<SEC-DOCUMENT>0000874761-12-000003.txt : 20120622
<SEC-HEADER>0000874761-12-000003.hdr.sgml : 20120622
<ACCEPTANCE-DATETIME>20120622151352
ACCESSION NUMBER:		0000874761-12-000003
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120622
DATE AS OF CHANGE:		20120622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AES CORP
		CENTRAL INDEX KEY:			0000874761
		STANDARD INDUSTRIAL CLASSIFICATION:	COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
		IRS NUMBER:				541163725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12291
		FILM NUMBER:		12922212

	BUSINESS ADDRESS:	
		STREET 1:		4300 WILSON BOULEVARD
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7035221315

	MAIL ADDRESS:	
		STREET 1:		4300 WILSON BOULEVARD
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AES CORPORATION
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<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><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, 2011 </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>333-179701</u>, <u>333-82306,</u> <u>333-115028</u>, <u>333-135128</u>, and <u>333-156242</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 100<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 Ernst &amp; Young 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.
333-179701, 333-82306,
333-115028, 333-135128, and 333-156242) is set forth hereto as Exhibits 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.&nbsp; </p>

<p style="page-break-before: always"><font size="4">FINANCIAL STATEMENTS
AND <br>SUPPLEMENTAL SCHEDULE</font></p>
<p><font size=4>Employees&rsquo; Thrift Plan
of Indianapolis Power &amp;
 Light <br>Company  </font><em><br><br>
 </em>December 31, 2011 and 2010, and <br>Year Ended December 31, 2011<br>With Report of Independent
Registered Public<br> Accounting Firm </p>


		<!-- TABLE OF CONTENTS -->

<p style="text-transform: uppercase; text-align: center;">
	<b>EMPLOYEES&rsquo; THRIFT PLAN OF
	Indianapolis power &amp; light company </b>
</p>
<p style="text-align: center;">
	Financial Statements and Supplemental Schedule </p>
<p style="text-align: center;">
	December 31, 2011 and 2010, and Year Ended December 31, 2011 </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="text-align: center"><b>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>&nbsp;</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</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</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</p></A></TD>
		<TD align=center>4</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>&nbsp;</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;">
 			Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</p></A></TD>
 		<TD align=center>17</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;">
 			&nbsp;</p></TD>
		<TD align=center>&nbsp;</TD>
	</TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

		<!-- CAUTIONARY STATEMENTS -->

<p style="page-break-before: always; text-align: center;">
	<a name="Report"><b>Report of Independent Registered Public Accounting Firm</B></a></p>

<p>The Employees&rsquo; Pension and Benefits Committee of <br>&nbsp;&nbsp; Employees&rsquo; Thrift Plan of
Indianapolis Power &amp; Light Company&nbsp; </p>

<p>We have audited the accompanying statements of net assets available for
benefits of the Employees&rsquo; Thrift Plan of Indianapolis Power &amp; Light Company as
of December 31, 2011 and 2010, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2011. These financial statements are
the responsibility of the Plan&rsquo;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. We were not engaged to
perform an audit of the Plan&rsquo;s 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&rsquo;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, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion. </p>
<p>In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at December 31, 2011
and 2010, and the
changes in its net assets available for benefits for the year ended December 31,
2011, in
conformity with U.S. generally accepted accounting principles. </p>
<p>Our audits were conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental schedule of
assets (held at end of year) as of December 31, 2011, is presented for purposes
of additional analysis and is not a required part of the financial statements,
but is supplementary information required by the Department of Labor&rsquo;s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. Such information is the responsibility of the Plan&rsquo;s
management. The information has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole. </p>

<p>/s/ ERNST &amp; YOUNG LLP</p>
<p>Indianapolis, IN<br>
June 22, 2012 </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 colspan="6" style="text-align: center"><strong>Employees&rsquo; Thrift
		Plan of Indianapolis Power &amp; Light Company&nbsp; </strong> </td></tr>
	<tr><td align=left colspan="6">&nbsp;</tr>
	<tr><td colspan="6" style="text-align: center"><b>Statements of Net Assets Available for Benefits</b> </td></tr>
	<tr><td align=left colspan="6" style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
	<tr><td align=left>&nbsp;</td>
		<td align=center colspan="5"><b>December 31</b></td>
	</tr>
	<tr><td align=left style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center colspan="2" style="border-bottom:1px solid #000000"><b>2011</b></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center colspan="2" style="border-bottom:1px solid #000000"><b>2010</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><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Cash and other</p></td>
		<td align=center>$</td>
		<td align=right>24,791&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>$</td>
		<a name="NetAssets0">
		<td align=right>8,463&nbsp;</td>
</a>
	</tr>
	<tr>
		<td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Investments at fair value</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>126,755,519&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<a name="NetAssets1">
		<td align=right>123,745,508&nbsp;</td>
</a>
	</tr>

	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Total investments</p></td>
		<td align=center style="border-top:1px solid #000000">&nbsp;</td>
		<td align=right style="border-top:1px solid #000000">126,780,310&nbsp;</td>
		<td align=right style="border-top:1px solid #000000">&nbsp;</td>
		<td align=center style="border-top:1px solid #000000">&nbsp;</td>
		<a name="NetAssets">
		<td align=right style="border-top:1px solid #000000">123,753,971&nbsp;</td>
</a>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Notes receivable from participants</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>2,977,886&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<a name="NetAssets">
		<td align=right>3,089.559&nbsp;</td>
</a>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
      					Total assets</p></td>
		<td align=center style="border-top:1px solid #000000">&nbsp;</td>
		<td align=right style="border-top:1px solid #000000">129,758,196&nbsp;</td>
		<td align=right style="border-top:1px solid #000000">&nbsp;&nbsp;</td>
		<td align=center style="border-top:1px solid #000000">&nbsp;</td>
		<a name="NetAssets">
		<td align=right style="border-top:1px solid #000000">126,843,530&nbsp;</td>
</a>
	</tr>
	<tr><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>
		<a name="NetAssets">
		<td align=right>&nbsp;</td>
</a>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left><b><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
								LIABILITIES</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<a name="NetAssets">
		<td align=right>&nbsp;</td>
</a>
	</tr>

