AES » Topics » Financing Activities

This excerpt taken from the AES 8-K filed Sep 15, 2009.

Financing Activities

Net cash provided by financing activities increased $118 million to $362 million during 2008 compared to $244 million during 2007. This $118 million change was primarily attributable to an increase in debt, net of repayments of $138 million, a decrease in distributions to noncontrolling interests of $102 million and an increase in contributions from noncontrolling interests of $36 million offset by an increase in the purchase of treasury stock of $143 million under the Company’s common stock repurchase plan.

Net borrowings under revolving credit facilities were $298 million during 2008, compared to net repayments of $85 million during 2007. This increase in net borrowings of $383 million was primarily due to a $126 million reduction in repayments at IPL, $116 million in repayments at Buffalo Gap 2 in the U.S. in 2007, an increase in borrowings of $60 million, $48 million, $23 million, and $12 million at Pak Gen, Lal Pir, our Panama business, and CAESS in El Salvador, respectively.

Issuances of recourse and non-recourse debt during 2008 were $2,783 million compared to $4,297 million during 2007. This decrease of $1,514 million was primarily due to a decrease in the issuance of recourse debt at the Parent Company of $1,375 million and issuances of non-recourse debt during 2007 of $454 million at TEG/TEP and $446 million at Eletropaulo. These decreases were offset in part by increases in the issuance of non-recourse debt of $629 million at Masinloc and $229 million at IPL.

 

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Repayments of recourse debt and non-recourse debt during 2008 were $2,297 million compared to $3,566 million during 2007. This decrease of $1,269 million was predominately due to a decrease in repayments of non-recourse debt of $515 million at Eletropaulo and $443 million at TEG/TEP, a decrease in repayments of recourse debt of $278 million at the Parent Company, and decreases in repayments of non-recourse debt of $226 million at Gener, $96 million at Alicura, $94 million at Kilroot, and $83 million at Sonel. These decreases were offset in part by increases in repayments of non-recourse debt of $309 million at IPL and $251 million at Buffalo Gap 3 in the U.S.

Distributions to noncontrolling interests were $597 million during 2008 compared to $699 million during 2007. This decrease of $102 million was primarily due to higher dividends paid to minorities (BNDES) at Brasiliana Energia during 2007.

Contributions from noncontrolling interests were $410 million during 2008 compared to $374 million during 2007. This increase of $36 million was primarily due to current year contributions of $240 million at Buffalo Gap 3, $77 million at Mountain View I and II and $52 million at Gener offset by the receipt of a contribution of $313 million from the tax equity partners at Buffalo Gap 2 in 2007.

This excerpt taken from the AES 10-Q filed May 8, 2009.

Financing Activities

Net cash used in financing activities increased $416 million to $87 million for the three months ended March 31, 2009 compared to net cash provided of $329 million for the three months ended March 31, 2008. As discussed below, this change was primarily attributable to a decrease in debt, net of borrowings, of $417 million.

Net repayments under revolving credit facilities were $153 million for the three months ended March 31, 2009, compared to net borrowings of $178 million for the three months ended March 31, 2008. The increase in net repayments was primarily due to $107 million at Lal Pir and $106 million at Pak Gen in Pakistan, $60 million at the Parent Company, $41 million at IPL and $8 million at Caess.

Issuances of non-recourse debt for the three months ended March 31, 2009 were $244 million compared to $259 million for the three months ended March 31, 2008. This decrease of $15 million was primarily due to a

 

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decrease at Buffalo Gap 3 of $136 million and at Jordan of $22 million. These decreases were offset by increases of $106 million at Sonel and $33 million at Gener for construction projects.

Repayments of non-recourse debt for the three months ended March 31, 2009 were $169 million compared to $98 million for the three months ended March 31, 2008. This increase of $71 million was predominately due to an increase in repayments at Chigen of $72 million from proceeds received from the Jiaozuo sale.

Payments made for deferred financing costs for the three months ended March 31, 2009 were $22 million compared to $5 million for the three months ended March 31, 2008. This increase of $17 million was primarily due to increases of $10 million at the Parent Company and $6 million at a Brazilian subsidiary.

Contributions from noncontrolling interests increased $69 million to $73 million for the three months ended March 31, 2009 from $4 million for the three months ended March 31, 2008. The increase was primarily a result of additional contributions of $71 million at Gener.

Financed capital expenditures increased $40 million to $49 million for the three months ended March 31, 2009 from $9 million for the three months ended March 31, 2008, predominately due to an increase of $39 million for financing of certain construction at Kavarna in Bulgaria.

These excerpts taken from the AES 10-K filed Feb 26, 2009.

Financing activities

We were able to refinance recourse debt at lower interest rates and with extended maturities, reducing our 2009 recourse debt maturities from $467 million at December 31, 2007 to $154 million at December 31, 2008.

Our consolidated subsidiaries raised approximately $2.7 billion in 2008 for the purposes of refinancing existing debt and to fund acquisitions and construction. For example, in October, the Company obtained approximately $1 billion in non-recourse financing to support the development of Angamos, a 518 MW coal-fired generation facility in Chile. Angamos is expected to begin commercial operations in 2011.

We reduced outstanding recourse debt by $360 million and repurchased 10.7 million shares of our common stock at a total cost of $143 million.

Financing Activities

        Net cash provided by financing activities increased $118 million to $362 million during 2008 compared to $244 million during 2007. This $118 million change was primarily attributable to an increase in debt, net of repayments of $138 million, a decrease in distributions to minority interests of $102 million and an increase in contributions from minority interests of $36 million offset by an increase in the purchase of treasury stock of $143 million under the Company's common stock repurchase plan.

        Net borrowings under revolving credit facilities were $298 million during 2008, compared to net repayments of $85 million during 2007. This increase in net borrowings of $383 million was primarily due to a $126 million reduction in repayments at IPL, $116 million in repayments at Buffalo Gap 2 in the U.S. in 2007, an increase in borrowings of $60 million, $48 million, $23 million, and $12 million at Pak Gen, Lal Pir, our Panama business, and CAESS in El Salvador, respectively.

        Issuances of recourse and non-recourse debt during 2008 were $2,783 million compared to $4,297 million during 2007. This decrease of $1,514 million was primarily due to a decrease in the issuance of recourse debt at the Parent Company of $1,375 million and issuances of non-recourse debt during 2007 of $454 million at TEG/TEP and $446 million at Eletropaulo. These decreases were offset in part by increases in the issuance of non-recourse debt of $629 million at Masinloc and $229 million at IPL.

