<SUBMISSION>
<ACCESSION-NUMBER>0000728391-08-000009
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20071231
<FILING-DATE>20080701
<DATE-OF-FILING-DATE-CHANGE>20080701
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AES CORP
<CIK>0000874761
<ASSIGNED-SIC>4991
<IRS-NUMBER>541163725
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>001-12291
<FILM-NUMBER>08930111
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4300 WILSON BOULEVARD
<CITY>ARLINGTON
<STATE>VA
<ZIP>22203
<PHONE>7035221315
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4300 WILSON BOULEVARD
<CITY>ARLINGTON
<STATE>VA
<ZIP>22203
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AES CORPORATION
<DATE-CHANGED>19930328
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form11k.htm
<DESCRIPTION>FORM 11-K
<TEXT>
<HTML>
<head>
<title>Form 11-K</title>
</head>

<body bgcolor=white style="font-size:10pt">

		<!-- COVER PAGE -->

<div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;">&nbsp;</div>

<div align=center style="font-size:12.0pt;">
	<b>UNITED STATES<br>
		SECURITIES AND EXCHANGE COMMISSION</b><br></div>
	<div align=center style="font-size:8.0pt;">
	<b>WASHINGTON, D.C. 20549</b></div>

<p align=center style="font-size:12.0pt;">
	<b>FORM 11-K</b>
</p>

<div style="margin:0pt 0pt 0pt 225.0pt">
	<font size="2">(Mark One)</font><br>
	</div>
<div>
	<center>
		<font size="2" face="Wingdings">&#254;</font><b> ANNUAL REPORT PURSUANT
		TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 <br>
			For the fiscal year ended December 31, 2007 </b>&nbsp;</center>
</div>
<center><b>or</b></center>
<div>
	<center><font size="2" face="Wingdings">&#111;</font><b>
		TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934<br>
			For the transition period from ____ to ____</b>
	</center>
</div>

<p align=center>
	<b><font size=2>Commission file number <u>333-82306</u>, <u>333-115028</u>, and <u>333-135128</u></font></b>
</p>

<p><font size="2">A.  Full title of the plan and the address of the plan, if different from that of the issuer named below:</font></p>
<p align=center><b>Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company</b>
</p>

<p><font size="2">B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</font>
</p>
<p align=center><b>The AES Corporation<br>
4300 Wilson Boulevard<br>
Suite 1100<br>
Arlington, VA 22203</b></p>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;">
	<p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;">
	<font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font>
	</p>
</div>

<p align="center" style="page-break-before: always">REQUIRED INFORMATION</p>
<p>A list of the required financial statements filed as part of this Form 11-K
is set forth on page F-1.&nbsp; The consent of Deloitte &amp; Touche to the incorporation
by reference of these financial statements into the AES Corporation&rsquo;s Form S-8
Registration Statement relating to the Plan (Registration No&rsquo;s. 333-82306,
333-115028, and 333-135128) is set forth hereto as Exhibit 23.&nbsp; The
certification of the chief executive officer and the chief financial officer of
Indianapolis Power &amp; Light Company, pursuant to 18 U.S.C. Section 1350, is attached
hereto as Exhibit 99. </p>

<p style="page-break-before: always"><font size=4><b><em>Employees&rsquo; Thrift Plan<br>
of Indianapolis Power &amp;<br>
 Light Company  </em>  </b></font><em><br><br>
 Financial Statements as of December 31, 2007 and <br>
 2006 and for the Year Ended December 31, 2007, <br>
 Supplemental Schedule as of December 31, 2007, <br>
 and Report of Independent Registered Public <br>
 Accounting Firm</em></p>


		<!-- TABLE OF CONTENTS -->

<p style="text-transform: uppercase">
	<b>EMPLOYEES&rsquo; THRIFT PLAN OF<br>
	Indianapolis power &amp; light company </b>
</p>

