AES Purchases ADSs Of Grupo EDC For Approximately US$1 Billion; Acquires 49% of Grupo EDC's Outstanding Shares.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--June 7, 2000

The AES Corporation (NYSE:AES) announced today that it had purchased approximately 35,529,500 ADSs (including ADSs subject to guaranteed deliveries) representing approximately 49% of the outstanding shares of C.A. La Electricidad de Caracas and Corporacion EDC, C.A. (BVC: EDC; OTC: ELDAY) pursuant to its offer for all outstanding ADSs of Grupo EDC at US$28.50 per ADS.

In addition, AES currently owns shares and ADSs of Grupo EDC representing approximately 1.1% of the outstanding shares. The Venezuelan Offer for all outstanding shares of Grupo EDC is currently scheduled to expire at 12:00 midnight on Monday, June 12, 2000.

Dennis W. Bakke, President and Chief Executive Officer of The AES Corporation, said "We are very pleased to make this investment in the Venezuelan energy sector after a very complex and exciting process. The support and positive initiatives taken by the Venezuelan Securities and Exchange Commission (Comision Nacional de Valores) resulted in a fair and transparent process for all shareholders and the prompt response of the judicial system sends a strong signal for the future of foreign investment in Venezuela."

In order for shares to be validly tendered pursuant to the Venezuelan Offer, such shares must have been tendered pursuant to the procedures set forth in the Venezuelan Offer to Purchase and the transfer of such shares into the name of the trustee for the Venezuelan Offer must have been completed prior to the expiration date. Any shareholder having questions regarding the procedures for tendering shares in the Venezuelan Offer should contact ActiValores (Caracas: 58-2-201-7511), the coordinator for the Venezuelan Offer.

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.