AES to record $450M-$550M impairment on Maritza plant due to Bulgaria coal phase-out by 2038

AES CORP

Pre-tax impairment charge of $450M-$550M to be recognized as of June 30, 2022, due to reduced useful life of Maritza plant to 2038.
Trigger: EU Council approved Bulgaria's plan on May 4, 2022, requiring coal phase-out by 2038.
No expected impact on Maritza's existing PPA obligations through May 2026 or its cash flows.
Final impairment assessment and tax impact to be completed in Q2 2022 10-Q filing.

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