<P>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" align=center style="font-size: 10pt">
	<tr><td width="1%"></td>
		<td width="4%"></td>
		<td width="84%"></td>
		<td width="10%"></td>
	</tr>
	<TR ><TD colspan="4" style="border-bottom:1px solid #000000; text-transform: uppercase"><b>Table of Contents</b></TD>
	</TR>
	<tr><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</tr>
	<TR><TD align=left colspan="3">&nbsp;</TD>
 		<TD align=center><strong><u>Page No.</u></strong></TD>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;&nbsp;</TD>
 		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD><A HREF="#Report"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</p></A></TD>
 		<TD align=center>1</TD>
	</TR>
	<TR valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			FINANCIAL STATEMENTS:</p></TD>
		<TD align=center>&nbsp;</TD>
	</TR>
  	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
 	<TR valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD><A HREF="#NetAssets"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			Statements of Net Assets Available for Benefits as of December 31, 2007 and 2006</p></A></TD>
 		<TD align=center>2</TD>
	</TR>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
	<TR valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD><A HREF="#ChangeNetAssets"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			Statement of Changes in Net Assets Available for Benefits for the Year Ended
	December 31, 2007</P></A></TD>
		<TD align=center>3</TD>
	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
	<TR valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD><A HREF="#Notes"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			Notes to Financial Statements as of December 31, 2007 and 2006 and for
the Year Ended December 31, 2007</p></A></TD>
		<TD align=center>4-10</TD>
	</TR>
	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
		<TD align=center>&nbsp;</TD>
	</TR>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD><A HREF="#Schedule"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
 			SUPPLEMENTAL SCHEDULE -</p></A></TD>
 		<TD align=center>11</TD>
	</TR>
 	<tr valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</tr>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD><A HREF="#Form5500"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
 			Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)
	as of December 31, 2007</p></A></TD>
 		<TD align=center>12</TD>
	</TR>
	<tr valign=top><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</tr>
 	<TR valign=top><TD>&nbsp;</TD>
 		<TD>&nbsp;</TD>
 		<TD><p style="margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-32.0pt;">
 			NOTE:&nbsp; Schedules not filed herewith are omitted because of the
			absence of the conditions under which they are required by
			Department of Labor&rsquo;s Rules and Regulations for Reporting and
			Disclosure under the Employees Retirement Income Security Act of
			1974. </p></TD>
		<TD align=center>&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

		<!-- CAUTIONARY STATEMENTS -->

<p style="page-break-before: always">
	<a name="Report"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></a></p>

<p>To the Employees&rsquo; Pension Committee of <br>Employees&rsquo; Thrift Plan of Indianapolis
Power &amp; Light Company: </p>

<p>We have audited the accompanying statements of assets available for benefits
of the Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company (the &ldquo;Plan&rdquo;)
as of December 31, 2007 and 2006, and the related statement of changes in assets
available for benefits for the year ended December 31, 2007. These financial
statements are the responsibility of the Plan&#39;s management. Our responsibility
is to express an opinion on these financial statements based on our audits. </p>

<p>We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Plan is not required
to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plan&#39;s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion. </p>
<p>In our opinion, such financial statements present fairly, in all material
respects, the assets available for benefits of the Plan at December 31, 2007 and
2006, and the changes in assets available for benefits for the year ended
December 31, 2007 in conformity with accounting principles generally accepted in
the United States of America. </p>
<p>Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets (held
at end of year) as of December 31, 2007 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor&#39;s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedule is the responsibility of the
Plan&#39;s management. Such supplemental schedule has been subjected to the auditing
procedures applied in our audit of the basic 2007 financial statements and, in
our opinion, is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole. </p>

<p>/s/ DELOITTE &amp; TOUCHE LLP</p>
<p>Indianapolis, IN<br>
June 30, 2008 </p>

<p align=center style="page-break-before: always">&nbsp;</p>

<!-- FINANCIAL STATEMENTS -->

<p><a name="NetAssets">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" style="font-size: 10pt" align=center>
	<tr><td width="57%"></td>
		<td width="1%"></td>
		<td width="8%"></td>
		<td width="2%"></td>
		<td width="1%"></td>
		<td width="8%"></td>
	</tr>
	<tr><td align=left colspan="6"><b>EMPLOYEES&rsquo; THRIFT PLAN OF</b></td></tr>
	<tr><td align=left colspan="6"><b>INDIANAPOLIS POWER &amp; LIGHT COMPANY</b> </td></tr>
	<tr><td align=left colspan="6">&nbsp;</tr>
	<tr><td align=left colspan="6"><b>STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</b> </td></tr>
	<tr><td align=left colspan="6" style="border-bottom:1px solid #000000"><b>DECEMBER 31, 2007 AND 2006</b> </td>
	</tr>
	<tr><td align=left>&nbsp;</td>
		<td align=center colspan="2"><b>2007</b></td>
		<td align=center>&nbsp;</td>
		<td align=center colspan="2"><b>2006</b></td>
	</tr>
	<tr><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><b><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
								ASSETS</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
		<tr><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						Participant-directed investments - At fair value:</p></td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  The AES Corporation Common Stock </p></td>
		<td align=center>$</td>
		<td align=right>32,414,080&nbsp;</td>
		<td align=right></td>
		<td align=center>$</td>
		<td align=right>41,397,251&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Merrill Lynch Equity Index Trust - Common/Collective Trust</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,934,576&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,515,354&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Merrill Lynch Retirement Preservation Trust - Common/Collective Trust</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>15,725,401&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>12,655,541&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Aim Income Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>22&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Buffalo Small Cap Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>669,331&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>550,333&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Columbia Mid Cap Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>4,168,145&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,143,387&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Blackrock Hl Sc Opp Inst Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>318,433&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>221,358&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Blackrock Gl Res Inst Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>745,316&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>355,153&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Blackrock Government Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>8,074,006&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>9,465,318&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Blackrock Util Teleco Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>981,362&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>661,889&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Oppenheimer Main Street Income &amp; Growth Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>9,650,780&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>6,685,107&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						   Alger Midcap Growth Institutional Portfolio Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,178,386&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>1,496,878&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Van Kampen Growth &amp; Income Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,390,411&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,117,900&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Lord Abbett Small Cap Value Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>4,220,194&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>3,377,684&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Lord Abbett Total Return Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>7,525,754&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,006,668&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Seligman Commun &amp; Info Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>1,308,979&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>1,131,849&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Phoenix Duff &amp; Phelps Real Estate Securities Mutual Fund
</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>1,403,497&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>1,589,393&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Franklin Mutual Financial Services Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>515,433&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>426,656&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Oppenheimer Gold &amp; Special Minerals Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,584,345&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,229,979&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    American Growth Fund of America Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>6,797,814&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>5,222,934&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    American Europacific Growth Mutual Funds</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>11,579,721&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>7,614,828&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    American Balanced Mutual Fund</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,622,934&nbsp;</td>
		<td align=right></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,465,536&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Participant loans</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">2,143,033&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">2,013,136&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Total investments</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>126,951,931&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>117,344,154&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           CASH</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>122,094&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>604&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
      					ACCRUED INTEREST AND DIVIDENDS</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">114,744&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">105,776&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>127,188,769&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>117,450,534&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Adjustments from fair value to contract value for fully benefit-responsive investment contracts</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">147,073&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">245,112&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							ASSETS AVAILABLE FOR BENEFITS</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>127,335,842&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>117,695,646&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							<b>LIABILITIES</b></p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Excess contribution payable</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">38,344&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">-&nbsp;&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							NET ASSETS AVAILABLE FOR BENEFITS</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">127,297,498&nbsp;</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">117,695,646&nbsp;</td>
	</tr>
	<tr><td align=left colspan=6  style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
	<tr><td align=left colspan="6">See notes to financial statements. </td>
	</tr>
</TABLE>
</a>
</p>
<br>
<br>

