INVESTMENTS IN AND ADVANCES TO AFFILIATES

The following table summarizes the relevant effective equity ownership interest and carrying values for the Company’s investments accounted for under the equity method as of December 31, 2013 and 2012.



		December 31,
		2013		2012		2013		2012
Affiliate	Country	Carrying Value (in millions)				Ownership Interest %
Silver Ridge Power ⁽¹⁾	Various	$	291	$	307	50	%	50	%
Barry⁽²⁾	United Kingdom	—		—		100	%	100	%
CET⁽²⁾⁽³⁾	Brazil	—		13		N/A		72	%
Chigen affiliates ⁽⁴⁾	China	—		2		N/A		35	%
Elsta⁽²⁾⁽⁵⁾	Netherlands	120		219		50	%	50	%
Entek	Turkey	165		234		50	%	50	%
Guacolda	Chile	245		196		35	%	35	%
OPGC	India	186		199		49	%	49	%
Trinidad Generation Unlimited⁽²⁾⁽⁶⁾	Trinidad	—		24		N/A		10	%
Other affiliates	Various	3		2
Total investments in and advances to affiliates		$	1,010	$	1,196


⁽¹⁾	Represent our investments in AES Solar Energy Ltd in Europe, AES Solar Power LLC in the United States and AES Solar Power, PR, LLC in Puerto Rico. The collective solar energy affiliates were consolidated into a single entity, Silver Ridge Power, during 2013.


⁽²⁾	Represent VIEs in which the Company holds a variable interest, but is not the primary beneficiary.


⁽³⁾	The Company acquired all of the noncontrolling interests of CET during the fourth quarter of 2013, which resulted in the consolidation of this entity.


⁽⁴⁾	Represent our investment in Chengdu AES Kaihua Gas Turbine Company Ltd. The Company disposed of this investment during the first quarter of 2013.


⁽⁵⁾	The Company recognized a $129 million impairment of its investment in Elsta during 2013. For additional information see Note 9 — Other Non-Operating Expense.


⁽⁶⁾	The Company sold its interest in Trinidad Generation Unlimited during the third quarter of 2013.

The following investments, accounted for under the equity method of accounting, had changes in ownership interest during the year or other circumstances leading to the equity method of accounting:

AES Barry Ltd.—The Company holds a 100% ownership interest in AES Barry Ltd. (“Barry”), a dormant entity in the United Kingdom that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks’ consent, and the Company does not control Barry. As of December 31, 2013 and 2012, other long-term liabilities included $55 million related to this debt agreement.

Trinidad Generation Unlimited (“TGU”)—Although the Company’s ownership in TGU was 10%, the Company accounted for the investment as an equity method investment due to the Company’s ability to exercise significant influence through the supermajority vote requirement for any significant future project development activities. The Company sold its interest in TGU during the third quarter of 2013.

Summarized Financial Information

The following tables summarize financial information of the Company’s 50%-or-less owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method.



	50%-or-less Owned Affiliates								Majority-Owned Unconsolidated Subsidiaries
Years ended December 31,	2013		2012			2011			2013			2012			2011
	(in millions)								(in millions)
Revenue	$	1,099	$	1,868		$	1,668		$	2		$	106		$	24
Operating margin	295		355			258			—			26			24
Net income (loss)	53		146			(5		)	—			(5		)	(5		)

December 31,	2013		2012						2013			2012
	(in millions)								(in millions)
Current assets	$	842	$	1,097					$	1		$	2
Noncurrent assets	3,722		5,253						20			38
Current liabilities	600		680						1			55
Noncurrent liabilities	2,096		2,899						75			20
Noncontrolling interests	15		(228		)				—			—
Stockholders’ equity	1,853		2,999						(55		)	(35		)

At December 31, 2013, accumulated deficit included $168 million related to the undistributed earnings of the Company’s 50%-or-less owned affiliates. Distributions received from these affiliates were $6 million, $22 million, and $36 million for the years ended December 31, 2013, 2012, and 2011, respectively. As of December 31, 2013, the aggregate carrying amount of our investments in equity affiliates exceeded the underlying equity in their net assets by $214 million.