<tr bgcolor="#CEE0FF"><td align=left>Accrued administrative expenses</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">31,898&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<a name="NetAssets">
		<td align=right style="border-bottom:1px solid #000000">9,542&nbsp;</td>
</a>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left>Net assets reflecting investments at fair value</td>
		<td align=center>&nbsp;</td>
		<td align=right>129,726,298&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<a name="NetAssets">
		<td align=right>126,833,988&nbsp;</td>
</a>
	</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;">
							Adjustment 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">(551,322)</td>
		<td align=right style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<a name="NetAssets">
		<td align=right style="border-bottom:1px solid #000000">(509,370)
		</td>
</a>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left>Net assets available for benefits</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">129,174,976&nbsp;</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<a name="NetAssets">
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">126,324,618&nbsp;</td>
</a>
	</tr>
	<tr><td align=left colspan=6  style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
	<tr><td align=left colspan="6"><em>See accompanying notes</em>. </td>
	</tr>
</TABLE>
</a>
</p>
<br>
<br>

<p style="page-break-before:always">&nbsp;</p>
<p><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 colspan="3" style="text-align: center"><strong>Employees&rsquo; Thrift
		Plan of Indianapolis Power &amp; Light Company </strong> </td></tr>
	<tr><td align=left colspan="3">&nbsp;</tr>
	<tr><td colspan="3" style="text-align: center"><strong>Statement of Changes
		in Net Assets Available for Benefits </strong> </td></tr>
	<tr><td colspan="3" style="border-bottom:1px solid #000000; text-align: center;">
		<strong>Year Ended December 31, 2011</strong></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;">
							Additions</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
<tr bgcolor="#CEE0FF"><td align=left>Investment income:</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						  Net depreciation in fair value of investments</p></td>
		<td align=center>$&nbsp;</td>
		<td align=right>(1,337,940)</td>
	</tr>
	<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							  Interest and dividends</p></td>
		<td align=center >&nbsp;</td>
		<td align=right >1,831,567&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; width: 693px; height: 15px;">
		&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
						           <tr bgcolor="#CEE0FF"><td align=left>Interest income on notes receivable from participants</td>
		<td align=center>&nbsp;</td>
		<td align=right>138,273&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;">
			&nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
						           <tr bgcolor="#CEE0FF"><td align=left>Contributions:</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
		<tr valign=bottom><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Participants</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>6,011,207&nbsp;</td>
	</tr>
		<tr>
			<A NAME="ChangeNetAssets0">
			<td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Rollovers</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>192,527&nbsp;</td>
</A>
	</tr>
		<tr valign=bottom bgcolor="#CEE0FF"><td align=left><p style="margin:0pt 0pt .0001pt 32.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						           Employer</p></td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">2,905,935&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;">
						           &nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>

						           <tr bgcolor="#CEE0FF"><td align=left>Total additions</td>
		<td align=center>&nbsp;</td>
		<td align=right>9,741,569&nbsp;</td>
	</tr>

	<tr valign=bottom bgcolor="#CEE0FF"><td align=left>&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;">
						Deductions</p></b></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
							  <tr bgcolor="#CEE0FF"><td align=left>Benefit payments
								and withdrawals</td>
		<td align=center>&nbsp;</td>
		<td align=right>6,634,789&nbsp;</td>
	</tr>
						    <tr bgcolor="#CEE0FF"><td align=left>Administrative
								fees</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">256,422&nbsp;</td>
	</tr>
						    <tr bgcolor="#CEE0FF"><td align=left>Total deductions</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">6,891,211&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;">
						  &nbsp;</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
							           <tr bgcolor="#CEE0FF"><td align=left>Net increase
										in net assets available for benefits</td>
		<td align=center>&nbsp;</td>
		<td align=right>2,850,358&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><td align=left>Net assets available for benefits at
		beginning of year</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">126,324,618&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF"><td align=left>Net assets available for
		benefits at end of year</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">
		129,174,976&nbsp;</td>
	</tr>
	<tr><td align=left colspan=3  style="border-bottom:1px solid #000000">
		&nbsp;</td>
	</tr>
	<tr valign=bottom><td align=left colspan="3"><em>See accompanying notes</em>.</td>
	</tr>
</TABLE>
</A>
</p>