<p style="page-break-after: always">&nbsp;</p>
<p style="page-break-before:always"><A NAME="ChangeNetAssets">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" style="font-size: 10pt;page-break-inside:avoid" align=center>
	<tr valign=bottom><td width="81%"></td>
		<td width="2%"></td>
		<td width="17%"></td>
	</tr>
	<tr><td align=left colspan="3"><b>EMPLOYEES&rsquo; THRIFT PLAN OF</b></td></tr>
	<tr><td align=left colspan="3"><b>INDIANAPOLIS POWER &amp; LIGHT COMPANY</b> </td></tr>
	<tr><td align=left colspan="3">&nbsp;</tr>
	<tr><td align=left colspan="3"><b>STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</b> </td></tr>
	<tr><td align=left colspan="3" style="border-bottom:1px solid #000000"><b>YEAR ENDED DECEMBER 31, 2007</b> </td>
	</tr>
	<tr valign=bottom><td align=left>&nbsp;</td>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><b><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							INCREASES:</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Employee contributions</p></td>
		<td align=center>$</td>
		<td align=right>5,689,742&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Company contributions - net</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,648,064&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Interest and dividend income</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">6,478,482&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 36.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Total increases</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">14,816,288&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><b><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						DECREASES:</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Withdrawals by participants or their beneficiaries</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>4,391,658&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Administrative fees
</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>21,887&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						    Redemption fees</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>3,339&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Net depreciation in fair value of investments</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">797,552&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 36.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							           Total decreases</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">5,214,436&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><b><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS </p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>9,601,852&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">117,695,646&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							NET ASSETS AVAILABLE FOR BENEFITS - End of year</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$127,297,498&nbsp;</td>
	</tr>
	<tr><td align=left colspan=6  style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left colspan="3">See notes to financial
		statements. </td>
	</tr>
</TABLE>
</A>
</p>
<br>
<br>

