AES' Competition Serves to Encourage Innovation by the Next Generation of Energy Industry Professionals

The AES Corporation (NYSE: AES) today announced the winners of its 2022 Energy Innovation Challenge. The winners are three graduate students from the University of Dayton: Scott Eardley, Sean Kapp and Megan McNelly. The UD Flyers, as the students named their team, developed Project Oasis, an indoor farming system powered by onsite solar and battery storage. The prize-based competition brings together teams of graduate students with diverse backgrounds to create and present solutions to relevant problems facing the energy industry today.

"We created the Energy Innovation Challenge to encourage aspiring energy professionals to explore new and potentially untapped solutions to current and future energy challenges," said Bernerd Da Santos, AES Chief Operating Officer and advisor to the Challenge organizers. "With innovation part of our company's DNA, we want to accelerate new approaches to establishing a cleaner, smarter energy future. Scott, Sean and Megan's concept of an urban farm run on solar plus storage addresses multiple challenges facing communities in Ohio and the United States more broadly. We congratulate them on their winning project."

The UD Flyer's innovative project would provide both carbon-free energy and locally grown produce to the Edgemont neighborhood, both reducing emissions in the Dayton area and helping address the food desert in that neighborhood. The UD Flyers not only provided an in-depth technical solution, but the team also impressed the judges with their consideration of the multidisciplinary facets required to implement such an impactful project including financing, economic benefits, community stakeholder management, and social impact.

The second-place team comes from Johns Hopkins University (JHU) and consists of students: Alayna Nieman, Grant Taylor Miller, Jack Prill, Sebastian Gettelman and Travis Jaramillo. The JHU team developed a solution to decarbonize steel while bringing economic and community growth back to a Pennsylvania steel town. The team's proposed solution included deploying additional renewable energy to produce green hydrogen for steel furnaces as well as creating a circular economy within the steel market to reduce the energy required for steel production. The AC/DC team impressed the judges by demonstrating the compounding positive impacts this project could have on the community based on the team's research and outreach to the community.

"We created the Energy Innovation Challenge to help encourage a new generation of energy industry professionals," said Tish Mendoza, AES Chief Human Resources Officer and adviser to the Challenge organizers. "AES is accelerating the clean energy transition through innovations in technologies and approaches to greener, smarter energy. The industry is ever evolving, and AES is committed to fostering new talent who will reimagine and build the future of energy."

Now in its second year, the AES Energy Innovation Challenge provides students with an exciting opportunity to gain the real-world experience, skills and insights needed to accelerate the responsible energy transition — all while networking with leaders within AES, a global Fortune 500 energy company dedicated to leading the transformation to greener energy future. This year's challenge included teams from four universities, with 19 students pursuing degrees in subject areas such as mechanical engineering, sustainable energy, international affairs, and more.

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.

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' 2021 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 2021 Annual Report on Form 10-K filed February 28, 2022, 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.

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.