		<!-- Notes -->

<p style="page-break-before:always">&nbsp;</p>
<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 style="text-align: center"><b>Employees&rsquo; Thrift Plan of Indianapolis Power
		&amp; Light Company</b> </td></tr>
	<tr><td align=left>&nbsp;</tr>
	<tr><td style="text-align: center"><A NAME="Notes"><strong>Notes to Financial Statements
		</strong> </a> </td></tr>
	<tr><td style="border-bottom:1px solid #000000; text-align: center;"><b>
		December 31, 2011</b> </td>
	</tr>
</table>
<p style="text-transform: uppercase"><b>1. Description of the Plan</b> </p>
<p>The following description of the Employees&rsquo; Thrift Plan of Indianapolis Power
&amp; Light Company (the Plan) provides general information about the Plan&rsquo;s
provisions. Indianapolis Power &amp; Light Company (IPL) is the plan sponsor.
Participants should refer to the plan document and summary plan description,
copies of which may be obtained from the plan sponsor, for a more complete
description of the Plan&rsquo;s provisions. </p>
		<p><strong>General</strong> </p>
<p>The Plan is administered by the Employees&rsquo; Pension &amp; Benefits Committee (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. The Plan&#39;s trustee and record-keeper of the plan&#39;s assets is
Fidelity Management Trust Company (Fidelity). The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended
(ERISA). </p>
		<p><strong>Contributions</strong> </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 5% for certain union
employees and 4% for other eligible employees and are invested in the same funds
as the employee elects to have his/her contributions invested. Certain union
employees are also eligible to receive an annual lump-sum company contribution
at the discretion of the plan sponsor&rsquo;s president.</p>
		<p><strong>Participant Accounts</strong></p>
		<p>Each
participant&rsquo;s account is credited with the participant&rsquo;s contribution, IPL&rsquo;s
matching contribution, and any additional employer contributions as provided
		under the Plan. Allocations of the Plan&rsquo;s 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. </p>
		<p><strong>Vesting</strong></p>
		<p>Employee before and after tax contributions are nonforfeitable and
		fully vested at all times. All eligible employees (including union and non-union employees) vest at a
rate of 20% per year and become fully vested in the Plan after five years of
uninterrupted service related to employer contributions. </p>
<p><strong>Forfeitures</strong></p>
<p>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. Unallocated
forfeiture balances as of December 31, 2011 and 2010 were $36,237 and $31,268,
respectively. Accrued plan expenses of $31,898 were payable at December 31, 2011.
Most permitable plan expenses are paid by plan participants.&nbsp; </p>
<p><strong>Payment of Benefits</strong></p>
<p>Upon separation from service with the Company due to death, disability,
retirement, or termination, a participant may elect to receive either a lump-sum
distribution, or elect an automatic rollover to an individual retirement
account, or the participant has the option of maintaining the account until
reaching the age of 70 1/2 years; however, all distributions must be made in one lump-sum
payment unless the participant has met his/her &ldquo;required beginning date&rdquo;
 allowing
the participant to take annual installments of distributions. A participant
whose vested account balance is $1,000 or less will automatically receive a
lump-sum distribution equal to his/her vested account balance in December of that
respective year. </p>
<p>In-service withdrawals are available in certain limited circumstances, as
defined by the Plan. Hardship withdrawals are allowed for participants incurring
an immediate and heavy financial need, as defined by the Plan. Hardship
withdrawals are strictly regulated by the Internal Revenue Service (the IRS) and
a participant must exhaust all available loan options and available
distributions prior to requesting a hardship withdrawal.</p>
		<p><strong>Plan Assets</strong> </p>
		<p>Assets of the Plan are maintained in trust. Once placed in trust,
		assets may be withdrawn only for the purpose of in-service, hardship, or
		age 59 1/2 withdrawals by active employees; paying distributions to
		retiring employees; refunding employee contributions; payment of vested
		employer contributions to employees withdrawing from the Plan; payment
		of loan proceeds to participants electing a loan from the Plan;
		distributions to beneficiaries of deceased employees; or payment of the
		expenses of the Plan. Participants make requests for distributions
		directly with the record-keeper except for certain loans and refunds of
		participant contributions, which require approval from the Payroll &amp;
		Benefits Department of IPL. The Payroll &amp; Benefits Department of IPL
		conducts day-to-day activities of the Plan at the designation of the
		Pension Committee. &nbsp;</p>
		<p><strong>Administrative Expenses </strong></p>
		<p>The annual record-keeping fee is 13 basis points of total plan assets
		as of December 31 of the prior year. Participants pay a commission of $0.029 per share for open market
transactions in the AES common stock fund. The commission is
reflected in the price per share for each transaction. There are no other
transaction-based fees for the investment funds. In addition, plan participants
		have the ability to invest in certain mutual funds through the Plan&rsquo;s
		self-directed brokerage option. Certain mutual funds available through
		the self-directed brokerage option charge loaded fees and other
		additional charges, which are paid by the participant. </p>
		<p><strong>Participant Loans</strong></p>
<p>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 $2,000. The
available loan amount is reduced by the highest outstanding loan balance during
the one-year period preceding the date the loan is made. 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 where the
repayment period will not exceed ten years. The loans
are secured by the balance in the participant&rsquo;s account and bear interest at 1%
over prime. Principal and interest are normally paid through payroll deductions.
Plan participants have the ability to pay off their loans at any time directly
with the Plan&rsquo;s record-keeper. Participants who separate from service with a
loan balance outstanding have the option to either pay off their loan or make
monthly payment arrangements directly with the Plan&rsquo;s record-keeper. Once
participants have separated from service, they are prohibited from taking out
any new loans.</p>
		<p><strong>Plan Termination</strong></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 ERISA. In the event of plan termination, participants would become 100% vested in
their employer contributions. </p>
<p style="text-transform: uppercase;page-break-before: avoid"><b>2. Summary of Significant Accounting Policies</b></p>

<p><strong>Basis of Accounting</strong> </p>
<p>The accompanying financial statements of the Plan have been prepared on the accrual basis
of accounting. </p>