		<!-- Notes -->

<p style="page-break-before:avoid"><A NAME="Notes">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" style="font-size: 10pt;page-break-inside:avoid" align=center>
	<tr valign=bottom><td width="100%"></td></tr>
	<tr><td align=left><b>EMPLOYEES&rsquo; THRIFT PLAN OF</b></td></tr>
	<tr><td align=left><b>INDIANAPOLIS POWER &amp; LIGHT COMPANY</b> </td></tr>
	<tr><td align=left>&nbsp;</tr>
	<tr><td align=left><b>NOTES TO FINANCIAL STATEMENTS</b> </td></tr>
	<tr><td align=left style="border-bottom:1px solid #000000"><b>
		AS OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEAR ENDED DECEMBER 31, 2007</b> </td>
	</tr>
</table></a></p>
<p style="text-transform: uppercase"><b>1. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b> </p>
<p><strong><em>Basis of Accounting</em></strong> - The financial statements of
the Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company (the &ldquo;Plan&rdquo;)
have been prepared on the accrual basis. </p>
<p><em><strong>Plan Assets </strong></em>- Assets of the Plan are maintained in
trust. Once placed in trust, assets may be withdrawn only for the purpose of
refunding employee contributions; or payment of vested employer contributions to
employees withdrawing from the Plan, to employees obtaining an in-service
(suspension) withdrawal, to retiring employees, to participants electing a loan
from the Plan, or to beneficiaries of deceased employees; or to pay expenses of
the Plan. Participants make requests for distributions directly with the
recordkeeper, Merrill Lynch Trust Company of America (&ldquo;Merrill Lynch&rdquo; or
&ldquo;Trustee&rdquo;), except for hardship withdrawals and refunds of participant
contributions, which require approval from the Payroll &amp; Benefits department of
the Indianapolis Power &amp; Light Company (IPL). The Payroll &amp; Benefits department
of IPL conducts day-to-day activities of the Plan at the designation of the
Employees&rsquo; Pension &amp; Benefit Committee (the &ldquo;Pension Committee&rdquo;). </p>
<p>Merrill Lynch is the sole trustee and recordkeeper of the assets of the Plan. </p>
<p><em><strong>Risks and Uncertainties </strong></em>- The Plan invests in
various securities including U.S. government securities, corporate debt
instruments, corporate stocks, registered investment companies, and
common/collective trusts. Investment securities, in general, are exposed to
various risks, such as interest rate, credit, and overall market volatility. Due
to the level of risk associated with certain investment securities, it is
reasonably possible that changes in the values of investment securities will
occur in the near term and that such changes could materially affect the amounts
reported in the statements of assets available for benefits. </p>
<p><em><strong>Investments</strong></em> - Investments in securities are stated
at fair value as determined by quoted market prices. Investment transactions are
recorded as of the trade date. The cost of the securities sold is determined on
a specific identification basis. Dividends are recorded on the ex-dividend
date.&nbsp; See Note 4 (&ldquo;Merrill Lynch Retirement Preservation Trust&rdquo;) for a detail
discussion relating to the value of investments held in the Retirement
Preservation Trust fund. </p>
<p><strong><em>Participant Loans</em></strong> - Loans to participants are
stated at cost which approximates fair value. </p>
<p><strong><em>Use of Management Estimates</em></strong> - The preparation of
financial statements in conformity with accounting principles generally accepted
in the United States of America requires that management make certain estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements. The reported amounts of increases and decreases in assets during the
reporting period may also be affected by the estimates and assumptions
management is required to make. Actual results may differ from those estimates. </p>
<p><strong><em>Administrative Fees</em></strong> - The Trustee assesses each
participant $1.88 on a quarterly basis for the base service fee. Participants
pay a commission of $0.04 per share (plan change from $.08 per share effective
July 3, 2006) for open market transactions in The AES Corporation (AES) common
stock. The commission is reflected in the price per share for each transaction.
There are no other transaction-based fees for the investment funds. </p>
<p>Expenses for postage and handling for participant statements, confirmations,
and distributions are charged directly to the participants or the Company. </p>
<p><em><strong>Payment of Benefits </strong></em>- Upon severance of employment,
a participant may elect to receive a lump sum payment for the full value of the
participant&rsquo;s account, including vested employer contributions and related
earnings. The participant also has the option of maintaining the account until
reaching the age of 70-1/2 years. Benefits are recorded when paid. </p>
<p><em><strong>Adoption of new Accounting Guidance </strong></em>- SFAS No. 157
&ldquo;Fair Value Measurements&rdquo;: &nbsp;In September 2006, the FASB released SFAS 157 to
define fair value, establish a framework for measuring fair value in accordance
with GAAP, and expand disclosures about fair value measurements. SFAS 157 is
effective for fiscal years beginning after November 15, 2007. Management does
not believe SFAS 157 will have a material impact on the Plan&rsquo;s financial
position. </p>
<p><em><strong>Excess Contribution Payable </strong></em>- The Plan is required
to return contributions received during the Plan year to bring the Plan into
nondiscrimination compliance. </p>
<p style="text-transform: uppercase"><b>2. DESCRIPTION OF THE PLAN</b></p>

<p>The Plan is administered by the Pension Committee which is a committee of not
less than five persons appointed by the IPL Board of Directors. The Plan is a
defined contribution plan, and certain employees become eligible to participate
in the Plan immediately upon date of employment. </p>
<p>All eligible employees vest at a rate of 20% per year and become fully vested
in the Plan after five years of uninterrupted service. Termination of employment
before the five-year requirement requires forfeiture of a prorated amount of
allocated employer contributions. Forfeited amounts may be used to reduce
employer matching contributions. As of December&nbsp;31, 2007, there is $44,664 in
the forfeiture fund. </p>

