
                                                                    EXHIBIT 20.8

FOR IMMEDIATE RELEASE

                       AES REPORTS SECOND QUARTER EARNINGS
                  PER SHARE INCREASE OF 35%, TO $0.50 PER SHARE

                     AES Also Announces 2 for 1 Stock Split

ARLINGTON,  VA, July 15, 1997 -- The AES Corporation (NYSE: AES) announced today
that net income was $42 million for the quarter ended June 30, 1997, an increase
of 50%  compared to net income of $28  million  for the second  quarter of 1996.
Earnings per share were $0.50 for the quarter,  up 35% compared to $0.37 for the
same  quarter  in 1996.  Revenues  for the  quarter  were $261  million,  up 50%
compared to $174 million reported in the same period last year.

For the first half of 1997, net income was $82 million,  a 44% increase compared
to the first  half of 1996.  Earnings  per share for the first half of 1997 were
$1.00,  compared  to $0.75 for the same period in 1996.  Revenues  for the first
half of 1997 were $522  million,  up 51% from the $346  million  reported a year
earlier.

AES also announced  today a 2 for 1 stock split.  Each  shareholder of record on
July 28,  1997 will  receive as a dividend  one  additional  share of AES Common
Stock for each share held on that date, payable on August 28, 1997.

Dennis W. Bakke, President and Chief Executive Officer, commented, " This was an
exciting  quarter for AES on many  fronts.  Our existing  plants and  businesses
around the world performed well. We also expanded our business in many important
markets, including:

  -  completing the amalgamation of AES Chigen into AES,

  -  finalizing the acquisition of the non-US businesses of Destec,

  -  acquiring with partners the integrated  utility,  Cemig,  in Brazil and two
     distribution companies, Eden and Edes, in Argentina,

  -  winning the right to develop the 600 MW gas-fired combined cycle Uruguaiana
     project in Brazil, and

  -  funding the 2,100 MW Yangcheng coal-fired plant in China.

The  businesses  we acquired  from  Destec in Canada,  The  Netherlands  and the
Dominican Republic, as well as some of the development-stage  projects,  provide
us  with  opportunities  to  expand  our  relationships  and  markets  in  those
countries."

Roger W. Sant,  Chairman,  stated,  " AES people  around the world  continue  to
pursue new  opportunities  where we can make a difference in the electric sector
with both acquisitions and greenfield  plants. We are finding extremely talented
people in the businesses  that we acquire and they play an important part in the
overall  growth of our company.  Operating  people from existing AES plants also
play an important role in contributing to AES business  development  teams.  The
entrepreneurship that has been shown by our people has been extraordinary."

Highlights  of  AES's  business  development   successes  in  1997  include  the
following:

     o    In June, AES completed its acquisition of the international businesses
          of Destec  Energy,  Inc.,  consisting  of five plants in operation and
          construction  representing  approximately  950 MW  (based on AES's net
          equity  ownership),   and  numerous  projects  in  various  stages  of
          development.
<PAGE>

     o    In June, AES announced the initial  funding of the 2,100 MW coal-fired
          Yangcheng plant in China.

     o    In May, AES and partners won a bid for 14.41% of Cemig,  an integrated
          electric utility serving the State of Minas Gerais in Brazil.

     o    In May, AES completed the  amalgamation  with AES China Generating Co.
          with AES.

     o    In May,  AES,  along with its partner CEA,  acquired  two  electricity
          distribution companies,  Eden and Edes, serving the Province of Buenos
          Aires, Argentina.

     o    In  April,  AES won the  right  to  build,  own and  operate  a 600 MW
          gas-fired, combined cycle plant in Uruguaiana, Brazil.

     o    In March, AES completed a combined public offering of common stock and
          term convertible securities  ("TECONS"),  yielding net proceeds to the
          Company of approximately $390 million.

     o    In February, a subsidiary of AES raised #112.5 million of non-recourse
          project financing for its 230 MW (net) gas-fired  combined cycle plant
          in Barry, South Wales, United Kingdom.

     o    In February,  AES  announced  plans to build a 720 MW (net)  gas-fired
          combined  cycle  plant in  Pennsylvania  to  supply  electricity  to a
          subsidiary of GPU, Inc., pursuant to three restructured power purchase
          agreements.

     o    In January, AES acquired an additional 2.4% interest in Light Servicos
          de  Eletricidade  S.A.,  a  3,800  MW  integrated  Brazilian  utility,
          bringing AES's total interest to 13.75%.

     o    In  January,  AES won a bid to build,  own and  operate a 484 MW (net)
          gas-fired combined cycle power plant in Merida, Mexico.