<p><strong>Payment of Benefits</strong></p>
<p>Benefits are recorded as withdrawals when paid. </p>
<p><strong>Notes Receivable From Participants</strong></p>
<p>Notes receivable from participants represent participant loans that are
recorded at their unpaid principal balance plus any accrued but unpaid interest.&nbsp;
Interest income on notes receivable from participants is recorded when it is
earned.&nbsp; Related fees are recorded as administrative expenses and are
expensed when they are incurred.&nbsp; No allowance for credit losses has been
recorded as of December 31, 2011 or 2010.&nbsp; If a participant ceases to make loan
repayments and the plan administrator deems the participant loan to be a
distribution, the participant loan balance is reduced and a benefit payment is
recorded. </p>


<p><strong>Use of Management Estimates </strong> </p>
		<p>The preparation of financial statements in conformity with generally
		accepted accounting
		principles in the United States of America requires
		management to make estimates that affect amounts reported in the financial statements
		and accompanying notes and supplemental schedule. Actual results may differ from those
		estimates. </p>
		<p><strong>Investment Valuation and Income Recognition </strong> </p>
		<p>Investments held by the Plan are stated at fair value. Fair value is
		defined as the price that would be received to sell an asset or paid to
		transfer a liability in an orderly transaction between market
		participants at the measurement date (an exit price). See Note 4 for
		further discussion of fair value measurements. </p>
		<p>The Wells Fargo Stable Return Fund C (WF-C) invests all of its assets
		in the Well Fargo Stable Return Fund G (WF-G or the Fund).&nbsp; WF-C and WF-G are
		both stable value collective trusts. &nbsp;The Fund invests in
		investment contracts, including traditional guaranteed investment
		contracts (GICs) and security-backed contracts issued by insurance
		companies and other financial institutions.&nbsp; The Fund also invests in
		the Synthetic Stable Value Fund, which has the same investment objective
		as the Fund, and the Short Term Investment Fund G, which invests in
		highly liquid assets.&nbsp; The Fund uses these investments for daily
		liquidity needs.&nbsp; The Fund invests, in part, in fully benefit-responsive
		investment contracts. This fund is recorded at fair value (see Note 4);
		however, since these contracts are fully benefit-responsive, an
		adjustment is reflected in the statements of net assets available for
		benefits to present these investments at contract value. Contract value
		is the relevant measurement attributable to fully benefit-responsive
		investment contracts because contract value is the amount participants
		would receive if they were to initiate permitted transactions under the
		terms of the Plan. The contract value represents contributions plus
		earnings, less participant withdrawals and administrative expenses.&nbsp; </p>
		<p>In accordance with Accounting Standards Codification (ASC) 820, <em>Fair Value Measurements
		and Disclosures,</em> assets and liabilities
		measured at fair value are categorized into the following fair value
		hierarchy: </p>
		<p>Level 1 - Fair value is based on unadjusted quoted prices for
		identical assets or liabilities in an active market that the Plan has
		the ability to access at the measurement date. </p>
		<p>Level 2 - Fair value is based on quoted prices in markets that are
		not active, quoted prices for similar assets and liabilities in active
		markets, and inputs that are observable for the asset or liability,
		either directly or indirectly, for substantially the full term of the
		asset or liability. </p>
		<p>Level 3 - Fair value is based on prices or valuation techniques that
		require inputs that are both significant to the fair value measurement
		and unobservable. These inputs reflect management&rsquo;s judgment about the
		assumptions that a market participant would use in pricing the
		investment and are based on the best available information, some of
		which may be internally developed. </p>
		<p>Purchases and sales of securities are recorded on a trade-date basis.
		Interest income is recorded as earned. Dividends are recorded on the
		ex-dividend date. Net appreciation includes the Plan&rsquo;s gains and losses
		on investments bought and sold, as well as held, during the year. </p>
		<p><strong>New Accounting Pronouncements </strong> </p>
		<p>In January&nbsp;2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update
		(ASU) 2010-06,
		<em>Improving Disclosures about Fair Value Measurements</em>. ASU 2010-06 amended ASC 820 to clarify certain existing fair
		value disclosures and require a number of additional disclosures. The
		requirement to present changes in Level 3 measurements on a gross basis
		is effective for reporting periods beginning after December 15, 2010. Since ASU 2010-06 only affects fair value
		measurement disclosures, adoption of ASU 2010-06 did not have an effect
		on the
		Plan&rsquo;s net assets available for benefits or its changes in net assets
		available for benefits. </p>
		<p>In May 2011, the FASB issued ASU 2011-04, <em>Amendments to Achieve
		Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP
		and IFRSs</em>.
ASU 2011-04 amended ASC 820 to converge the fair value measurement guidance in
U.S. generally accepted accounting principles (GAAP) and International Financial
Reporting Standards (IFRS). Some of the amendments clarify the application of
existing fair value measurement requirements, while other amendments change a
particular principle in ASC 820. In addition, ASU 2011-04 requires additional
fair value disclosures. The amendments are to be applied prospectively and are
effective for annual periods beginning after December 15, 2011. Plan management
is currently evaluating the effect that the provisions of ASU 2011-04 will have
on the Plan&rsquo;s financial statements, but does not expect the adoption to have a
significant impact on the Plan&rsquo;s net assets available for benefits or its
changes in net assets available for benefits.&nbsp; </p>
		<p><strong>Reclassifications </strong></p>
		<p>Certain prior year amounts in the statement of net assets available
		for benefits have been reclassified to conform to the current year
		presentation. </p>


