AES Amends Offer to Acquire C.A. La Electricidad de Caracas; Venezuelan Offer now Complies with all Requirements of Venezuelan CNV.

Business Editors/Hi-Tech Writers

ARLINGTON, Va.--(BUSINESS WIRE)--May 23, 2000

The AES Corporation (NYSE: AES) today announced that it had further amended its offer to purchase shares of C.A. La Electricidad de Caracas (BVC: EDC; OTC: ELDAY), at US$0.57 per share.

The Venezuelan Offer has been amended to provide for the purchase of all shares at US$0.57 per share. As previously announced, the price per ADS pursuant to the U.S. Offer which is being made for 100% of all ADSs validly tendered has been increased to US$28.50 per ADS.

The Venezuelan Offer is conditioned on, among other things, there being validly tendered and not withdrawn on or prior to the expiration date such number of shares which, when added to the shares and ADSs currently owned directly or indirectly by AES and the ADSs validly tendered and not withdrawn pursuant to the U.S. Offer, represents not less than a majority of the outstanding shares.

The U.S. Offer is conditioned on, among other things, there being validly tendered and not withdrawn on or prior to the expiration date of the U.S. Offer such number of ADSs which, when added to the shares validly tendered and not withdrawn pursuant to the Venezuelan Offer and the shares and ADSs currently owned directly or indirectly by AES, represents not less than a majority of the outstanding shares.

The U.S. Offer and the Venezuelan Offer are also conditioned on EDC's announced share buy back being rejected at the meeting of shareholders, or terminated without the purchase of any shares thereunder or the deadline for acceptance of offers and the closing of the book of orders for the Company's share buy back being postponed to a later date which will allow all shareholders, including AES following the consummation of the Offers, sufficient time to participate ratably in the repurchase.

AES also announced that it had made certain other changes to the Venezuelan Offer in accordance with the request of the Comision Nacional de Valores in Venezuela. As a result of these changes, the CNV has confirmed that the Venezuelan Offer to purchase all shares at US$0.57 per share complies with the requirements of the CNV. Roger Sant, Chairman of AES, who was in Caracas to meet with the Venezuelan CNV said: "I am very pleased that AES has been able to meet the requirements of the CNV. The action of the CNV will make the Venezuelan Offer available to all shareholders".

Neither the Venezuelan Offer nor the U.S. Offer is subject to any financing condition.

AES is a leading global power company comprised of competitive generation and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, the United Kingdom and the United States.

The company's generating assets include interests in one hundred and twenty-five facilities totaling over 44 gigawatts of capacity. AES' electricity distribution network has over 954,000 km of conductor and associated rights of way and sells over 114,000 gigawatt hours per year to over 15 million end-use customers. In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers.

AES is dedicated to providing electricity worldwide in a socially responsible way.

For more general information visit our web site at www.aesc.com or contact investor relations at [e-mail]. The list aes-pr-announce is an automated mailing list and can be found on the investing page of our web site. Those who subscribe to this list will receive updates when AES issues a press release.