AES to probe option grants, restate earnings

AES Corp., a U.S. power producer, said it was investigating its accounting for stock option grants and planned to restate earnings for the first nine months of 2006 and for the years 2005 and 2004.

AES will probably delay filing its annual report for a second straight year after identifying certain errors in its financial statements, the Arlington, Va-based company said Monday in a Securities and Exchange Commission filing. The restatements aren’t likely to be material or affect cash balances, AES said.