<p>The Plan is valued on a daily &ldquo;share&rdquo; valuation. </p>
<p>Employee contributions are made through payroll deductions representing
amounts equal to a specific percentage of the employee&rsquo;s base rate of
compensation. Employees have the option of contributing anywhere from 1% to 50%,
in increments of 1%, and direct their contributions into any of the investment
options provided by the Plan. Employees can make such contributions under a
&ldquo;Before Tax&rdquo; or &ldquo;After Tax&rdquo; option. Employer contributions are made in an amount
equal to current employee contributions up to a maximum of 4% and are invested
in the same funds as the employee elects to have his/her contributions invested.
Each participant&rsquo;s account is credited with the participant&rsquo;s contribution and
IPL&rsquo;s matching contribution. Allocations of Plan earnings and losses are based
on individual account balances relative to total account balances as of the
valuation dates. </p>
<p>Participant fund transfers are subject to certain restrictions as outlined in
the Summary Plan Description. In the event of partial or total termination of
the Plan, the funds in the Plan shall be valued as of the date of partial or
total termination and, after payment of necessary expenses, shall be distributed
as though all participants directly affected by the partial or total termination
had retired as of that date. Participants may borrow up to the lesser of 50% of
the vested portion of their account or $50,000, with a minimum loan requirement
of $1,000. The period of repayment of the loan can vary but generally will not
exceed five years except for loans used to purchase or construct a principal
residence. The loans are secured by the balance in the participant&rsquo;s account and
bear interest at 1% over prime. Principal and interest are paid through payroll
deductions. </p>
<p>The Plan is maintained with the intent of being a qualified trust under
Section&nbsp;401(a) of the Internal Revenue Code (the &ldquo;Code&rdquo;). Its related trust is
exempt from Federal income taxes under Section&nbsp;501(a) of the Code. The Plan
obtained its latest determination letter on February&nbsp;6, 2003, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Code. The Plan has been
amended since receiving the determination letter. However, the Plan
administrator and the Plan&rsquo;s tax counsel believe that the Plan, as amended, is
being operated in compliance with the applicable requirements of the Code. </p>
<p>Although it has not expressed any intent to do so, IPL has the right under
the Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of the Employees Retirement Income Security Act of
1974. In the event of Plan termination, participants would become 100% vested in
their employer contributions. </p>

<p>Participants should refer to the Summary Plan Description for a more detailed
description of the Plan. </p>

<p  style="page-break-before:always; text-transform: uppercase"><b>3. INVESTMENTS </b></p>

<p>Investments that represent 5% or more of the Plan&rsquo;s assets as of December&nbsp;31,
2007 and 2006, are as follows: </p>
<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%" align=center style="font-size: 10pt">
	<TR><TD WIDTH="56%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="20%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="20%"></TD>
	</TR>
	<tr valign=bottom><td>&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>2007</b></td>
		<td>&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>2006</b></td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					The AES Corporation common stock, 1,515,385 and  1,878,278 shares, respectively</p></td>
		<td align=center>$</td>
		<td align=right>32,414,080&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>41,397,251&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Oppenheimer Main Street Income &amp; Growth Mutual Fund, 262,392 and 164,415 shares, respectively</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>9,650,780&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>6,685,107&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>

<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Merrill Lynch Retirement Preservation Trust - Common/Collective Trust, 15,872,474 and 12,900,653
					 shares, respectively</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>15,725,401&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>12,655,541&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					American Europacific Growth Mutual Fund, 230,856 and 165,900 shares, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>11,579,721&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>7,614,828&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Blackrock Government Mutual Fund, 757,411 and 882,136 shares, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>8,074,006&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>9,465,318&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					American Growth Fund of America Mutual Fund, 201,357 and 160,953 shares, respectively *</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>6,797,814&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>5,222,934&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Lord Abbett Total Return Mutual Fund 718,106 and 482,803 shares, respectively *</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>7,525,754&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>5,006,668&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					 *  Not 5% in 2006</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
</table>
<p>During 2007, the Plan&rsquo;s investments (including both realized and unrealized
gains and losses) depreciated in value by $797,552 as follows: </p>
<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="60%" align=center style="font-size: 10pt">
	<TR><TD WIDTH="81"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="17"></TD>
	</TR>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Mutual Funds</p></td>
		<td align=center>$</td>
		<td align=right>98,082&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Common/Collective Trusts</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>292,381&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">The AES Corporation Common Stock</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>(1,185,496)</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Refund of Earnings on Excess Contributions</p></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(2,519)</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Net depreciation in fair value of investments</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">(797,552)</td>
	</tr>
</table>


<P style="page-break-before=avoid"><b>4. MERRILL LYNCH RETIREMENT PRESERVATION TRUST</b></P>