AES is a leading  global power company that currently owns or has an interest in
seventy-five  power  facilities  totaling  over 20,000  megawatts  in the United
States,  Argentina,  Brazil,  Pakistan,  Hungary,  Kazakstan,  China, Australia,
Canada,  The  Netherlands,  The Dominican  Republic and The United  Kingdom.  In
addition to having assets of  approximately  $5.8 billion,  the Company has more
than $5 billion of projects in construction  or late stages of development.  AES
is dedicated to providing electricity worldwide in a socially responsible way.

                                    * * * * *


<PAGE>




THE AES CORPORATION
-------------------

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------
Unaudited                                                Three                 Three             Change
                                                         Months          %     Months       %     From
                                                         Ended           of    Ended       of    Previous     %
                                                         06/30/97       Sales  06/30/96   Sales    Year    Change
------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>           <C>    <C>        <C>    <C>         <C>

($ in millions, except per share amounts)

REVENUES:
Sales and services                                         $ 261         100%   $ 174      100%   $  87       50%
                                                                     
OPERATING COSTS AND EXPENSES:                                        
Cost of sales and services                                   163          63%      98       56%     (65)     -66%
Selling, general and administrative expenses                   6           2%       6        3%      --       --
Provision to reduce contract receivable                        3           1%      --       --       (3)    -100%
                                                           -----                -----              -----
                                                                     
Total operating costs and expenses                           172          66%     104       59%     (68)     -65%
                                                           -----                -----              -----
                                                                     
OPERATING INCOME                                              89          34%      70       41%      19       27%
                                                                     
OTHER INCOME AND (EXPENSE):                                          
Interest expense                                             (48)        -18%      (32)    -19%     (16)      50%
Interest income                                               10           4%       5        3%       5      100%
Equity in net earnings of affiliates                          14           5%       2        1%      12      600%
                                                           -----                -----              -----
                                                                     
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST              65          25%      45       26%      20       44%
                                                                     
Income taxes                                                  19           7%      16        9%      (3)     -19%
Minority interest                                              4           2%       1        0%      (3)    -300%
                                                           -----                -----              -----
                                                                     
NET INCOME                                                 $  42          16%   $  28       16%   $  14       50%
                                                           =====                =====              =====
                                                                     
NET INCOME PER SHARE:                                      $0.50                $0.37             $0.13
                                                           =====                =====              =====
                                                                  
</TABLE>



<PAGE>




THE AES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1997 AND 1996
<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------------------------
Unaudited                                                Six                     Six                     Change
                                                         Months        %         Months       %          From
                                                         Ended         of        Ended        of         Previous     %
                                                         06/30/97      Sales     06/30/96     Sales      Year         Change
----------------------------------------------------------------------------------------------------------------------------------
($ in millions, except per share amounts)
<S>                                                      <C>           <C>       <C>          <C>        <C>          <C>

REVENUES:
Sales and services                                       $ 522         100%      $ 346        100%       $ 176        51%

OPERATING COSTS AND EXPENSES:
Cost of sales and services                                 330          63%        196         57%        (134)      -68%
Selling, general and administrative expenses                15           3%         15          4%          --        --
Provision to reduce contract receivable                     10           2%         --          --         (10)     -100%
                                                         -------                 --------                --------      

Total operating costs and expenses                         355          68%        211         61%        (144)      -68%
                                                         -------                 --------                --------      

OPERATING INCOME                                           167          32%        135         39%          32        24%

OTHER INCOME AND (EXPENSE):
Interest expense                                           (92)        -18%        (62)       -18%         (30)       48%
Interest income                                             18           3%         10          3%           8        80%
Equity in net earnings of affiliates                        30           6%          7          2%          23       329%
                                                         -------                 --------                --------      

INCOME BEFORE INCOME TAXES AND MINORITY INTEREST           123          23%         90         26%          33        37%

Income taxes                                                35           7%         31          9%          (4)      -13%
Minority interest                                            6           1%          2          0%          (4)     -200%
                                                         -------                 --------                --------      

NET INCOME                                               $  82          15%      $  57         16%       $  25        44%
                                                         =======                 ========                ========      

NET INCOME PER SHARE:                                    $1.00                   $0.75                   $0.25
                                                         =======                 ========                ========      
</TABLE>



