-	Summary Compensation Table “Options Awards” Column Value	$0
+	Year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end	$999,576
+	Change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end	($354,588)
+	Vesting date fair value of equity awards granted and vested in the covered year	$0
+	Change in fair value of equity awards granted in prior years that vested in the covered year	($595,788)
-	Fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year	($159,663)
+	Dollar value of dividends/earnings paid on equity awards in the covered year	$158,180
+	Excess fair value for equity award modifications	$0
Average Compensation Actually Paid to Non-PEO NEOs (column (e))		$1,803,133

*Pension calculations excluded from the above table as AES Non-PEO NEOs do not participate in any pension plan.

(3) Total shareholder return (TSR) for the Company and the peer group was calculated as the yearly percentage change in cumulative TSR based on a deemed fixed investment of $100 at market close on December 31, 2019 and in accordance with Items 201(e) and 402(v) of Regulation S-K. For purposes of this pay versus performance disclosure, our peer group is the S&P 500 Utilities Index. Because fiscal years are presented in the table in reverse chronological order (from top to bottom), the table should be read from bottom to top for purposes of understanding the cumulative returns over time.

(4) Parent Free Cash Flow is calculated as set forth in Appendix A: Non-GAAP Measures.


PEO		2024
Summary Compensation Table Total for PEO (column (b))*		$13,355,284
-	Summary Compensation Table “Stock Awards” column value	($9,368,525)
-	Summary Compensation Table “Options Awards” column value	$0
+	Year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end	$6,512,478
+	Change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end	($2,058,910)
+	Vesting date fair value of equity awards granted and vested in the covered year	$0
+	Change in fair value of equity awards granted in prior years that vested in the covered year	($1,590,830)
-	Fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year	($1,640,801)
+	Dollar value of dividends/earnings paid on equity awards in the covered year	$687,616
+	Excess fair value for equity award modifications	$0
Compensation Actually Paid to PEO (column (c))		$5,896,312

*Pension calculations excluded from the above table as AES’ PEO does not participate in any pension plan.


Average for Non-PEO NEOs		2024
Summary Compensation Table Average Total for Non-PEO NEOs (column (d))*		$3,193,356
-	Summary Compensation Table “Stock Awards” Column Value	($1,437,940)
-	Summary Compensation Table “Options Awards” Column Value	$0
+	Year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end	$999,576
+	Change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end	($354,588)
+	Vesting date fair value of equity awards granted and vested in the covered year	$0
+	Change in fair value of equity awards granted in prior years that vested in the covered year	($595,788)
-	Fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year	($159,663)
+	Dollar value of dividends/earnings paid on equity awards in the covered year	$158,180
+	Excess fair value for equity award modifications	$0
Average Compensation Actually Paid to Non-PEO NEOs (column (e))		$1,803,133

*Pension calculations excluded from the above table as AES Non-PEO NEOs do not participate in any pension plan.

The following table lists the financial performance measures that we believe represent the most important financial performance measures we use to link compensation actually paid to our NEOs for fiscal 2024 to our performance:


Performance Metric
Adjusted Earnings Per Share (EPS)
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
Parent Free Cash Flow
Relative TSR vs. S&P 500 Utilities Index
Relative TSR vs. S&P 500 Index
Relative TSR vs. Custom Clean Energy Peers