        Repayments of recourse debt and non-recourse debt during 2008 were $2,297 million compared to $3,566 million during 2007. This decrease of $1,269 million was predominately due to a decrease in repayments of non-recourse debt of $515 million at Eletropaulo and $443 million at TEG/TEP, a decrease in repayments of recourse debt of $278 million at the Parent Company, and decreases in repayments of non-recourse debt of $226 million at Gener, $96 million at Alicura, $94 million at Kilroot, and $83 million at Sonel. These decreases were offset in part by increases in repayments of non-recourse debt of $309 million at IPL and $251 million at Buffalo Gap 3 in the U.S.

        Minority distributions were $597 million during 2008 compared to $699 million during 2007. This decrease of $102 million was primarily due to higher dividends paid to minorities (BNDES) at Brasiliana Energia during 2007.

        Minority contributions were $410 million during 2008 compared to $374 million during 2007. This increase of $36 million was primarily due to current year contributions of $240 million at Buffalo Gap 3, $77 million at Mountain View I and II and $52 million at Gener offset by the receipt of a contribution of $313 million from the tax equity partners at Buffalo Gap 2 in 2007.

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This excerpt taken from the AES 10-Q filed Nov 6, 2008.

Financing Activities

        Net cash provided by financing activities increased $847 million to $562 million for the nine months ended September 30, 2008 compared to net cash used of $285 million for the nine months ended September 30, 2007. This change was primarily attributable to an increase in debt, net of repayments of $890 million and an increase in contributions from minority interests of $48 million offset by an increase in the purchase of treasury stock of $143 million under the Company's common stock repurchase plan and an increase in payments for financed capital expenditures of $25 million.

        Net borrowings under revolving credit facilities were $382 million for the nine months ended September 30, 2008, compared to net repayments of $61 million for the nine months ended September 30, 2007. This increase in net borrowings was primarily due to $116 million in repayments at Buffalo Gap 2 in the U.S. in 2007, a $105 million increase in borrowings at the Parent Company, an $87 million reduction in repayments at IPL in the U.S. and an increase in borrowings of $75 million, $48 million and $30 million at our Panama business, Pak Gen and Lal Pir, respectively. These increases in net borrowings year over year were offset in part by net borrowings of $19 million in 2007 at Ekibastuz.

        Issuances of recourse and non-recourse debt for the nine months ended September 30, 2008 were $2,533 million compared to $1,169 million for the nine months ended September 30, 2007. This increase of $1,364 million was primarily due to the issuance of recourse debt at the Parent Company of $625 million, the issuance of non-recourse debt of $618 million and $219 million at Masinloc and Buffalo Gap 3 in the U.S., respectively in 2008 and an increase in non-recourse debt of $263 million at IPL. These increases were offset in part by a decrease in non-recourse debt issuances of $142 million at Sonel in Cameroon and the issuance of non-recourse debt of $227 million at TEG TEP in 2007.

        Repayments of recourse and non-recourse debt for the nine months ended September 30, 2008 were $2,074 million compared to $1,157 million for the nine months ended September 30, 2007. This increase of $917 million was predominately due to an increase in repayments of recourse debt at the Parent Company of $1,037 million and an increase in repayments of non-recourse debt of $309 million at IPL. These increases were offset in part by decreases in repayments of non-recourse debt of $232 million at TEG TEP and $180 million at Eletropaulo.

        Minority interest contributions increased $48 million to $407 million for the nine months ended September 30, 2008 from $359 million for the nine months ended September 30, 2007. The change was a result of the current year contributions of $240 million at Buffalo Gap 3, $78 million at Mountain View I and II and $52 million at Gener compared to the receipt of a contribution of $314 million from the tax equity partners at Buffalo Gap 2 in 2007.

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        Financed capital expenditures increased $25 million for the nine months ended September 30, 2008 predominately at Gener where we financed these capital expenditures by paying for them over a period greater than three months.

This excerpt taken from the AES 10-Q filed Aug 7, 2008.

Financing Activities

        Net cash provided by financing activities increased $438 million to $526 million for the six months ended June 30, 2008 from $88 million for the six months ended June 30, 2007. This change was primarily attributable to an increase in debt, net of repayments of $660 million offset by a decrease in contributions from minority interests of $173 million and an increase in payments for financed capital expenditures of $43 million.

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        Issuances of recourse debt and non-recourse debt and revolving credit facilities, net for the six months ended June 30, 2008 were $2,390 million compared to issuances of recourse debt and non-recourse debt of $798 million for the six months ended June 30, 2007. This increase of $1,592 million was primarily due to an increase in recourse debt at the Parent Company of $672 million, net and increases in non-recourse debt at Philippines of $609 million and at IPL of $228 million, net.

        Repayments of recourse debt and non-recourse debt for the six months ended June 30, 2008 were $1,711 million compared to repayments of recourse debt, non-recourse debt and revolving credit facilities, net of $779 million for the six months ended June 30, 2007. The change of $932 million was predominately due to an increase in repayments of recourse debt at the Parent Company of $1,037 million offset by a decrease in repayments at Buffalo Gap II for $116 million, net.

        Minority contributions decreased $173 million to $161 million for the six months ended June 30, 2008 from $334 million for the six months ended June 30, 2007. The decrease in minority contributions is a result of the receipt of a contribution of $314 million from the tax equity partners at Buffalo Gap II in 2007 offset by current year minority contributions of $78 million at Mountain View I & II and $52 million at Gener.

        Financed capital expenditures increased $43 million for the six months ended June 30, 2008 predominately at Gener where we financed these capital expenditures by paying for them over a period greater than three months.

This excerpt taken from the AES 10-Q filed May 8, 2008.

Financing Activities

        Net cash provided by financing activities increased $181 million to $329 million for the three months ended March 31, 2008 from $148 million for the three months ended March 31, 2007. This change was primarily attributable to an increase in debt, net of repayments of $153 million and a decrease in distributions to minority interests of $50 million, offset by a decrease in contributions from minority interests of $5 million.