 <b>3. INVESTMENTS </b>

<p>Investments that represent 5% or more of the Plan&rsquo;s net assets as of December&nbsp;31,
2011 and 2010, are as follows: </p>
<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" align=center style="font-size: 10pt">
	<TR><TD style="width: 59%"></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 style="border-bottom:1px solid #000000; border-top:1px solid #000000; width: 59%;">
		&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000; border-top:1px solid #000000"><b>2011</b></td>
		<td style="border-bottom:1px solid #000000; border-top:1px solid #000000">
		&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000; border-top:1px solid #000000"><b>2010</b></td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					AES Corporation common stock, 1,524,989 and 1,708,429
					shares in 2011 and 2010, respectively </p></td>
		<td align=center>$</td>
		<td align=right>18,055,875&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>20,808,666&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					American Washington Mutual Investment Fund, 341,371 and
					322,345 shares in 2011 and 2010, respectively</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>9,694,940&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>8,774,221&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Harbor Capital Appreciation Institutional Fund, 216,643 and
					197,008 shares
					in 2011 and 2010, respectively</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>7,994,136&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>7,234,117&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Wells Fargo Stable Value Fund C, 440,114 and 490,846 shares
					in 2011 and 2010, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>21,756,012&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>23,662,569&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Columbia Acorn TR Fund, 489,756 and 505,553 shares
					in 2011 and 2010, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>13,497,685&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>15,262,642&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					PIMCO Total Return Fund, 1,297,534 and 1,123,376 shares
					in 2011 and 2010, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>14,104,189&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>12,188,625&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Vanguard Institutional Index Fund, 98,511 and 88,087 shares
					in 2011 and 2010, respectively</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>11,332,709&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>10,130,874&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					Vanguard Intermediate TR Bond Index Fund, 403,816 and
					403,035 shares
					in 2011 and 2010, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>11,080,723&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>10,301,588&nbsp;</td>
	</tr>
<tr valign=bottom>
		<td style="width: 59%"><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 style="width: 59%"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
					American EuroPacific Growth Mutual Fund, 314,489 and 323,671 shares in 2011
					and 2010, respectively </p></td>
		<td align=center>&nbsp;</td>
		<td align=right>11,047,993&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>13,390,275&nbsp;</td>
	</tr>

<tr valign=bottom bgcolor="#CEE0FF">
		<td colspan=6 style="border-bottom:1px solid #000000"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid">
					 &nbsp;</p></td>
	</tr>
</table>
<p>During 2011, the Plan&rsquo;s investments (including investments purchased
and sold, as well as held, during the year) appreciated (depreciated) in fair value 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>
		<td colspan=3 style="border-top:1px solid #000000">&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;">Mutual
		funds</p></td>
		<td align=center>$</td>
		<td align=right>(1,741,579)</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Common/collective
		trusts</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>424,772&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">AES Corporation
		common stock</p></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">(21,133)</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Net
		depreciation in fair value of investments</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">(1,337,940)
		 </td>
	</tr>
	<tr valign=bottom>
		<td colspan=3 style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
</table>


<p><strong>Cash and Other</strong></p>
<p>Cash and other includes a receivable of approximately $24,791 and $8,463 at
December&nbsp;31, 2011 and 2010, respectively, primarily relating to unsettled trades of
AES common stock. These receivables were collected in January&nbsp;2012 and 2011,
respectively. </p>

<p style="page-break-before:avoid; text-transform: uppercase"><b>4. Fair Value Measurements</B></P>