<p>One of the investment funds is the Merrill Lynch Retirement Preservation
Trust, which is a trust for the collective investment of Qualified Plans. The
majority of the fund assets consist of investment contracts which are included
in the financial statements at fair value with an adjustment to contract value
(which represents contributions made under the contracts, plus earnings, less
withdrawals and administrative expenses) because they are fully benefit
responsive. For example, participants may ordinarily direct the withdrawal or
transfer of all or a portion of their investment at contract value. There are no
reserves against contract value for credit risk of the contract issuer or
otherwise. The contract value of the investment contracts at December&nbsp;31, 2007
and 2006 approximates market value. The average yield rate for 2007 was 4.61%.&nbsp;
The ratio of net assets reflecting all assets at fair value divided by the net
assets at contract value was 98.1% at 12/31/06 and 99.1% at 12/31/07. </p>
<p><strong><em>Valuation of Investments </em></strong> </p>
<p>Investment in GICs (Guaranteed Investment Contracts) include traditional GICs
(issued by an insurance company and relying on the credit worthiness of the
general account), Separate Account GICs (issued by an insurance company and
relying on the credit worthiness of the Separate Account) and Synthetic GICs
which are a combination of a portfolio of securities plus a wrapper contract
issued by a financially responsible third-party (typically a financial
institution); herein collectively referred to as Investment Contracts.&nbsp; The FASB
Staff Position (FSP) (see &ldquo;Significant Accounting Policies&rdquo; section above)
states that contract value for investments is the relevant measurement attribute
for that portion of the net assets attributable to fully benefit-responsive
investment contracts provided the Trust is established for the collective
investment of one or more qualified employer-sponsored defined contribution
plans.&nbsp; The Trust meets such requirements of the FSP and therefore values its
investments at contract value.&nbsp; Contract value is considered the relevant
measurement attribute because that is the amount participants in the Trust
receive if they initiate permitted transactions under the term of the underlying
defined contribution plan.&nbsp; </p>
<p>GICs issued by an insurance company are valued by calculating the sum of the
present values of all projected future cash flows of each investment.&nbsp; The
discount rate used is provided by other similar maturity investment contracts at
year-end.&nbsp; Synthetic GIC wrapper contracts are valued by determining the
difference between the present value of the replacement cost of the wrapper
contract and the present value of the contractual obligated payments in the
original wrapper contract. </p>
<p>Debt securities are traded primarily in the over-the-counter (&ldquo;OTC&rdquo;) markets
and are valued at the last available bid price in the OTC market or on the basis
of values obtained by a pricing service. </p>
<p>The Trust may enter into swap agreements, which are OTC contracts in which
the Trust and a wrap provider as the counterparty agree to make periodic net
payments on a specified notional amount. </p>
<p>Short-term investments are valued at amortized cost.&nbsp; Securities for which
market quotations are not readily available are valued at fair value as
determined in good faith by management of the Trust. </p>
<p><strong><em>Investment Contracts </em></strong> </p>
<p>All investment contracts held in the portfolio are fully benefit-responsive.&nbsp;
All contracts are effected directly between the Trust and the wrapper or issuer
of the benefit responsive feature.&nbsp; The Trust is prohibited from assigning or
selling the contract to another party without the consent of the wrapper or
issuer. </p>
<p>Traditional GICs are designed to provide a fixed return on principal invested
for a specified period of time.&nbsp; The issuer of a traditional GIC is a
financially responsible counterparty, typically an insurance company or bank.&nbsp;
The issuer accepts a deposit from the Trust and purchases investments, which are
held by the issuer.&nbsp; The issuer is contractually obligated to repay principal
and interest at the stated coupon rate to the Trust, and guarantees liquidity at
contract value prior to maturity for permitted participant-initiated withdrawals
from the Trust.&nbsp; The investments underlying a Synthetic GIC are owned by the
Trust.&nbsp; Synthetic GICs consist of a portfolio of underlying assets owned by the
Trust, and a wrap contract issued by a financially responsible third party,
typically a bank, insurance company, or other financial services institution.&nbsp;
The issuer of the wrap contract provides for unscheduled withdrawals from the
contract at contract value, regardless of the value of the underlying assets, in
order to fund permitted participant-initiated withdrawals from the Trust.&nbsp;
Synthetic GICs provide for a variable crediting rate, which typically resets at
least quarterly, and the issuer of the wrap contract provides assurance that
future adjustments to the crediting rate cannot result in a crediting rate less
than zero.&nbsp; The Trust allows participants daily access to their funds. </p>
<p><strong><em>Interest Crediting Rate </em></strong> </p>
<p>The interest crediting rate for each investment contract is determined as
follows:&nbsp; the current yield to maturity of the underlying investments plus or
minus an adjustment for any difference between the contract value and fair value
of securities taken over the contract value and the duration of the securities.&nbsp;
In the case of strategic buy and hold investment contracts, the above
methodology is followed except the current yield to maturity is replaced with
the dollar duration weighted yield to maturity of the investments.&nbsp; The key
factors that could influence future credit rates are changes to market interest
rates, changes in the market value of securities, changes in the duration or
weighted average life of securities and deposits or withdrawals to investment
contracts.&nbsp; All investment contracts have a zero percent minimum interest
crediting rate.&nbsp; All investment contracts are reset at least quarterly, although
under certain circumstances such as a large deposit or withdrawal, they may be
reset more frequently. </p>

