
                                                                   EXHIBIT  20.3
FOR IMMEDIATE RELEASE
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       AES ANNOUNCES PRICING OF COMBINED $800 MILLION PRIVATE PLACEMENTS
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ARLINGTON,  VA, October 24, 1997 -- The AES  Corporation  (NYSE:  AES) announced
today that it priced its combined $800 million private placements, consisting of
$375  million of senior  subordinated  notes due 2007 (the "2007  Notes"),  $125
million of senior subordinated debentures due 2027 (the "2027 Debentures"),  and
$300  million  of  trust  convertible  preferred  securities  (the  "Convertible
Securities") on October 24, 1997. The interest rate on the 2007 Notes was set at
8.50% with an original  issue  price of 99.80%.  The  interest  rate on the 2027
Debentures  was set at  8.875%  with an  original  issue  price of  97.04%.  The
Convertible  Securities  were priced with a dividend  yield of 5 1/2%, and a 25%
conversion premium. The offerings are expected to close on October 29, 1997. The
securities offered have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.


