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AES Electrical, Inc. dba. Freestate Electrical Companies and Freestate Baltimore history
AES Electrical, Inc. dba. Freestate Electrical Companies and Freestate Baltimore company history timeline
Two of those entities, Indianapolis Light and Heat Company and Merchant’s Heat and Light Company, merged into the newly incorporated Indianapolis Power & Light Company and began operations in January 1927.
1978: PURPA is enacted into law.
The company was founded by Dennis W. Bakke and Roger W. Sant in 1981 and is headquartered in Arlington, VA.“
Public Company Incorporated: 1981 as Applied Engineering Services, Inc.Employees: 1,435Sales: $520 millionStock Exchanges: NASDAQSICs: 4911 Electric Services
AES started its power plant building operation in December of 1983.
Sales grew an additional 75 percent the following year, while net company income witnessed similarly spectacular growth, soaring from $1.6 million in 1988 to $42.6 million in 1991. It was an auspicious start for the struggling company, which, over the course of the next 11 years (1984-94), proceeded to build or acquire ten new power plants.
The firm's luck took a turn for the better in 1985, when Sant and Bakke invested all of AES's assets in a single deal: a Beaver Valley, Pennsylvania, coal-burning plant.
Once things began to snowball Graham needed help. “My first employee was Mark Lee – he was taken on in March 1986 and he’s still with the company today.
Advanced Electrical Services started life in 1986.
Study into such a program was initiated in 1987 after growing concern by company executives that such emissions were contributing to global warming and therefore having a deleterious effect on the environment.
1987: The Beaver plant begins production.
1988: Pioneering the model of Independent Power Producer (IPP), AES became the first and largest IPP in the US with three cogeneration plants in operation in California (Placerita), Pennsylvania (Beaver Valley) and Texas (Deepwater)
1989: Caring for our carbon before it was common, AES created the first documented carbon offset program in the US by planting 52 million trees in Guatemala to offset carbon emissions from a plant in Connecticut
By 1989 AES had three facilities up and running, had started construction on two more, and was working to secure financing for several other projects.
Not quite a year later, AES opened one of the largest cogeneration facilities in North America, the Shady Point plant in Poteau, Oklahoma. Its coal-fired Thames plant in Montville, Connecticut, opened in March of 1990 and began providing a full 180 megawatts of power to Connecticut Light & Power, while selling steam to Stone Container Corp.
Hinden, Stan, “Power Plant Firm’s Stock Sale Could Generate Big Profits,” The Washington Post, June 24, 1991, Sec.
1991: Going public with investors, AES listed on the New York Stock Exchange (NYSE: AES)
The company’s Houston facility, for example, was near bankruptcy in 1991, unable to meet payments on its loans; AES was stung by falling natural gas prices, which were used to determine the contract price that the utility had to pay for the power it got from the plant.
Prakash, Snigda, “Independent Power Producer Gets Contract to Supply Utility,” The Washington Post, February 3, 1992, Sec.
In fact, in June of 1992 AES opened a huge 520-megawatt coal/gas cogeneration facility and a 240-megawatt coal-fired plant, both of which were located in Northern Ireland.
Bakke, for instance, estimated that up until about the mid-1992, 70 percent of the money that AES spent on new business activity was spent in the United States.
1992: Expanding on our work in the US, AES extended its business globally for the first time to broaden our impact
Hamilton, Martha, “AES Forms Subsidiary, Declares Stock Split,” The Washington Post, December 18, 1993.
For instance, AES planned to take control of a giant 650-megawatt coal/gas/oil generation facility in Buenos Aires, Argentina, in 1993.
AES was backing its Asian projections with action in 1993.
Sales jumped to $519 million in 1993 as profits climbed to $71 million, an impressive 27 percent gain.
1994: Dennis Bakke became AES’ second CEO as the company continued its international expansion
In fact, by 1995, the firm was spending an estimated 85 percent of its venture capital abroad.
In addition, at least one respected analyst predicted the company’s earnings would grow at a ten to 15 percent clip through 1995, and at a rate of 15 to 20 percent through the end of the decade.
In 1998, it announced its $885 million purchase of United States-based Cilcorp Inc., which was completed the following year.
The firm also acquired California-based NewEnergy Inc. in July 1999.
By 1999, the Virginia-based company operated in 24 countries and over half of its profits stemmed from its operations outside the United States and Europe.
Located in the West Yorkshire market town of Ossett, AES has been at its current premises since around 1999, after moving from a rented space in an old church.
According to Sant, the world needed $30 billion worth of new power plants a year through the year 2000.
In early 2001, AES's growth and expansion appeared to be unflappable.
2001: Focusing on improving lives, AES entered the retail customer arena with the acquisition of IPL in Indiana
The firm also began to divest its merchant generation businesses and in June 2002 announced the sale of its NewEnergy arm to Constellation Energy Group.