        Issuances of non-recourse debt and net revolving credit facilities decreased $129 million to $437 million for the three months ended March 31, 2008 from $566 million for the three months ended March 31, 2007. The non-recourse debt decrease of $111 million was primarily due to decreases at Sonel in Cameroon of $158 million, at Maritza in Bulgaria of $69 million and at Barka in Oman of $41 million offset by increases at Buffalo Gap III in the U.S. of $136 million and at Gener in Chile of $40 million. Additionally, the decrease in net revolving credit facilities of $18 million was primarily a result of decreases at the Parent Company of $88 million and at Buffalo Gap II of $83 million offset by the increases at IPALCO of $74 million, at Pak Gen in Pakistan of $43 million and at Panama of $30 million.

        Repayments of non-recourse debt decreased $282 million to $98 million for the three months ended March 31, 2008 from $380 million for the three months ended March 31, 2007. The change was due to a decrease in repayments at Kilroot in the U.K. of $78 million, at Sonel in Cameroon of $66 million, at Alicura in Argentina of $63 million and at Eletropaulo in Brazil of $32 million.

        Minority distributions decreased $50 million to $4 million for the three months ended March 31, 2008 from $54 million for the three months ended March 31, 2007. The 2007 distribution primarily included $26 million return of capital by Barka to its minority partner and $21 million dividend payment made by EDC in Venezuela, which was sold in May 2007.

This excerpt taken from the AES 10-K filed Mar 17, 2008.

Financing Activities

        Net cash provided by financing activities totaled $244 million during 2007 compared to net cash used of $1,317 million during 2006. This $1,561 million change was primarily attributable to a decrease in cash used for debt, net of repayments of $1,686 million, an increase in contributions from minority interests of $249 million offset by an increase in payments for deferred financing for $11 million and an increase in distributions to minority interests for $364 million.

        Issuances of recourse debt and non-recourse debt during 2007 were $4,297 million compared to issuances of recourse debt, non-recourse debt and revolving credit facilities, net of $3,169 million during 2006. This increase of $1,128 million was primarily due to an increase in recourse debt at the Parent Company of $2 billion; and increases in non-recourse debt at TEG/TEP in Mexico of $454 million and at Eletropaulo in Brazil of $301 million. These increases were offset by a decrease in non-recourse debt at Brasiliana in Brazil for $744 million; at Sul in Brazil for $494 million; at Panama for $293 million, net; at CAESS in El Salvador for $223 million and at Itabo in Dominican Republic for $153 million, net.

        Repayments of recourse debt, non-recourse debt and revolving credit facilities, net during 2007 were $3,651 million compared to repayments of recourse debt and non-recourse debt of $4,209 million during 2006. The decrease of $558 million was primarily due to a decrease in repayments at Brasiliana of $1,032 million; at Sul of $483 million; at Panama of $386 million, net; at Tietê in Brazil of $321 million; and at CAESS of $192 million, net. These decreases were offset by an increase in repayments at the Parent Company for $1,164 million, net and at TEG/TEP for $457 million.

        Minority distributions were $699 million during 2007 compared to $335 million during 2006. This increase of $364 million includes dividends paid to minority shareholders primarily by Eletropaulo for $212 million and by Brasiliana for $141 million and a $26 million return of capital by Barka in Oman to its minority partner.

        Minority contributions were $374 million during 2007 compared to $125 million during 2006. This increase of $249 million was primarily due to contributions received from the tax equity partners in 2007 of $313 million at Buffalo Gap II and $31 million at Mid-West Wind, both located in the U.S., offset by a decrease of $117 million at Buffalo Gap in the U.S in 2006.

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This excerpt taken from the AES 10-Q filed Nov 6, 2007.

Financing Activities

        Net cash used in financing activities totaled $274 million in the first nine months of 2007 as compared to $695 million during the same period in 2006. This $421 million decrease was primarily attributable to a decrease in cash used for debt, net of repayments of $495 million, an increase in contributions from minority interests of $253 million and a decrease in payments for deferred financing of $28 million, offset by an increase in distributions to minority interests for $361 million.

        Debt issuances of non-recourse debt during the first nine months of 2007 were $1,169 million compared to $1,437 million during the same period in 2006. This decrease of $268 million was primarily due to a decrease in borrowings at Sul in Brazil of $495 million, at CAESS in El Salvador of $223 million, at Eletropaulo in Brazil of $145 million and at Clesa in El Salvador of $77 million. These decreases were offset by an increase in borrowings at TEG/TEP in Mexico for $227 million, at Sonel in Africa for $150 million, at Maritza in Bulgaria for $141 million, at Ekibastuz in Kazakhstan for $97 million and at IPL in the U.S. for $65 million.

        Debt repayments of non-recourse debt and revolving credit facilities, net during the first nine months of 2007 were $1,217 million compared to $1,980 million during the same period in 2006. The decrease of $763 million was primarily due to a decrease in repayments at Sul of $490 million, net at CAESS of $191 million, at Eletropaulo of $173 million, net at the Parent Company of $163 million, at EDC in Venezuela of $124 million, at Buffalo Gap in the U.S. of $116 million, at Lal Pir in Pakistan of $66 million, at Clesa of $62 million and at Gener in Chile of $55 million. These decreases were offset by an increase in repayments at TEG/TEP for $238 million, net at IPL for $170 million, at Buffalo Gap

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2 in the U.S. for $116 million, at Alicura in Argentina for $68 million, at Kilroot in Ireland for $67 million and at Sonel for $52 million.

        Minority distributions were $571 million during the first nine months of 2007 compared to $210 million during the same period in 2006. This increase of $361 million includes dividends paid to minority shareholders primarily by Eletropaulo for $208 million and by Brasiliana Energia for $115 million and a $26 million return of capital by Barka to its minority partner.

        Minority contributions were $370 million during the first nine months of 2007 compared to $117 million during the same period in 2006. This increase of $253 million was primarily due to contributions received from the tax equity partners of $314 million at Buffalo Gap 2 and $31 million at Mid-West Wind offset by a decrease of $115 million at Buffalo Gap in the U.S.

This excerpt taken from the AES 10-Q filed Aug 17, 2007.

Financing Activities

Net cash provided by financing activities totaled $148 million in the first quarter of 2007 as compared to $382 million net cash used in the first quarter of 2006. This resulted in a $530 million increase in cash provided by financing activities. This change was primarily attributable to an increase in debt, net of repayments of $544 million, an increase in contributions by minority interests of $9 million and a decrease in payments for deferred financing of $12 million offset by an increase in distributions to minority interests of $38 million.