<p style="page-break-before=avoid"><b>5. RELATED-PARTY TRANSACTIONS</B></P>

<P>One of the Plan&rsquo;s investment options is AES common stock. Since AES is the
parent company of IPALCO Enterprises, Inc. and IPALCO Enterprises, Inc. is the
parent company of IPL, any investment transactions involving AES common stock
qualify as party-in-interest transactions. Merrill Lynch is also the Investment
Manager for the Merrill Lynch Retirement Preservation Trust, the Merrill Lynch
Equity Index Trust, the Merrill Lynch Utility and Telecommunications Mutual
Fund, the Merrill Lynch U.S. Government Mortgage Fund, the Blackrock HI Sc Op
Inst Mutual Fund, the Blackrock GI Res Inst Mutual Fund, the Blackrock
Government Mutual Fund and the Blackrock Util Teleco Mutual Fund and therefore,
these transactions also qualify as party-in-interest transactions. </p>

<p><b>6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500</b> </p>
<p>The following is a reconciliation of Net assets available for benefits per
the financial statements to the Form 5500 as of December 31, 2007 and 2006. </p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" style="font-size: 10pt" align=center>
	<tr><td width="57%"></td>
		<td width="1%"></td>
		<td width="8%"></td>
		<td width="2%"></td>
		<td width="1%"></td>
		<td width="8%"></td>
	</tr>
	<tr><td align=left>&nbsp;</td>
		<td align=center colspan="2"><b>2007</b></td>
		<td align=center>&nbsp;</td>
		<td align=center colspan="2"><b>2006</b></td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						Statement of net assets available for benefits:</p></td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=center>&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Net assets available for benefits per the financial statements</p></td>
		<td align=center>$</td>
		<td align=right>127,297,498&nbsp;</td>
		<td align=right></td>
		<td align=center>$</td>
		<td align=right>117,695,646&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    Adjustment from contract value to fair value for fully benefit-responsive investment contracts</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(147,073)</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(245,112)</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						             Net assets available for benefits per the Form 5500, at fair value</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">127,150,425&nbsp;</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">117,450,534&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           &nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr><td align=left>Statement of changes in net assets available for benefits:</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
		<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Increase in net assets per the financial statements</p></td>
		<td align=center>$</td>
		<td align=right>9,601,852&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>23,395,038&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Adjustment from contract value to fair value for fully benefit-responsive wrap contacts</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(98,039)</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(245,112)</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Net Income per Form 5500</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">9,699,891&nbsp;</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">23,149,926&nbsp;</td>
	</tr>
</TABLE>

<p align=center>*****</p>


<p align=center style="text-decoration: underline; page-break-before: always"><b><A NAME="Schedule"><b>SUPPLEMENTAL SCHEDULE</B></A></B></p>

<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" align=center style="font-size: 10pt">
	<tr><td width=15%></td>
		<td width=10%></td>
		<td width=60%></td>
		<td width=2%></td>
		<td width=13%></td>
	</tr>
	<tr><td align=left colspan=5><b>EMPLOYEES&rsquo; THRIFT PLAN OF</b></td></tr>
	<tr><td align=left colspan=5><b>INDIANAPOLIS POWER &amp; LIGHT COMPANY</b> </td></tr>
	<tr><td align=left colspan=5>&nbsp;</tr>
	<tr><td align=left colspan=5><b>FORM 5500, SCHEDULE H, PART IV, LINE 4i -</b> </td></tr>
	<tr><td align=left colspan=5><b>SCHEDULE OF ASSETS (HELD AT END OF YEAR)</b> </td></tr>
	<tr><td align=left colspan=5><b>EIN:  35-0413620</b> </td></tr>
	<tr><td align=left colspan=5><b>PN:  003</b> </td></tr>
	<tr><td align=left style="border-bottom:1px solid #000000" colspan=5><b>
		DECEMBER 31, 2007</b> </td>
	</tr>

	<tr valign=top><td>&nbsp;</td>
	</tr>
	<tr valign=top><td align=center><b>Shares</b></td>
				   <td>&nbsp;</td>
				   <td align=center><b>Description</b></td>
				   <td>&nbsp;</td>
				   <td align=center><b>Fair Value</b></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>1,515,385&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							The AES Corporation Common Stock </p></td>
		<td align=center>$</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  32,414,080&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>15,872,474&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Merrill Lynch Retirement Preservation Trust-Common/Collective Trust</p></td>
		<td>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  15,725,401&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>52,472&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Merrill Lynch Equity Index Trust-Common/Collective Trust</p></td>
		<td>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							    5,934,576&nbsp;</p></td>
	</tr>
	<tr valign=top>
			<td align=right>262,392&nbsp;</td>
			<td align=right>&nbsp;</td>
			<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Oppenheimer Main Street Income &amp; Growth Mutual Fund</p></td>
			<td align=right>&nbsp;</td>
			<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  9,650,780&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>10,406&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Blackrock Hl Sc Opp Inst Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							318,433&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>11,756&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Blackrock GL Res Inst Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  745,316&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>757,411&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Blackrock Government Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  8,074,006&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>59,369&nbsp;</td>
		<td align=right>*&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Blackrock Util Teleco Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  981,362&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>253,666&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Van Kampen Growth &amp; Income Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  5,390,411&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>114,052&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Alger Midcap Growth Institutional Portfolio Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  2,178,386&nbsp;</p></td>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>143,446&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Lord Abbett Small Cap Value Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  4,220,194&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>718,106&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Lord Abbett Total Return Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  7,525,754&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>27,693&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Buffalo Small Cap Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  669,331&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>201,357&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							American Growth Fund of America Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  6,797,814&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>230,856&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							American Europacific Growth Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  11,579,721&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>136,044&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							American Balanced Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  2,622,934&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>33,290&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Seligman Commun &amp; Info Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  1,308,979&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>48,648&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Phoenix Duff &amp; Phelps Real Estate Securities Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  1,403,497&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>27,593&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Franklin Mutual Financial Services Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  515,433&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>72,655&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Oppenheimer Gold &amp; Special Minerals Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  2,584,345&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>283,934&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Columbia Mid Cap Value Mutual Fund</p></td>
		<td align=right>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  4,168,145&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							*Participant Loans (with maturities ranging from 2008 to 2017 and interest rates ranging from 5%-9.25%)</p></td>
		<td align=right>&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  2,143,033&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  TOTAL INVESTMENTS </p></td>
		<td align=center>$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  126,951,931&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=left colspan=5>* Party-in-interest transaction</td>
</table>

