AES Reduces to 45% Minimum Purchase Condition to Acquire C.A. La Electricidad de Caracas; Venezuelan Stock Exchange, 'BVC', approved AES' transaction to be negotiated through BVC.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--May 30, 2000

The AES Corporation (NYSE: AES) today announced that it had amended the terms of its offers to purchase all shares and all ADSs of C.A. La Electricidad de Caracas (BVC: EDC; OTC: ELDAY).

The Venezuelan Offer to purchase 100% of the shares and the U.S. Offer to purchase 100% of the ADSs have been amended to provide that the obligation to purchase ADSs in the U.S. Offer is now conditioned on, among other things, there being validly tendered and not withdrawn on or prior to the expiration date of the U.S. Offer such number of ADSs, which when added to the shares validly tendered pursuant to the Venezuelan Offer and the shares and ADSs currently owned directly or indirectly by AES, represents not less than 45% of EDC's outstanding shares.

The obligation to purchase shares pursuant to the Venezuelan Offer is now conditioned on, among other things, there being validly tendered and not withdrawn on or prior to the expiration date such number of shares which, when added to the shares and ADSs currently owned directly or indirectly by AES and the ADSs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 pursuant to the U.S. Offer, represents not less than 45% of EDC's outstanding shares.

The U.S. Offer is scheduled to expire on Tuesday, June 6, 2000 at 12:00 midnight, New York City time.

The Venezuelan Offer was previously amended to extend until 12:00 midnight, June 9, 2000, the time by which TIVENCA may transfer shares validly tendered into the name of Citibank, as trustee for the Venezuelan Offer, on the shareholder registry of Grupo EDC provided the letter of transmittal for the shares tendered is presented to Citibank prior to 12:00 midnight, June 6, 2000.

Subject to the conditions of the Venezuelan Offer, AES will purchase all of the shares validly tendered and not withdrawn by 12:00 midnight on Tuesday, June 6, 2000, at US$0.57 per share, and will thereafter purchase all of the shares validly tendered and transferred to the name of Citibank, as trustee of the Venezuelan Offer, on the shareholder registry of Grupo EDC on or before 12:00 midnight, June 9, 2000, so long as the letter of transmittal for the shares tendered is presented to Citibank prior to 12:00 midnight, June 6, 2000.

Furthermore, the Board of the Venezuelan Stock Exchange (Bolsa de Valores de Caracas, "BVC") approved today AES' transaction for the acquisition of EDC shares to be negotiated through BVC in a special session. This will enable all tendering holders of shares to obtain the preferential tax treatment accorded to BVC transactions.

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.