-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 rsczZAjdEsuyH3N7pTJDSw==

<SEC-DOCUMENT>0001179110-04-009263.txt : 20040430
<SEC-HEADER>0001179110-04-009263.hdr.sgml : 20040430
<ACCEPTANCE-DATETIME>20040430094024
ACCESSION NUMBER:		0001179110-04-009263
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040428
FILED AS OF DATE:		20040430

ISSUER:		

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

	BUSINESS ADDRESS:	
		STREET 1:		1001 N 19TH ST
		STREET 2:		STE 2000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
		BUSINESS PHONE:		7035221315

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SANDSTROM SVEN
		CENTRAL INDEX KEY:			0001237643

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12291
		FILM NUMBER:		04767542

	BUSINESS ADDRESS:	
		STREET 1:		C/O AES CORP
		STREET 2:		1001 N 19TH STREET
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
		BUSINESS PHONE:		7035231315
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-04-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000874761</issuerCik>
        <issuerName>AES CORPORATION</issuerName>
        <issuerTradingSymbol>AES</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237643</rptOwnerCik>
            <rptOwnerName>SANDSTROM SVEN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1001 NORTH 19TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22209</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-04-28</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-04-28</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>18636</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.58</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18636</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>18636</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Amended and Restated Deferred Compensation Plan</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Amended and Restated Deferred Compensation Plan for Directors of The AES Corporation (the &quot;Company&quot;), Non Employee Directors may elect to defer receipt of compensation otherwise payable to such Director in the form of stock units, the basis of which is determined to be the closing stock price on the day that the Non Employee Director is elected to the Board of Directors for the Plan Year for which a stock unit election is made. In this case, the Board Year commenced on April 28, 2004 and will continue through April 27, 2005.  A Non Employee Director is not eligible to make a withdrawl from his/her deferred account until such Director ceases to be a Board Member.  This distribution will be made as soon as practicable after the Director leaves the Company, and will be made in accordance with the Directors Distribution Election Notification.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sven Sandstrom</signatureName>
        <signatureDate>2004-04-29</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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