AES Corp (AES) saw its stock price plummet by 5.01% in Thursday's trading session, as President Donald Trump's sweeping tariffs on major trade partners sparked concerns for utility companies with unregulated renewable energy exposure.

Analysts at Evercore highlighted that U.S. utilities most likely to be affected by the new tariffs in the near-term are those with greater reliance on international supply chains and international sales exposure. This category includes power producers with unregulated renewable exposure such as AES, NextEra Energy, and Fluence Energy.

The Evercore analysts noted that while regulated utilities are relatively insulated in the near-term as costs are passed through to customers, companies like AES with significant unregulated renewable energy operations could face more immediate challenges. Longer-term, the tariffs could lead to higher spending, potentially increasing utility bills and putting pressure on earnings growth across the sector.