		<P>Fair value is
defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the
measurement date (i.e., an exit price). The fair value
hierarchy prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets and liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3). The three levels of the fair value
hierarchy are described below: </p>
<P>Level 1 - Unadjusted quoted prices in active markets that are accessible to
the reporting entity at the measurement date for identical assets and
liabilities. </p>
<P>Level 2 - Inputs other than quoted prices in active markets for identical
assets and liabilities that are observable, either directly or indirectly, for
substantially the full term of the asset or liability. Level 2 inputs include
the following: </p>
<ul>
	<li type=square>quoted prices for similar assets and liabilities in active markets
	<li type=square>quoted prices for identical or similar assets or liabilities in markets that are not active
	<li type=square>observable inputs other than quoted prices that are used in the valuation of the assets or liabilities
			(e.g., interest rate and yield curve quotes at commonly quoted intervals)
	<li type=square>inputs that are derived principally from or corroborated by observable market data
	by correlation or other means
</ul>
<p>Level 3 - Unobservable inputs for the asset or liability (i.e., supported by
little or no market activity). Level 3 inputs include management&rsquo;s own
assumption about the assumptions that market participants would use in pricing
the asset or liability (including assumptions about risk). </p>
<p>The level in the fair value hierarchy within which the fair value measurement
is classified is determined based on the lowest level input that is significant to
the fair value measurement in its entirety. </p>
<p>Following is a description of the valuation methodologies used for major
categories of assets measured at fair value by the Plan: </p>
<p class="style1"><em>Company Stock</em>: AES common stock is valued at the closing price reported on the
active market on which AES stock is traded. </p>
<p class="style1"><em>Mutual Funds</em>: Mutual funds are valued at quoted
market prices that represent the net asset value of shares held by the
Plan at
year end. </p>
<p class="style1"><em>Common/Collective Trust</em>: WF-C invests all of its assets in the Fund.&nbsp; WF-C and the
Fund are both stable value collective trusts. &nbsp;The Fund invests in
investment contracts, including traditional GICs and security-backed contracts
issued by insurance companies and other financial institutions.&nbsp; The Fund
also invests in the Synthetic Stable Value Fund, which has the same investment
objective as the Fund, and the Short Term Investment Fund G, which invests in
highly liquid assets.</p>
<p class="style1">The Fund is a stable value investment in a collective trust
that is designed to protect principal while providing a higher rate of return
than shorter maturity investments, such as money market funds or certificates of
deposit.&nbsp; To achieve this, the Fund invest in instruments that are not
expected to experience significant price fluctuation in most economic or
interest rate environments.&nbsp; The fair value of the Fund has been estimated based on the fair
value of the underlying investment contracts in the Fund as reported by the
issuer of the Fund. The fair value differs from the contract value. As
previously discussed in Note&nbsp;2, an adjustment is reflected in the
statements of net assets available for benefits to present this investment at
contract value.&nbsp; Contract value is the relevant measurement
attributable to fully benefit-responsive investment contracts because contract
value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the Plan. The Fund does not have any
significant restrictions on redemptions. </p>
<p>The methods described above may produce a fair value calculation that may not
be indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate and
consistent with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date. </p>
<p><p style="page-break-before: always">&nbsp;</p>
<p>The following table sets forth by level, within the fair value hierarchy, the
Plan&rsquo;s assets carried at fair value. </p>
<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" align=center style="font-size: 10pt">
	<TR><TD WIDTH="50%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
	</TR>
	<tr valign=bottom><td style="border-top:1px solid #000000">&nbsp;</td>
		<td colspan="11" align=center style="border-top:1px solid #000000; border-bottom:1px solid #000000"><b>Assets at Fair Value as of December 31, 2011</b></td>
	</tr>
	<tr valign=bottom><td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 1</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 2</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 3</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Total</b></td>
	</tr>
	<tr valign=bottom>
		<td>&nbsp;</td>
		<td align=center colspan="11" style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:0.0pt;">
		&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;">Company stock</p></td>
		<td align=center>$</td>
		<td align=right>18,055,875&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>18,055,875&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 trust:</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</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 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">Stable
		Value Fund</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>21,756,012&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>21,756,012&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Mutual funds:</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</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 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">Fixed income</td>
		<td align=center>&nbsp;</td>
		<td align=right>27,408,071&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>27,408,071&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">Money
		market</td>
		<td align=center>&nbsp;</td>
		<td align=right>3,780,334&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>3,780,334&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">U.S.
		equities</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>44,707,234&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>44,707,234&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">International equities</p></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">11,047,993&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">-&nbsp;&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">-&nbsp;&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">11,047,993&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;">Total assets at fair value</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">104,999,507&nbsp;</td>
		<td style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		21,756,012&nbsp;</td>
		<td 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">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		-&nbsp;&nbsp;</td>
		<td style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">126,755,519&nbsp;</td>
	</tr>
	<tr><td colspan=12  style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
</table>
<p>&nbsp;</p>
<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" align=center style="font-size: 10pt">
	<TR><TD WIDTH="50%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
		<TD WIDTH="2%"></TD>
		<TD WIDTH="1%"></TD>
		<TD WIDTH="10%"></TD>
	</TR>
	<tr valign=bottom><td style="border-top:1px solid #000000">&nbsp;</td>
		<td colspan="11" align=center style="border-top:1px solid #000000; border-bottom:1px solid #000000"><b>Assets at Fair Value as of December 31, 2010</b></td>
	</tr>
	<tr valign=bottom><td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 1</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 2</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Level 3</b></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td colspan="2" align=center style="border-bottom:1px solid #000000"><b>Total</b></td>
	</tr>
	<tr valign=bottom>
		<td>&nbsp;</td>
		<td align=center colspan="11" style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:0.0pt;">
		&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;">Company stock</p></td>
		<td align=center>$</td>
		<td align=right>20,808,666&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>$</td>
		<td align=right>20,808,666&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 trust:</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</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 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">Stable
		Value Fund</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>23,662,569&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>23,662,569&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">Mutual funds:</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td>&nbsp;</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 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">Fixed income</td>
		<td align=center>&nbsp;</td>
		<td align=right>23,233,733&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>23,233,733&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">Money
		market</td>
		<td align=center>&nbsp;</td>
		<td align=right>1,093,962&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>1,093,962&nbsp;</td>
	</tr>
	<tr valign=bottom bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">U.S.
		equities</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>41,556,303&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>41,556,303&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">International equities</p></td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">13,390,275&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">-&nbsp;&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">-&nbsp;&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">13,390,275&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;">Total assets at fair value</p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">100,082,939&nbsp;</td>
		<td style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		23,662,569&nbsp;</td>
		<td 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">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		-&nbsp;&nbsp;</td>
		<td style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">123,745,508&nbsp;</td>
	</tr>
	<tr><td colspan=12  style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
</table>


<p style="page-break-before:always; text-transform: uppercase"><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, all investment transactions involving AES common stock
are party-in-interest transactions. </p>
<P>Fidelity Investments is the investment manager for the Fidelity Spartan
Extended Market Index Fund, as well as the Fidelity Retirement Money Market
Fund. </p>


<p style="page-break-before: avoid"><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: </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 style="border-top:1px solid #000000;border-bottom:1px solid #000000">
		&nbsp;</td>
		<td align=center colspan="2" style="border-top:1px solid #000000;border-bottom:1px solid #000000"><b>2011</b></td>
		<td align=center style="border-top:1px solid #000000;border-bottom:1px solid #000000">
		&nbsp;</td>
		<td align=center colspan="2" style="border-top:1px solid #000000;border-bottom:1px solid #000000"><b>2010</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>$</td>
		<td align=right>129,174,976&nbsp;</td>
		<td align=right></td>
		<td align=center>$</td>
		<td align=right>126,324,618&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;">
							    Less amounts allocated to withdrawing participants</p></td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>-&nbsp;&nbsp;</td>
	</tr>
	<tr><td align=left><p style="margin:0pt 0pt .0001pt 24.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			Add adjustment from contract value to fair value for fully benefit-responsive investment contracts</td>
		<td align=center style="border-bottom:1px solid #000000">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">551,322&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">509,370&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 per the
										Form 5500, at fair value </p></td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		129,726,298&nbsp;</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">
		&nbsp;</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">126,833,988&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td colspan=6 style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>

