The AES Corp was incorporated in Delaware in 1981. It is a power generation and utility company. It is organized into six market-oriented strategic business units (SBUs) US, Andes, Brazil, MCAC, EMEA and Asia. Within its six SBUs, the Company has two lines of business. The first business line is generation, where it owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users and other intermediaries. The second business line is utilities, where it owns and/or operates utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial and governmental sectors within a defined service area. Its generation business line generates and sells electricity on the wholesale market. It owns & operates a generation portfolio of approximately 29,352 MW, excluding the generation capabilities of its integrated utilities. It sells electricity under medium- or long-term contracts or under short-term agreements in competitive markets short-term sales. Its Utilities business line distributes power to approximately more than 10 million people in four countries. Its businesses include, generation capacity totaling 6,524 MW and has a variety of structures, ranging from integrated utility to pure transmission and distribution businesses. Its utilities sell electricity directly to end-users, such as homes and businesses, and bill customers directly. It owns and operates all of the businesses and facilities necessary to generate, transmit and distribute electricity. It faces competition in the regulated electric business from the on-site generation of industrial customers. The Company is subject to various international, federal, state and local regulations in all of its markets.