AES and LineVision Partner on Grid Enhancing Technologies Study

AES will test LineVision's Dynamic Line Rating technology to increase transmission capacity

ARLINGTON, Va., June 8, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) and LineVision, Inc., today announced the launch of a joint project to assess how Grid Enhancing Technologies (GETs) may increase transmission capacity on the existing power grid. Through this pilot, the companies will gather data using Dynamic Line Ratings (DLR) to evaluate how LineVision can optimally integrate power from renewable energy sources. The study is being launched this month and will conclude before the end of the year.

The project will leverage LineVision's industry leading DLR for a proposed deployment at an AES utility based on a system study to determine locations best suited for the most beneficial impact to the system and customers.

"There are several exciting technologies that can be used to enhance the capacity of our grid," said Kristina Lund, President, AES Utilities. "AES looks to lead the industry in deploying advanced technologies, like DLR, that allow us to deliver safe, reliable, and affordable energy to our customers as the demands for increasingly green energy and electrified communities grow."

The advantage of deploying this technology is timely. According to a Princeton University study, the US will need to more than double the transmission buildout to meet 2050 net-zero emissions goals.

Utilities are uniquely positioned to accelerate the decarbonization of our electric grid by increasing transmission capacity on existing assets to unlock transmission constraints and relieve grid congestion. AES continues to be a proactive innovator pursuing new technologies and driving local adoption. 

"As we urgently move toward a net-zero future, utilities can test and bring on new technology to avoid system reliability issues while integrating record levels of renewables," said Hudson Gilmer, Chief Executive Officer of LineVision. "GETs are the enabling tool needed to accelerate our path to a decarbonized grid. We are excited to work with AES on this important project." 

LineVision's DLR technology has been shown to significantly increase transmission capacity on existing lines quickly and at a fraction of the cost of traditional transmission upgrades while doubling the integration of renewable energy capacity on the grid. This impactful technology will allow grid operators to gain real-time awareness of the health and performance of transmission lines, enhancing safety and longevity, while congestion costs to ratepayers and curtailment costs to developers are minimized.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy 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 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, rates of return consistent with prior experience and the COVID-19 pandemic.

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' 2022 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, except where required by law.

Any Stockholder who desires a copy of the Company's 2022 Annual Report on Form 10-K filed March 1, 2023 with the SEC may obtain a copy (excluding the exhibits thereto) 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 Annual Report on 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.

About LineVision 

LineVision provides electric utilities with the real-time monitoring and analytics needed to accelerate the net-zero grid. LineVision's patented non-contact sensors collect critical information to unlock additional capacity on existing lines, provide insight into conductor health, and detect anomalies and risks. LineVision's platform is rapidly deployed at scale without the need for scheduled outages, live line work, or specialized installation equipment. LineVision is helping our utility partners around the world lead the energy transition by increasing the capacity, resilience, and safety of the grid. For more information, visit www.LineVisionInc.com, or follow us on Twitter or LinkedIn. 

SOURCE LineVision, Inc.