</TABLE>
		<p>Amounts allocated to withdrawing participants are recorded on the Form
		5500 for benefit payments that have been processed and approved for
		payment prior to year-end but not paid as of that date. There were none
		as of December 31, 2011 and 2010.</p>
		The following is a reconciliation of total additions per the financial
		statements to total income per the Form 5500 for the year ended December 31,
		2011:<br>
		<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="75%" style="font-size: 10pt" align=center>
	<tr><td style="width: 77%"></td>
		<td style="width: 2%"></td>
		<td width="8%"></td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left style="width: 77%"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						Total additions per the financial statements</p></td>
		<td align=center style="width: 2%">$</td>
		<td align=right>9,741,569&nbsp;</td>
	</tr>
	<tr><td align=left style="width: 77%"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						Add adjustment from fair value to contract value for
						fully benefit-responsive investment contracts at
						December 31, 2011</p></td>
		<td align=center style="width: 2%">&nbsp;</td>
		<td align=right valign="bottom">551,322&nbsp;</td>
	</tr>
	<tr bgcolor="#CEE0FF"><td align=left style="width: 77%"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
						Less adjustment from fair value to contract value for
						fully benefit-responsive investment contracts at
						December 31, 2010</p></td>
		<td align=center style="border-bottom:1px solid #000000; width: 2%;">&nbsp;</td>
		<td align=right valign="bottom" style="border-bottom:1px solid #000000">(509,370)</td>
	</tr>
	<tr><td align=left style="width: 77%"><p style="margin:0pt 0pt .0001pt 16.0pt;page-break-after:avoid;text-indent:-8.0pt;">
			Total additions per the Form 5500</td>
		<td align=center style="border-bottom-style: double; border-bottom-width: 3; width: 2%;" bordercolor="#000000">$</td>
		<td align=right style="border-bottom-style: double; border-bottom-width: 3" bordercolor="#000000">9,783,521&nbsp;</td>
	</tr>
	<tr valign=bottom>
		<td colspan=3 style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>

</TABLE>


<p style="page-break-before:avoid; text-transform: uppercase"><b>7. Risks and Uncertainties</B></P>

<P>The Plan invests in various investment securities. Investment securities are
exposed to various risks, such as interest rate, market volatility, and credit
risks. Due to the level of risk associated with certain investment securities,
it is at least reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes could materially
affect participants&rsquo; account balances and the amounts reported in the statements
of net assets available for benefits. </p>
		<P><strong>Concentration of Credit Risk </strong> </p>
		<P>Approximately 14% of the Plan&rsquo;s assets are invested in AES common
		stock. </p>
<P style="page-break-before:avoid; text-transform: uppercase"><strong>8. Tax Status
</strong> </p>
<P>The Plan has received a determination letter from the IRS dated February 6, 2003, stating that the Plan is qualified under
Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related
trust is exempt from taxation. Subsequent to this&nbsp;determination by the IRS, the
Plan was amended and restated. Once qualified, the Plan is required to operate
in conformity with the Code to maintain its qualified status. The plan
administrator believes that the Plan is being operated in compliance with the
applicable requirements of the Code and, therefore, believes the Plan, as
amended and restated, is qualified and the related trust is exempt from
taxation. </p>
		<P>Accounting principles generally accepted in the United States require
		plan management to evaluate uncertain tax positions taken by the Plan.&nbsp;
		The financial statement effects of a tax position are recognized when
		the position is more likely than not, based on the technical merits, to
		be sustained upon examination by the IRS.&nbsp; The plan administrator
		has analyzed the tax positions taken by the Plan and has concluded that
		as of December 31, 2011, there are no uncertain positions taken or
		expected to be taken.&nbsp; The Plan has recognized no interest or
		penalties related to uncertain tax positions.&nbsp; The Plan is subject
		to routine audits by taxing jurisdictions; however, there are currently
		no audits for any tax periods in progress.&nbsp; The plan administrator
		believes it is no longer subject to income tax examinations for years
		prior to 2008.</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=75%></td>
		<td width==10%></td>
		<td width=2%></td>
		<td width=13%></td>
	</tr>
	<tr><td colspan=4 style="text-align: center"><strong>Employees&rsquo; Thrift Plan
		of Indianapolis Power &amp; Light Company </strong> </td></tr>
	<tr><td align=left colspan=3>&nbsp;</tr>
	<tr>
		<td colspan=4 style="text-align: center"><strong>Schedule H, Line 4i -
		Schedule of Assets </strong> </td>
	</tr>
	<tr>
		<td colspan=4 style="text-align: center"><strong>(Held at End of Year)
		</strong> </td>
	</tr>
	<tr><td align=left colspan=3>&nbsp;</tr>
	<tr><td colspan=4 style="text-align: center"><strong>EIN 35-0413620&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
		Plan #003 </strong> </td></tr>
	<tr><td colspan=4 style="text-align: center">&nbsp;</td></tr>
	<tr><td style="text-align: center;" colspan=4><b>
		DECEMBER 31, 2011</b></td>
	</tr>