Debt issuances of non-recourse debt and revolving credit facilities, net during the first quarter of 2007 were $556 million compared to $340 million in the first quarter of 2006. This increase of $216 million was due to an increase in borrowings at Sonel in Africa for $153 million, at the Parent Company for $98 million, at Maritza in Bulgaria for $92 million, at Buffalo Gap 2 in the US for $83 million, at Barka in Oman for $49 million, at Red Oak in the US for $23 million, at Jordan for $21 million, at Lal Pir in Pakistan for $17 million, at EDC in Venezuela for $15 million and at Ekibastuz in Kazakhstan for $13 million. These increases were offset by decreases in bond issuances at CAESS of $221 million and at Clesa of $75 million, both of which are in located El Salvador and a decrease in borrowings at IPL in the US of $36 million.

Debt repayments of recourse debt and non-recourse debt during the first quarter of 2007 were $370 million compared to $698 million during the same period in 2006. The decrease of $328 million was primarily due to a decrease in repayments of $191 million at CAESS, of $150 million at the Parent Company, of $98 million at Eletropaulo in Brazil and of $71 million at Clesa   These decreases were offset by increased repayments at Kilroot in United Kingdom of $78 million, at Parana in Argentina of $62 million and at Sonel in Africa of $56 million.

Minority distributions were $54 million compared to $16 million during the same period in 2006. This $38 million increase was primarily due to a $26 million return of capital by Barka, and a $21 million dividend payment made by EDC.

This excerpt taken from the AES 10-Q filed Aug 9, 2007.

Financing Activities

Net cash provided by financing activities totaled $89 million in the first half of 2007 as compared to $443 million net cash used in the first half of 2006. This resulted in a $532 million increase in cash provided by financing activities. This change was primarily attributable to an increase in debt, net of repayments of $406 million, an increase in contributions from minority interests of $219 million and a decrease in payments for deferred financing of $34 million offset by an increase in distributions to minority interests of $141 million.

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Debt issuances of non-recourse debt during the first half of 2007 were $798 million compared to $1,200 million in the first half of 2006. This decrease of $402 million was primarily due to a decrease in borrowings at SUL in Brazil of $494 million, at CAESS in El Salvador of $223 million, at Eletropaulo in Brazil of $138 million and at Clesa in El Salvador of $77 million. These decreases were offset by an increase in borrowings at IPL in the U.S. for $165 million, at Sonel in Cameroon for $153 million, at Maritza in Bulgaria for $105 million and at Ekibastuz in Kazakhstan for $97 million.

Debt repayments of non-recourse debt, recourse debt and revolving credit facilities, net during the first half of 2007 were $780 million compared to $1,588 million in the first half of 2006. The decrease of $808 million was primarily due to a decrease in repayments at Sul of $479 million, at Eletropaulo of $214 million, net at CAESS of $188 million, at Buffalo Gap in the U.S. of $116 million, at Clesa of $62 million, at Gener in Chile of $55 million and net at the parent company of $50 million. These decreases were offset by an increase in repayments at Buffalo Gap 2 in the U.S. for $116 million, net at IPL for $89 million, at Alicura in Argentina for $67 million, at Kilroot in Ireland for $67 million and at Sonel for $58 million.

Minority distributions were $266 million during the first half of 2007 compared to $125 million in the first half of 2006. This increase of $141 million includes a $26 million return of capital by Barka to its minority partner as well as increases due to dividends paid to minority shareholders primarily by Brasiliana Energia for $51 million, by Eletropaulo for $44 million, by Itabo for $16 million and by Tiete for $13 million.

Minority contributions were $336 million during the first half of 2007 compared to $117 million in the first half of 2006. This increase of $219 million was primarily due to a $314 million contribution received from the tax equity partners of Buffalo Gap 2 offset by a $115 million decrease at Buffalo Gap in the U.S. as the business received a contribution from their tax equity partner in 2006.

This excerpt taken from the AES 10-K filed Aug 7, 2007.

Financing Activities

Net cash used in financing activities decreased by $22 million to $1,317 million during 2006 compared to $1,339 million during 2005. This change was attributable to a decrease in debt, net of issuances of $102 million an increase in contributions from minority interests of $124 million and an increase due to issuance of common stock of $52 million offset by an increase in distributions to minority interests of $149 million, an increase in payments for deferred financing of $65 million and an increase in payments for financed capital expenditures of $51 million.

Debt issuances of recourse debt, non-recourse debt and revolving credit facilities, net during 2006 were $3,169 million compared to $1,768 million during 2005. This increase of $1,401 million was due to an increase in borrowings at Brasiliana in Brazil of $744 million, at Maritza in Bulgaria of $240 million, at Itabo in the Dominican Republic of $177 million, at Buffalo Gap 2 in the U.S. of $116 million and at Lal Pir in Pakistan of $64 million. In addition, there were refinancings at Sul in Brazil for $476 million, at Panama for $287 million and at IPL in the U.S. for $156 million as well as bond issuances at CAESS for

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$207 million and at CLESA for $77 million, both located in El Salvador. These increases were offset by a decrease in borrowings at Eletropaulo in Brazil of $618 million, at Andres in the Dominican Republic of $160 million, at EDC in Venezuela of $141 million, at Wind in the U.S. of $110 million and at Tiete in Brazil of $80 million. There was also a decrease in refinancing at Gener in Chile for $31 million.

Debt repayments during 2006 were $4,209 million compared to $2,910 million during 2005. The increase of $1,299 million was primarily due to repayments at Brasiliana for $1,032 million, at Sul for $446 million, at Panama for $281 million, at Tiete for $274 million, at CAESS for $175 million, at IPL for $130 million, at Buffalo Gap for $116 million, at Lal Pir for $57 million and at CLESA for $55 million. This increase was offset by a decrease in repayments at Eletropaulo of $594 million, at EDC of $408 million, at Andres of $112 million, at the parent of $108 million and at Gener of $58 million.

Minority contributions during 2006 were $125 million compared to $1 million during 2005. This resulted in an increase of $124 million primarily due to Buffalo Gap in the U.S., which received a contribution from their tax equity partners of $117 million. Minority distributions were $335 million compared to $186 million during 2005. This increase of $149 million was primarily due to Tiete, which paid minority dividends of $170 million during 2006 compared to $66 million in 2005.

