AES Promotes Four Executive Vice Presidents to Chief Operating Officers.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--Feb. 5, 2002

The AES Corporation (NYSE:AES) announced today a number of organizational changes.

The board of directors has created an Executive Office comprised of five people and led by Dennis Bakke, President and Chief Executive Officer. Effective immediately, Paul Hanrahan, John Ruggirello, J. Stuart Ryan, and Barry Sharp have been promoted to Chief Operating Officers and all four will retain their present title of Executive Vice President.

Mr. Sharp will also remain CFO for the present. AES plans to appoint a Deputy Chief Financial Officer in the near future.

The four senior officers will have regional responsibilities and will also be responsible for newly designated business lines, as follows: Paul Hanrahan (Growth Distribution); John Ruggirello (Contract Generation); J. Stuart Ryan (Competitive Supply); and Barry Sharp (Large Utilities).

AES also announced today that three executives were promoted from Vice Presidents to Senior Vice Presidents of AES: William Luraschi, General Counsel; Shahzad Qasim, AES Oasis Group Manager; and Sarah Slusser, AES Aurora Group Manager. Departing AES will be Thomas Tribone, Executive Vice President, who has founded a new company.

Dennis W. Bakke, President and Chief Executive Officer, stated, "We have experienced tremendous growth in our first 20 years, beginning with our Contract Generation businesses in the United States. As we have expanded globally in the 1990's we have also cultivated some very strong AES leaders. We have now aligned our senior most leadership team to better position the company to take advantage of the many opportunities and challenges presented by this dynamic industry. The new Chief Operating Officers will play an important role in more clearly defining our four lines of business. We are excited about the continued global shift to competitive electricity and our ability to be a major player in this expanding industry."

Roger W. Sant, Chairman, commented, "I am delighted to again be engaged with our businesses and participate in the thoughtful process of restructuring our company. I am extremely pleased with the depth of leadership talent in AES and the expected role of the new Executive Office and Chief Operating Officers. Tom Tribone has contributed greatly to the growth of AES. We will miss him, and wish him well with his new business ventures."

AES will discuss in greater detail some of its plans for the future on their webcasted earnings call at 5 pm on Tuesday, February 5, 2002 and on its webcasted Annual Investors Conference, which begins at 1pm on Wednesday, February 6, 2002. For details please see previously released announcement dated, January 30, 2002.

AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada, Chile, China, Colombia, Czech. Republic, Dominican Republic, El Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan, the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Qatar, Sri Lanka, Tanzania, Uganda, Ukraine, the United Kingdom, the United States and Venezuela.

The company's generating assets include interests in one hundred and eighty one facilities totaling over 63 gigawatts of capacity. AES's electricity distribution network has over 946,000 km of conductor and associated rights of way and sells over 135,000 gigawatt hours per year to over 19 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.

This news release may include forward-looking statements. Actual events and results may differ materially from those projected. Factors that could affect actual results are discussed in AES's filings with the Securities and Exchange Commission, and readers are encouraged to read those filings to learn more about the risk factors associated with AES's businesses.

For more general information visit our web site at www.aesc.com or contact investor relations at [e-mail].