	<tr valign=top><td colspan=4 style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
	<tr valign=top><td align=center style="border-bottom:1px solid #000000"><b>Description of Investment</b></td>
				   <td align=center style="border-bottom:1px solid #000000"><b>Shares</b></td>
				   <td style="border-bottom:1px solid #000000">&nbsp;</td>
				   <td align=center style="border-bottom:1px solid #000000"><b>Fair Value</b></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><strong>Shares of registered investment companies</strong></td>
		<td style="text-align: right">&nbsp;</td>
		<td align=center>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Fidelity Retirement Money Market Fund* </p></td>
		<td style="text-align: right">3,780,334&nbsp;</td>
		<td align=center>$</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							   3,780,334&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Fidelity
							Spartan Extended Market Index Investment Fund*</p></td>
		<td style="text-align: right">19,072&nbsp;</td>
		<td>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							   676,300&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							 American Washington Mutual Investment Fund</p></td>
		<td style="text-align: right">341,371&nbsp;</td>
		<td>&nbsp;</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							     9,694,940&nbsp;</p></td>
	</tr>
	<tr valign=top>
			<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Harbor Capital Appreciation Institutional Fund</p></td>
			<td style="text-align: right">216,643&nbsp;</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;">
							   7,994,136&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<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 style="text-align: right">314,489&nbsp;</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;">
							   11,047,993&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							BlackRock Inflation Protected Bond Fund</p></td>
		<td style="text-align: right">194,162&nbsp;</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;">
							   2,223,159&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Columbia Acorn TR Fund </p></td>
		<td style="text-align: right">489,756&nbsp;</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;">
							   13,497,685&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							PIMCO Total Return Fund</p></td>
		<td style="text-align: right">1,297,534&nbsp;</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;">
							   14,104,189&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Vanguard Institutional Index Fund </p></td>
		<td style="text-align: right">98,511&nbsp;</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;">
							   11,332,709&nbsp;</p></td>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Vanguard Intermediate TR Bond Index Fund</p></td>
		<td style="text-align: right">403,816&nbsp;</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;">
							   11,080,723&nbsp;</p></td>
	</tr>
	<tr>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Wells Fargo Stable Value Fund C Common/Collective Trust</p></td>
		<td style="text-align: right">440,114&nbsp;</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;">
							 21,756,012&nbsp;</p></td>
	</tr>
	<tr>
		<td>AES Corporation common stock*</td>
		<td style="text-align: right">1,524,989&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>18,055,875&nbsp;</td>
	</tr>
	<tr valign=top>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Brokerage Option Accounts</p></td>
		<td style="text-align: right">478,677&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&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;">
							   1,511,464&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Total investments </p></td>
		<td style="text-align: right">&nbsp;</td>
		<td align=center>$</td>
		<td align=right><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							   126,755,519&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td style="height: 2px"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							&nbsp;</p></td>
		<td style="text-align: right; height: 2px;"> &nbsp;</td>
		<td align=right style="height: 2px"></td>
		<td align=right style="height: 2px">&nbsp;</td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							Participant loans (with maturities ranging from 2012 to 2021 and
							interest rates ranging from 4.25% - 9.25%)*</p></td>
		<td style="text-align: right">&nbsp;</td>
		<td align=right style="border-bottom:1px solid #000000">&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;">
							   2,977,886&nbsp;</p></td>
	</tr>
	<tr valign=top>
		<td><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">&nbsp;</p></td>
		<td style="text-align: right">&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"><p style="margin:0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;">
							   129,733,405&nbsp;</p></td>
	</tr>
	<tr valign=top bgcolor="#CEE0FF">
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
		<td align=right>&nbsp;</td>
	</tr>
	<tr valign=top>
		<td align=left colspan=4>* Party-in-interest transaction.</td>
	<tr valign=bottom>
		<td colspan=4 style="border-bottom:1px solid #000000">&nbsp;</td>
	</tr>
</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/ Edward J. Kunz</TD>
		<TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>Edward J. Kunz</TD>
	    <TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	    <TD>Member of the Committee</TD>
	    <TD>&nbsp;</TD>
	</TR>
   	<TR><TD>&nbsp;</TD>
		<TD>DATE: June 22, 2012</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
		<TD>&nbsp;</TD>
	</TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit231.htm
<DESCRIPTION>FORM 11-K EXHIBIT 23.1
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<title>Exhibit 23.1</title>
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<p ALIGN=right><b>Exhibit 23.1</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 Statements (Form S-8 No. 333-179701, 333-82306, 333-115028, 333-135128, and
333-156242) pertaining to the Employees&#39; Thrift Plan of Indianapolis Power &amp;
Light Company of our report dated June 22, 2012, with respect to the financial
statements and schedule of the Employees' Thrift Plan of Indianapolis Power &amp;
Light Company included in this Annual Report (Form 11-K) for the year ended
December 31, 2011. </p>
<p>/s/ ERNST &amp; YOUNG LLP </p>
<p>Indianapolis, IN <br>
June 22, 2012</p>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit991.htm
<DESCRIPTION>FORM 11-K EXHIBIT 99.1
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<title>Exhibit 99.1</title>
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		<!-- 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 22nd day of June, 2012. </p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="50%" style="font-size: 10pt">
	<tr><TD>&nbsp;</TD>
	</TR>
	<TR><TD>&nbsp;</TD>
	</TR>
	<TR><TD style="border-bottom:1px solid #000000">/s/ Kenneth J. Zagzebski</TD>
	</TR>
	<TR><TD>Kenneth J. Zagzebski</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/ Kelly M. Huntington</TD>
	</TR>
	<TR><TD>Kelly M. Huntington</TD>
	</TR>
	<TR><TD><I>Senior 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>

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