Payments for deferred financing costs during 2006 were $86 million compared to $21 million during 2005. The $65 million increase in payments was primarily due to new financing at Maritza and refinancing at Sul.

Financed capital expenditures increased $51 million during 2006 predominately at Buffalo Gap where we financed these acquisitions by paying for them over a period greater than three months.

This excerpt taken from the AES 10-Q filed Jun 21, 2007.

Financing Activities

Net cash provided by financing activities totaled $148 million in the first quarter of 2007 as compared to $382 million net cash used in the first quarter of 2006. This resulted in a $530 million increase in cash provided by financing activities. This change was primarily attributable to an increase in debt, net of repayments of $544 million, an increase in contributions by minority interests of $9 million and a decrease in payments for deferred financing of $12 million offset by an increase in distributions to minority interests of $38 million.

Debt issuances of non-recourse debt and revolving credit facilities, net during the first quarter of 2007 were $556 million compared to $340 million in the first quarter of 2006. This increase of $216 million was due to an increase in borrowings at Sonel in Africa for $153 million, at the Parent Company for $98 million, at Maritza in Bulgaria for $92 million, at Buffalo Gap 2 in the US for $83 million, at Barka in Oman for $49 million, at Red Oak in the US for $23 million, at Jordan for $21 million, at Lal Pir in Pakistan for $17 million, at EDC in Venezuela for $15 million and at Ekibastuz in Kazakhstan for $13 million. These increases were offset by decreases in bond issuances at CAESS of $221 million and at Clesa of $75 million, both of which are in located El Salvador and a decrease in borrowings at IPL in the US of $36 million.

Debt repayments of recourse debt and non-recourse debt during the first quarter of 2007 were $370 million compared to $698 million during the same period in 2006. The decrease of $328 million was primarily due to a decrease in repayments of $191 million at CAESS, of $150 million at the Parent Company, of $98 million at Eletropaulo in Brazil and of $71 million at Clesa   These decreases were offset by increased repayments at Kilroot in United Kingdom of $78 million, at Parana in Argentina of $62 million and at Sonel in Africa of $56 million.

Minority distributions were $54 million compared to $16 million during the same period in 2006. This $38 million increase was primarily due to a $26 million return of capital by Barka, and a $21 million dividend payment made by EDC.

This excerpt taken from the AES 10-K filed May 23, 2007.

Financing Activities

Net cash used in financing activities decreased by $22 million to $1,317 million during 2006 compared to $1,339 million during 2005. This change was attributable to a decrease in debt, net of issuances of $102 million an increase in contributions from minority interests of $124 million and an increase due to issuance of common stock of $52 million offset by an increase in distributions to minority interests of $149 million, an increase in payments for deferred financing of $65 million and an increase in payments for financed capital expenditures of $51 million.

Debt issuances of recourse debt, non-recourse debt and revolving credit facilities, net during 2006 were $3,169 million compared to $1,768 million during 2005. This increase of $1,401 million was due to an increase in borrowings at Brasiliana in Brazil of $744 million, at Maritza in Bulgaria of $240 million, at Itabo in the Dominican Republic of $177 million, at Buffalo Gap 2 in the U.S. of $116 million and at Lal Pir in Pakistan of $64 million. In addition, there were refinancings at Sul in Brazil for $476 million, at Panama for $287 million and at IPL in the U.S. for $156 million as well as bond issuances at CAESS for $207 million and at CLESA for $77 million, both located in El Salvador. These increases were offset by a decrease in borrowings at Eletropaulo in Brazil of $618 million, at Andres in the Dominican Republic of $160 million, at EDC in Venezuela of $141 million, at Wind in the U.S. of $110 million and at Tiete in Brazil of $80 million. There was also a decrease in refinancing at Gener in Chile for $31 million.

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Debt repayments during 2006 were $4,209 million compared to $2,910 million during 2005. The increase of $1,299 million was primarily due to repayments at Brasiliana for $1,032 million, at Sul for $446 million, at Panama for $281 million, at Tiete for $274 million, at CAESS for $175 million, at IPL for $130 million, at Buffalo Gap for $116 million, at Lal Pir for $57 million and at CLESA for $55 million. This increase was offset by a decrease in repayments at Eletropaulo of $594 million, at EDC of $408 million, at Andres of $112 million, at the parent of $108 million and at Gener of $58 million.

Minority contributions during 2006 were $125 million compared to $1 million during 2005. This resulted in an increase of $124 million primarily due to Buffalo Gap in the U.S., which received a contribution from their tax equity partners of $117 million. Minority distributions were $335 million compared to $186 million during 2005. This increase of $149 million was primarily due to Tiete, which paid minority dividends of $170 million during 2006 compared to $66 million in 2005.

Payments for deferred financing costs during 2006 were $86 million compared to $21 million during 2005. The $65 million increase in payments was primarily due to new financing at Maritza and refinancing at Sul.

Financed capital expenditures increased $51 million during 2006 predominately at Buffalo Gap where we financed these acquisitions by paying for them over a period greater than three months.

This excerpt taken from the AES 10-Q filed Nov 7, 2006.

Financing Activities

Net cash used in financing activities decreased $307 million to $611 million during the nine months ended September 30, 2006 as compared to $918 million during the same period of 2005. The change was attributable to an increase in debt, net of issuances, of $355 million and an increase in minority contributions of $108 million, offset by an increase in minority distributions of $84 million, an increase in financed capital expenditures of $54 million, an increase in deferred financing costs of $54 million and an increase of $39 million due to the issuance of common stock.

Debt issuances of recourse debt, non recourse debt and revolving credit facilities during the first nine months of 2006 was $1,676 million compared to $1,515 million during the same period of 2005. This increase was mainly due to a refinancing of debt at Sul in Brazil of $480 million, a bond issuance at CAESS in El Salvador of $207 million and at CLESA in El Salvador of $77 million. In addition, there were increased borrowings at Maritza in Bulgaria of $140 million, at Lal Pir in Pakistan of $41 million and at Itabo in the Dominican Republic of $52 million, of which $24 million was used to purchase a 25% share of Itabo. The parent company also increased its net borrowings under revolving credit facilities by $88 million. These activities were offset by decreased borrowings at Eletropaulo in Brazil of $509 million, at Tietê in Brazil of $80 million and at Buffalo Gap in the U.S. of $92 million and a decrease in local currency project debt and commercial paper at EDC in Venezuela of $165 million. There was also a decrease in refinancings at Gener in Chile of $61 million.