		<!-- SIGNATURES -->

<p style="page-break-before: always" ALIGN=CENTER><b><A NAME="Sign">SIGNATURES</A></B></p>

<p>
<em>The Plan.&nbsp;</em> Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
</p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="font-size: 10pt" align=center>
	<tr><td width="5%"></td>
		<td width="20%"></td>
		<td width="15%"></td>
		<td width="45%"></td>
		<td width="30%"></TD>
	</tr>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>EMPLOYEES&rsquo; THRIFT PLAN OF INDIANAPOLIS POWER &amp; </TD>
		<TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>LIGHT COMPANY</TD>
		<TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>By the Plan Administrator:</TD>
	    <TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>&nbsp;</TD>
	    <TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>EMPLOYEES&rsquo; PENSION &amp; BENEFITS &nbsp;COMMITTEE OF </TD>
	    <TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>INDIANAPOLIS POWER &amp; LIGHT COMPANY</TD>
	    <TD>&nbsp;</TD>
	</TR>

	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD align=right>By:&nbsp;</TD>
		<TD style="border-bottom:1px solid #000000">/s/ Kirk B. Michael </TD>
		<TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>Kirk B. Michael</TD>
	    <TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>Chairman of the Committee</TD>
	    <TD>&nbsp;</TD>
	</TR>
   	<TR><TD>&nbsp;</TD>
		<TD>DATE: June 30, 2008</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</TR>
</TABLE>

</body></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>exhibit23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
<HTML>
<head>
<title>Exhibit 23</title>
</head>

<body bgcolor=white>
<font size="2">

		<!-- EXHIBIT 23 -->
<p ALIGN=right><b>Exhibit 23</B></p>
<p align=left><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>

<p>We consent to the incorporation by reference in The AES Corporation&rsquo;s
Registration Statement No. 333-82306, 333-115028 and 333-135128 on Form S-8 of
our report dated June 30, 2008 appearing in this Annual Report on Form 11-K of
the Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company for the year
ended December 31, 2007. </p>
<p>/s/ DELOITTE &amp; TOUCHE LLP</p>
<p>Indianapolis, IN <br>
June 30, 2008</p>

</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>exhibit991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<head>
<title>Exhibit 99.1</title>
</head>

<body bgcolor=white>
<font size="2">

		<!-- EXHIBIT 99.1 -->
<p ALIGN=right><b>Exhibit 99.1</B></p>
<p align=center><b>CERTIFICATION</b></p>

<p>In connection with the Annual Report (the &ldquo;Report&rdquo;) on Form 11-K for the
Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company (the &ldquo;Plan&rdquo;), by
signing below, each of the undersigned officers of Indianapolis Power &amp; Light
Company hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002, that, to his or her knowledge, (i)
this Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and (ii) the information contained in this
Report fairly presents, in all material respects, the financial condition and
results of operations of the Plan. </p>
<p>Signed this 30th day of June, 2008. </p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="25%" style="font-size: 10pt">
	<tr><TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
	</TR>
	<TR><TD style="border-bottom:1px solid #000000">/s/ Ann D. Murtlow</TD>
	</TR>
	<TR><TD>Ann D. Murtlow</TD>
	</TR>
	<TR><TD><I>President and Chief Executive Officer</I></TD>
	</TR>
   	<TR><TD>&nbsp;</TD>
	</TR>
	<TR><TD style="border-bottom:1px solid #000000">/s/ Kirk B. Michael</TD>
	</TR>
	<TR><TD>Kirk B. Michael</TD>
	</TR>
	<TR><TD><I>Vice President and Chief Financial Officer</I></TD>
	</TR>
   	<TR><TD>&nbsp;</TD>
	</TR>
</TABLE>

<p>A signed original of this written statement has been provided to the Company
and will be retained by the Company and furnished to the SEC or its staff upon
request. </P>

</font>

</body>

</html>
</TEXT>
</DOCUMENT>
</SUBMISSION>