Although AES has grown a great deal during my tenure, it became clear to me that this is a time for a new CEO. Different times require different leaders," proclaimed co-founder Bakke in a June 2002 company press release.
2002: Paul Hanrahan became AES’ third CEO as the company made its first investments in wind and solar
2003: 2003: Dick Darman became AES’ second Chairman of the Board
Most importantly, Sant and Bakke had big plans for China and India, which they believed would require three times as much new generating capacity as the United States by 2003.
2005: Seeing a greener energy future for the world, AES made an investment in wind generation, acquiring SeaWest, one of the largest wind companies in the US and starts its expansion into cleaner energy sources
2006: Focusing on continuous improvement means continuous benefits for our stakeholders that matters most, AES launched AES Performance Excellence Program (APEX) to drive greater innovation, efficiency and process improvement in its day-to-day operations
2008: Phil Odeen became AES’ third Chairman of the Board
2009: Beginning a new era of firm renewables with utility-scale energy storage, AES connected the first utility-scale system in the world in Indianapolis and installed the first commercially operating system at the Los Andes facility in Chile
Electricity consumption in the United States, for instance, was expected to grow at an average annual rate of 1.9 percent until the year 2010, according to the Edison Electric Institute.
2011: Together with the Philippines, AES became the first company to win two Edison Electric Institute Awards within a five-year period for its world-class turn-around of the Masinloc facility in the Philippines
2011: Andrés Gluski became AES’ fourth CEO and initiated the company’s plans to accelerate the future of energy
2011: Expanding its focus on retail customers, AES reached an agreement to acquire DP&L in Ohio
2012: Working together with Chile, AES received an Edison Electric Institute Award for its hybrid plant model for the future combining energy storage with conventional generation
2013: Charles Rossotti became AES’ fourth Chairman of the Board
2013: Working together with Cameroon, AES won its fourth International Edison Electric Institute Award for its work in Cameroon to improve the electricity sector and the overall economy and social well-being in Cameroon
2015: Expanding its distributed energy capabilities, AES acquired Mainstreet Power to add distributed solar resources to its portfolio in the rapidly expanding distributed solar market
In 2016 AES celebrated 30 years in business.
2016: Working together with the Netherlands and Northern Ireland, AES again received the International Edison Electric Institute Award for its Advancion technology and the global expansion of its energy storage services
2017: Seeing the future in solar, AES acquired sPower, the largest independent solar developer in the US with Alberta Investment Management Co (AIMCo)
2018: Joining forces to usher in an era of firm renewables, together with Siemens, AES launched Fluence, the world’s leading energy storage platform
2018: Jay Morse became AES’ fifth Chairman of the Board
2019: Together with KIUC in Kauai, AES won the Edison Electric Institute Award for helping the island meet its renewable enable targets with the world’s largest solar PV Peaker plant and energy storage facility
2019: Developing the most comprehensive suite of customer-facing solutions for electric and gas utilities, AES announced the merger of Simple Energy with Tendril to form the digital energy management company, Uplight
2019: Committed to creating the future of energy, AES signed strategic alliance with Google to accelerate the growth and adoption of clean energy through leveraging Google Cloud technology to pioneering innovation in the sector
2020: Being recognized for our people being our energy, AES named to the Fast Company List of the Best Workplaces for Innovators Sept 2020: Dayton Power & Light announced Smart Operations Center in Ohio, the first of its kind in the United States
Oct 2020: AES continued to accelerate the future of energy with the launch of a new brand and product offerings
Nov 2020: AES achieved its 2020 coal reduction target by reducing energy generation from coal to less than 30% Nov 2020: AES attained second investment grade rating
"The AES Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/aes-corporation
Jan 2021: AES Alamitos Battery Energy Storage System commissioned, the world’s first standalone energy storage project for local capacity
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AES Electrical, Inc. dba. Freestate Electrical Companies and Freestate Baltimore competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| R.K. BASS ELECTRIC | - | $15.1M | 50 | - |
| Master Electric | 1973 | $22.9M | 20 | 3 |
| Suburban Enterprises | 1960 | $1.7M | 50 | 29 |
| Eagle Electric | - | $4.8M | 35 | 7 |
| Arrow Electric | 1957 | $20.0M | 200 | 27 |
| B & B Electric | 1962 | $9.3M | 50 | - |
| Harrington Electric | 1907 | $14.3M | 50 | - |
| S&S Electric | 1947 | $19.7M | 50 | 2 |
| Superior Electric Co Inc | - | $2.1M | 20 | - |
| R A Electric | - | $300,000 | 10 | - |
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AES Electrical, Inc. dba. Freestate Electrical Companies and Freestate Baltimore may also be known as or be related to AES Electrical Inc, AES Electrical, Inc., AES Electrical, Inc. dba. Freestate Electrical Companies and Freestate Baltimore, Aes Electrical and Aes Electrical Inc.