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<ACCESSION-NUMBER>0000912057-02-033050
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20020821
<ITEMS>5
<FILING-DATE>20020821
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AES CORPORATION
<CIK>0000874761
<ASSIGNED-SIC>4991
<IRS-NUMBER>541163725
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12291
<FILM-NUMBER>02744931
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1001 N 19TH ST
<STREET2>STE 2000
<CITY>ARLINGTON
<STATE>VA
<ZIP>22209
<PHONE>7035221315
</BUSINESS-ADDRESS>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>a2087906z8-k.htm
<DESCRIPTION>8-K
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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>WASHINGTON, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 8-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>CURRENT REPORT  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> PURSUANT TO SECTION 13 OR 15 (d)&nbsp;OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Date of Report (date of earliest event reported): </FONT><FONT SIZE=2><B>August&nbsp;21, 2002</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>THE AES CORPORATION<BR>  </B></FONT><FONT SIZE=2>(exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>DELAWARE</B></FONT><FONT SIZE=2><BR>
(State of Incorporation)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>333-15487</B></FONT><FONT SIZE=2><BR>
(Commission File No.)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>54-1163725</B></FONT><FONT SIZE=2><BR>
(IRS Employer ID No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>1001 North 19th Street, Suite 2000<BR>
Arlington, Virginia 22209</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices, including zip code) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Registrant's
telephone number, including area code:<BR></FONT> <FONT SIZE=2><B>(703)&nbsp;522-1315</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>NOT APPLICABLE</B></FONT><FONT SIZE=2><BR>
(Former Name or Former Address, if changed since last report) </FONT></P>

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<P><FONT SIZE=2><A
NAME="dc2224_item_5._other_events"> </A>
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<BR></FONT><FONT SIZE=2><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Events    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;21, 2002, The AES Corporation (the "Registrant") issued the press releases attached as Exhibit&nbsp;99.1 to this report and incorporated herein
by reference. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de2224_signatures"> </A>
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<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>THE AES CORPORATION</FONT></TD>
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<TD WIDTH="51%"><FONT SIZE=2><BR>
DATE: August&nbsp;21, 2002</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
by:</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2><BR>
/s/ William R. Luraschi</FONT><HR NOSHADE><FONT SIZE=2> Senior Vice President<BR></FONT>
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<FONT SIZE=2><A HREF="#toc_dc2224_1">Item 5. Other Events</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_de2224_1">SIGNATURES</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>a2087906zex-99_1.htm
<DESCRIPTION>PRESS RELEASE
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="dg2224_exhibit_99.1"> </A>
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<BR></FONT><FONT SIZE=2><B>EXHIBIT 99.1    <BR>  </B></FONT></P>

<P><FONT SIZE=4><U>FOR IMMEDIATE RELEASE</U> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>DRAX ENERGY INTEREST PAYMENT DUE AUGUST 30<BR>
TO BE PAID BY AES  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARLINGTON,
VA, August&nbsp;21, 2002&#151;The AES Corporation (NYSE: AES) confirmed today that pursuant to the terms of the AES Drax Senior Loan Documents ("Senior Loan
Documents"), its subsidiary, AES Drax Holdings, cannot make a distribution needed to pay the interest due on August&nbsp;30, 2002, to the AES Drax Energy note holders. On August&nbsp;20, 2002,
ratios were calculated pursuant to the Senior Loan Documents. These ratios are insufficient to permit a distribution to AES Drax Energy, the issuer of two series of senior secured notes due 2010. The
two series affected consist of the GBP 135&nbsp;million and the USD 200&nbsp;million issues, bearing coupon rates of 11.25% and 11.50%, respectively. AES Drax Energy currently has insufficient
cash to make the approximately GBP 15&nbsp;million interest payment due on August&nbsp;30, 2002. The AES Drax Energy debt service reserve account is currently funded with approximately GBP
7&nbsp;million, resulting in an approximate shortfall of GBP 8&nbsp;million. AES intends to fund its subsidiary to cover the shortfall in the August&nbsp;30 interest payment; however, there can
be no assurance that AES will continue to provide funding for future interest payments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Safe
Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain "forward-looking statements" regarding The AES Corporation's business.
These statements are not historical facts, but statements that involve risks and uncertainties. Actual results could differ materially from those projected in these forward-looking statements. For a
discussion of such risks and uncertainties, see "Risk Factors" in the Company's Annual Report or Form&nbsp;10-K for the most recently ended fiscal year. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES
is a leading global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
company's generating assets include interests in 177 facilities totaling over 59 gigawatts of capacity, in 33 countries. AES's electricity distribution network sells over 108,000
gigawatt hours per year to over 16&nbsp;million end-use customers. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*
* * * * </FONT></P>

<P><FONT SIZE=2>For
more general information visit our web site at www.aes.com or contact investor relations at investing@aes.com. </FONT></P>

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<FONT SIZE=2><A HREF="#toc_dg2224_1">EXHIBIT 99.1</A></FONT><BR>
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