Debt repayments during the first nine months of 2006 were $2,128 million compared to $2,322 million during the same period in 2005. The decreased repayments of $194 million were mainly due to the

48




repayments of high cost project debt at Sul of $460 million and more repayments at CAESS of $179 million, at Buffalo Gap $116 million and at CLESA of $59 million. The decrease in repayments was offset by less repayments at EDC of $385 million, at Eletropaulo of Brazil of $366 million, at the parent company of $108 million, at Gener of $94 million, and at IPL of $71 million.

Minority contributions during the first nine months of 2006 were $117 million compared to $9 million during the first nine months of 2005. This increase was due to Buffalo Gap, which received a contribution from their tax equity partners of $115 million. Minority distributions during the three quarters of 2006 were $210 million compared to $126 million. This increase was primarily due to Tietê in Brazil, which paid minority dividends of $81 million.

Payments for deferred financing costs increased $54 million during the first three quarters of 2006 primarily due to the new financing at Maritza, to the parent company debt issuances, and the refinancing at Sul.

Financed capital expenditures increased $54 million predominately at Buffalo Gap where we financed these acquisitions by paying for them over a period greater than three months.

This excerpt taken from the AES 10-Q filed Aug 7, 2006.

Financing Activities

Net cash used in financing activities decreased $73 million to $367 million during the first half of 2006 as compared to $440 million during the first half of 2005. The change was attributable to a decrease in debt repayments, net of issuances, of $77 million and an increase in minority contributions of $108 million, offset by an increase in minority distributions of $78 million as well as an increase in deferred financing costs of $45 million.

Debt issuances of recourse debt, non recourse debt and revolving credit facilities during the first half of 2006 was $1,392 million compared to $957 million during the first half of 2005. This increase was mainly due to a refinancing of debt at Sul in Brazil of $477 million, a bond issuance at CAESS in El Salvador of $207 million and at Clesa in El Salvador of $77 million, increased borrowing at Maritza of $92 million and at Itabo of $23 million used to purchase 24.99% share of AES Grand Itabo, and net increased company borrowing under revolving credit facilities of $143 million, of which $100 million was parent borrowing. These activities were offset by decreased borrowings at Eletropaulo of $168 million and at Buffalo Gap of $42 million, decreased project debt financing at Cartagena of $93 million, decrease at IPL of $72 million and at AES Gener of $61 million due to refinancing in 2005, and a decrease in local currency project debt and commercial paper at EDC of $149 million.

Debt repayments during the first half of 2006 were $1,721 million compared to $1,363 million during the same period in 2005. The increased repayments of $358 million were mainly due to the repayments of high cost project debt at Sul of $455 million, at CAESS of $177 million, at Buffalo Gap of $116 million and at Clesa of $49 million. In addition, the repayments include make-whole premiums of $35 million. The

46




increase in repayments was offset by reduced repayments at EDC of $322 million, at AES Gener of $93 million and at IPL of $72 million.

Minority contributions during the first half of 2006 were $117 million compared to $9 million during the first half of 2005. This increase was due to Buffalo Gap, which received a contribution from their tax equity partners of $117 million. Minority distributions during the first half of 2006 were $125 million compared to $47 million. This increase was primarily due to Tiete, which paid minority dividends of $68 million.

Payments for deferred financing costs increased $45 million during the first half of 2006 primarily due to refinancing at Sul and new financing at Maritza and Caess.

This excerpt taken from the AES 10-Q filed May 8, 2006.

Financing Activities

Net cash used in financing activities was $357 million during the first quarter of 2006 as compared to $176 million during the first quarter of 2005. The significant change was attributable to a decrease in debt, net of issuances, of $333 million during the first quarter of 2006 versus $170 million in 2005.

Debt issuances of recourse and non-recourse debt for the three months ended March 31, 2006 was $407 million compared to $416 million during the three months ended March 31, 2005. This was mainly due to the refinancing of $223 million of debt at CAESS and $77 million of debt at CLESA, both distribution businesses in El Salvador, and parent company borrowings under its credit facility of $50 million during the first quarter of 2006. There was a $102 million decrease in project debt financing at Cartagena, our business in Spain, a $159 million decrease in local currency project debt and commercial paper financing at EDC, our business in Venezuela, and a $110 million decrease in borrowings at Eletropaulo, our business in Brazil.

Debt repayments during the three months ended March 31, 2006 were $740 million compared to $586 million during the same period in 2005. The increased repayments of $154 million during the first quarter of 2006 compared to the first quarter of 2005 were mainly due to the repayment of corporate recourse debt of $150 million in 8.875% senior subordinated debentures, the repayment of high cost project debt of $190 million at CAESS, the repayment of $62 million at CLESA, and the repayment of revolving credit of $39 million at IPL. These repayments include make-whole premiums of $47 million. The increase in repayments was offset by reduced payments at EDC of $11 million during the first quarter of 2006 compared to $311 million to the same period in 2005 when it repaid local debt.

Payments for deferred financing costs increased $15 million during the three months ended March 31, 2006 due to the issuance of the recourse debt at our parent company and due to the refinancing at CAESS and CLESA during the quarter.

This excerpt taken from the AES 10-Q filed Apr 13, 2006.

Financing Activities

Net cash used in financing activities was $440 million during the first half of 2005 as compared to $741 million during the first half of 2004 as we reduced debt, net of issuances, by $406 million in 2005 versus $626 million in 2004.

Debt issuances declined during the first half of 2005 by $768 million primarily due to parent company debt issuances of $491 million in the first half of 2004 compared to $6 million in the first half of 2005, a bond issuance of $400 million in 2004 at Gener and other debt issuances of $151 million in the second quarter of 2004 compared to $119 million of debt issuances in the current year from a bridge loan refinancing, a decrease of $73 million over the prior year at EDC due to debt restructuring that occurred in the prior year, offset by a $200 million U.S. dollar equivalent bond issuance in Brazil in June 2005 and an increase of $95 million at our Spain construction project to meet contractor milestone payments.

