-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KUtTFzdAxnUUINCfCpROZRwoAZBJ2N7AnXmmapK9AtDmSpF1+WORpJMxy/tSvS/p
 SQdgsmJ0tcgZAI6nUI+wTQ==

<SEC-DOCUMENT>0001179110-04-000021.txt : 20040102
<SEC-HEADER>0001179110-04-000021.hdr.sgml : 20040101
<ACCEPTANCE-DATETIME>20040102133002
ACCESSION NUMBER:		0001179110-04-000021
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LADER PHILIP
		CENTRAL INDEX KEY:			0001237640

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12291
		FILM NUMBER:		04500813

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY INTL
		STREET 2:		25 CABOT SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			E14 4Q4
		BUSINESS PHONE:		442074256524

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-12-31</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000874761</issuerCik>
        <issuerName>AES CORPORATION</issuerName>
        <issuerTradingSymbol>aes</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237640</rptOwnerCik>
            <rptOwnerName>LADER PHILIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE AES CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>1001 N. 19TH STREET</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>Units</value>
</securityTitle>
<conversionOrExercisePrice><value>0</value>
<footnoteId id="F1"></footnoteId>
</conversionOrExercisePrice>
<transactionDate><value>2003-12-31</value>
</transactionDate>
<deemedExecutionDate><value>2003-12-31</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1008</value>
</transactionShares>
<transactionPricePerShare><value>8.432</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>1988-08-08</value>
<footnoteId id="F2"></footnoteId>
</exerciseDate>
<expirationDate><value>1988-08-08</value>
<footnoteId id="F2"></footnoteId>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1008</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>4402</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>Deferred Director Units</value>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes><footnote id="F1">Regarding conversion of derivative security, units will convert to Common Stock on a one for one basis after the participant retires or resigns from the Board of Directors pursuant to The AES Corporation Deferred Compensation Plan for Directors.</footnote>
<footnote id="F2">Regarding exercise and expiration date, this date will depend on the retirement or resignation date of the participant from the Board of Directors.  Upon such date, the participant may convert units earned into stock and take a distribution.</footnote>
</footnotes>
<ownerSignature><signatureName>Leith Mann Attorney In Fact For Philip Lader</signatureName>
<signatureDate>2004-01-02</signatureDate>
</ownerSignature>
</ownershipDocument>

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