Debt repayments declined during the first half of 2005 by $988 million due to parent company debt repayments of $809 million in the first half of 2004 versus $115 million in the first half of 2005 mainly for payments on senior subordinated debt. Additionally, AES Gener decreased debt repayments by $624 million in 2005 due to the completion of the debt restructuring and refinancing that occurred during 2004. These decreases were partially offset by increased debt repayments at EDC of $218 million in the

45




first half of 2005 mainly due to the payment of 200 million Euro debt in March 2005 and increased debt repayments in Brazil of $122 million due to the bond issuance in June 2005 which was used to reduce higher interest-bearing debt.

Payments for deferred financing costs decreased $55 million during the first half of 2005 due to parent company debt issuances in the prior year that did not occur at the same level in the current year, higher deferred financing costs in the prior year at Gener due to the size of their debt offering in 2004, and higher deferred financing costs in 2004 in Brazil due to their reprofiling of debt in the first quarter of 2004.

This excerpt taken from the AES 10-Q filed Apr 13, 2006.

Financing Activities

Net cash used in financing activities was $918 million during the nine months ended September 30, 2005 as compared to $741 million during the same period in 2004. This was mainly due to the reduction of debt, net of issuances, of $807 million in 2005 versus $585 million in 2004.

Debt issuances declined by $465 million during the nine months ended September 30, 2005 primarily due to parent company debt issuances of $491 million in 2004 compared to $6 million in 2005; a bond issuance of $400 million at Gener in Chile in the first quarter of 2004 and other debt issuances of $150

46




million during the second quarter of 2004 compared to $119 million in the current year from a bridge loan refinancing; a decrease of $79 million over the prior year at EDC in Venezuela mainly due to the issuance of debt in local currency in 2004 as part of its debt restructuring; and a decrease in financing of $120 million at Ebute, our plant in Nigeria, due to $120 million of financing issued in September 2004. In 2005, Ebute did not incur any new debt issuances. These reductions in debt issuances were offset by increased borrowings at Brazil of $547 million and a $97 million project construction loan at Buffalo Gap. Brazil issued a $200 million U.S. dollar equivalent bond issuance in June 2005 and $348 million of debentures in September 2005. The issuances in 2005 were used to reduce higher interest-bearing debt.

Debt repayments during the nine months ended September 30, 2005 was $2.3 billion compared to $2.6 billion during the same period in 2004. The decline of approximately $300 million was mainly due to repayment of corporate recourse debt of $809 million in 2004 compared to $258 million in 2005. The 2005 payments include the redemption of all of the Company’s 8.5% Senior Subordinated Notes and its 4.5% Convertible Junior Subordinated Debentures. In addition, AES Gener decreased debt repayments in 2005 by $637 million due to the completion of their debt restructuring and refinancing that occurred during 2004. This was offset by increased debt and debenture payments at Brazil by $526 million in 2005 to pay off higher interest-bearing debt and increased debt repayments at EDC of $315 million mainly due to the repayment of 200 million Euro debt in March 2005 and the repayment of debt in local currency of $66 million.

Payments for deferred financing costs decreased $71 million during the nine months ended September 30, 2005 due to parent company debt issuances in the prior year that did not occur at the same level in the current year, higher deferred financing costs at Gener due to the size of the debt offering in 2004, higher deferred financing costs in 2004 at Brazil due to their reprofiling of debt in 2004, and higher deferred financing costs at Ebute due to the $120 million refinancing arrangement in September 2004.

This excerpt taken from the AES 10-Q filed Apr 13, 2006.

Financing Activities

Net cash used in financing activities was $176 million during the first quarter of 2005 as compared to $387 million during the first quarter of 2004 as we reduced debt, net of issuances, by $160 million in 2005 versus $340 million in 2004.

Debt issuances declined quarter over quarter by $707 million primarily due to parent company debt issuances of $487 million and the AES Gener bond issuance of $400 million in the first quarter of 2004.

Debt repayments declined quarter over quarter by $887 million primarily due to parent company debt repayments of $806 million in the first quarter of 2004.

This excerpt taken from the AES 10-K filed Apr 4, 2006.

Financing Activities

Net cash used in financing activities was $1,195 million for the year ended December 31, 2005 as compared to $936 million during the same period in 2004. The significant change was due to a decrease in debt, net of issuances, of $1,052 million in 2005 versus $734 million in 2004.

Debt issuances decreased by $1,051 million during the twelve months ended December 31, 2005 primarily due to parent company recourse debt issuances of $491 million in 2004 compared to $5 million in 2005.  The remaining decreases were attributable to our subsidiaries.  At Gener in Chile, there were bond issuances of approximately $570 million in 2004 and other debt refinancings of approximately $253 million during 2004 compared to $119 million in the current year.  At Cartagena in Spain, there was a $166 million decrease over the prior year in project debt financing.  At EDC in Venezuela, there was a decrease of $353 million over the prior year at EDC due to the issuance of debt in local currency in 2004 as part of its debt restructuring. These reductions in debt issuances were offset by increased borrowings at Eletropaulo of $656 million. Brazil issued a $200 million U.S. dollar equivalent bond issuance in June 2005, $348 million and $109 million of debentures in September and December 2005, respectively. The issuances in 2005 were used to pay off higher interest-bearing debt.

Debt repayments during the twelve months ended December 31, 2005 were $2,941 million compared to $3,674 million during the same period in 2004. The decrease of approximately $733 million was mainly due to repayment of corporate recourse debt of $1,140 million in 2004 compared to $259 million in 2005. The 2005 payments include the redemption of all of the Company’s 8.5% Senior Subordinated Notes and its 4.5% Convertible Junior Subordinated Debentures. In addition, Gener decreased debt repayments in 2005 by $907 million due to the completion of their debt restructuring and refinancing that occurred during 2004. This was offset by increased debt and debenture payments at Eletropaulo and Tiete in Brazil of $727 million in 2005 to pay off higher interest-bearing debt; increased debt repayments at Andres in the Dominican Republic of $112 million due to the debt restructuring in 2005 whereby the proceeds received were used to pay off short term debt; and increased debt repayments at EDC in Venezuela of $105 million due to the repayment of  200 million Euro debt in March 2005 and the repayment of debt in local currency of $66 million.

Payments for deferred financing costs decreased $88 million during the twelve months ended December 31, 2005 due to parent company debt issuances in the prior year that did not occur at the same level in the current year, higher deferred financing costs at Gener due to the size of the debt offering in 2004, higher deferred financing costs in 2004 at Brazil due to their reprofiling of debt in 2004, and higher deferred financing costs at Ebute due to the $120 million refinancing arrangement in September 2004.

92




This excerpt taken from the AES 10-Q filed Jan 19, 2006.

Financing Activities

Net cash used in financing activities was $176 million during the first quarter of 2005 as compared to $387 million during the first quarter of 2004 as we reduced debt, net of issuances, by $160 million in 2005 versus $340 million in 2004.

Debt issuances declined quarter over quarter by $707 million primarily due to parent company debt issuances of $487 million and the AES Gener bond issuance of $400 million in the first quarter of 2004.

Debt repayments declined quarter over quarter by $887 million primarily due to parent company debt repayments of $806 million in the first quarter of 2004.

39




This excerpt taken from the AES 10-Q filed Jan 19, 2006.

Financing Activities

Net cash used in financing activities was $918 million during the nine months ended September 30, 2005 as compared to $741 million during the same period in 2004. This was mainly due to the reduction of debt, net of issuances, of $807 million in 2005 versus $585 million in 2004.

Debt issuances declined by $465 million during the nine months ended September 30, 2005 primarily due to  parent company debt issuances of $491 million in 2004 compared to $6 million in 2005; a bond issuance of $400 million at Gener in Chile in the first quarter of 2004 and other debt issuances of $150

42




million during the second quarter of 2004 compared to $119 million in the current year from a bridge loan refinancing; a decrease of $79 million over the prior year at EDC in Venezuela mainly due to the issuance of debt in local currency in 2004 as part of its debt restructuring; and a decrease in financing of $120 million at Ebute, our plant in Nigeria, due to $120 million of financing issued in September 2004. In 2005, Ebute did not incur any new debt issuances. These reductions in debt issuances were offset by increased borrowings at Brazil of $547 million and a $97 million project construction loan at Buffalo Gap. Brazil issued a $200 million U.S. dollar equivalent bond issuance in June 2005 and $348 million of debentures in September 2005. The issuances in 2005 were used to reduce higher interest-bearing debt.

Debt repayments during the nine months ended September 30, 2005 was $2.3 billion compared to $2.6 billion during the same period in 2004. The decline of approximately $0.3 billion was mainly due to repayment of corporate recourse debt of $809 million in 2004 compared to $258 million in 2005. The 2005 payments include the redemption of all of the Company’s 8.5% Senior Subordinated Notes and its 4.5% Convertible Junior Subordinated Debentures. In addition, AES Gener decreased debt repayments in 2005 by $637 million due to the completion of their debt restructuring and refinancing that occurred during 2004. This was offset by increased debt and debenture payments at Brazil by $526 million in 2005 to pay off higher interest-bearing debt and increased debt repayments at EDC of $315 million mainly due to the repayment of 200 million Euro debt in March 2005 and the repayment of debt in local currency of $66 million.

Payments for deferred financing costs decreased $71 million during the nine months ended September 30, 2005 due to parent company debt issuances in the prior year that did not occur at the same level in the current year, higher deferred financing costs at Gener due to the size of the debt offering in 2004, higher deferred financing costs in 2004 at Brazil due to their reprofiling of debt in 2004, and higher deferred financing costs at Ebute due to the $120 million refinancing arrangement in September 2004.

This excerpt taken from the AES 10-K filed Jan 19, 2006.
Financing Activities

Net cash used in financing activities was $936 million during 2004, which primarily consists of refinancing and principal payments cash outflow of $734 million, net of issuances, and payments for deferred financing costs of $109 million. The increase in cash used in financing activities in 2004 primarily reflects the reduction in our borrowings of $1,674 million compared to 2003 and the decline in proceeds from the issuance of stock. We reduced our borrowings by approximately $2 billion on our parent recourse

73




debt in comparison to borrowings in 2003. In 2004 we received $16 million in proceeds from stock option exercises compared to proceeds of $334 million in 2003 from our stock offering and proceeds of $3 million from stock option exercises.

This excerpt taken from the AES 10-Q filed Jan 19, 2006.

Financing Activities

Net cash used in financing activities was $440 million during the first half of 2005 as compared to $741 million during the first half of 2004 as we reduced debt, net of issuances, by $406 million in 2005 versus $626 million in 2004.

Debt issuances declined during the first half of 2005 by $768 million primarily due to parent company debt issuances of $491 million in the first half of 2004 compared to $6 million in the first half of 2005, a bond issuance of $400 million in 2004 at Gener and other debt issuances of $151 million in the second quarter of 2004 compared to $119 million of debt issuances in the current year from a bridge loan refinancing, a decrease of $73 million over the prior year at EDC due to debt restructuring that occurred in the prior year, offset by a $200 million U.S. dollar equivalent bond issuance in Brazil in June 2005 and an increase of $95 million at our Spain construction project to meet contractor milestone payments.

Debt repayments declined during the first half of 2005 by $988 million due to parent company debt repayments of $809 million in the first half of 2004 versus $115 million in the first half of 2005 mainly for payments on senior subordinated debt. Additionally, AES Gener decreased debt repayments by $624 million in 2005 due to the completion of the debt restructuring and refinancing that occurred during 2004. These decreases were partially offset by increased debt repayments at EDC of $218 million in the

41




first half of 2005 mainly due to the payment of 200 million Euro debt in March 2005 and increased debt repayments in Brazil of $122 million due to the bond issuance in June 2005 which was used to reduce higher interest-bearing debt.

Payments for deferred financing costs decreased $55 million during the first half of 2005 due to parent company debt issuances in the prior year that did not occur at the same level in the current year, higher deferred financing costs in the prior year at Gener due to the size of their debt offering in 2004, and higher deferred financing costs in 2004 in Brazil due to their reprofiling of debt in the first quarter of 2004.

This excerpt taken from the AES 10-Q filed May 5, 2005.

Financing Activities

Net cash used in financing activities was $176 million during the first quarter of 2005 as compared to $387 million during the first quarter of 2004 as we reduced debt, net of issuances, by $160 million in 2005 versus $340 million in 2004.

Debt issuances declined quarter over quarter by $707 million primarily due to parent company debt issuances of $487 million and the AES Gener bond issuance of $400 million in the first quarter of 2004.

Debt repayments declined quarter over quarter by $887 million primarily due to parent company debt repayments of $806 million in the first quarter of 2004.

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