8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                                November 13, 1996
                Date of Report (Date of earliest event reported)

                         Commission File Number: 0-19281

                               THE AES CORPORATION
             (Exact name of registrant as specified in its charter)

                                    Delaware
         (State or other jurisdiction of incorporation or organization)

                                   54-1163725
                        (IRS Employer Identification No.)

                             1001 North 19th Street
                            Arlington, Virginia 22209
                     (Address of principal executive office)

                         Telephone Number (703) 522-1315
              (Registrant's telephone number, including area code)





Item 5.           Other Events.

                  On November  12, 1996,  The AES  Corporation  (the  "Company")
announced that it signed a definitive  agreement  with AES China  Generating Co.
Ltd.  ("Chigen")  whereby the Company will acquire  Chigen's  approximately  8.2
million  outstanding Class A shares of Common Stock,  subject to the approval of
the Chigen public shareholders. Incorporated herein by reference in Exhibit 20.4
attached hereto are details of the amalgamation.


Item 7.           Financial Statements and Exhibits.

                  The following is filed as an Exhibit to this Report.

                  Exhibit Number 20.4

                  Description

                  News Release  Announcing the Agreement Between the Company and
                  Chigen Whereby the Company will Acquire the Chigen's  Publicly
                  Held Shares in Exchange for AES Shares.





SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

The AES Corporation
(Registrant)



BY:      WILLIAM R. LURASCHI
         --------------------------
         WILLIAM R. LURASCHI
         GENERAL COUNSEL AND SECRETARY

Dated:  November 13, 1996




EXHIBIT INDEX


EXHIBIT NO.    DESCRIPTION


20.4           News  Release  Announcing  the  Agreement  Between  the 
               Company and Chigen Whereby the Company will Acquire the Chigen's
               Publicly  Held Shares in Exchange for AES Shares.

EX-20.4

                                                                    EXHIBIT 20.4

FOR IMMEDIATE RELEASE


                 AES REACHES AGREEMENT TO ACQUIRE PUBLICLY-HELD
                  AES CHIGEN SHARES IN EXCHANGE FOR AES SHARES

ARLINGTON, VA and BEIJING, CHINA, November 12, 1996 - The AES Corporation [NYSE:
AES] and AES China Generating Co., Ltd.  [NASDAQ:  CHGNF] ("AES Chigen") jointly
announced today that they have signed a definitive  agreement for AES to acquire
the  approximately  8.2 million  outstanding  Class A shares of AES Chigen.  The
acquisition would be accomplished by amalgamating AES Chigen with a wholly-owned
AES subsidiary. AES Chigen shareholders would receive shares of AES Common Stock
at an  exchange  rate of 0.29  shares of AES Common  Stock for each share of AES
Chigen Common Stock within an AES share price range of $45 to $50. If AES Common
Stock trades above $50 per share,  the exchange ratio will be adjusted such that
each AES Chigen  shareholder will receive AES shares valued at $14.50 per Chigen
share.  If AES Common Stock trades below $45 per share,  the exchange ratio will
be adjusted such that each AES Chigen shareholder will receive AES shares valued
at $13.05 per Chigen share.  For purposes of determining the ratio, the price of
AES Common Stock shall be calculated as an average closing price over 15 trading
days leading up to the merger.  If the exchange  ratio is adjusted to be greater
than 0.31,  AES is not required to consummate the  transaction.  If the exchange
ratio is adjusted to be less than 0.28, AES Chigen is not required to consummate
the transaction. The value of the transaction is estimated to be between $107 to
$120 million.

Dennis W.  Bakke,  President  and CEO of AES,  stated,  "We  continue  to have a
positive outlook on the China power market. A full integration of both companies
will enhance our  collective  ability to help meet China's  expanding  needs for
electric power."

Paul T. Hanrahan,  President and CEO of AES Chigen,  said "The transaction gives
us the opportunity to reaffirm both AES Chigen's and AES's strong  commitment to
the electric  power industry in China.  This  stock-for-stock  acquisition  will
allow current AES Chigen shareholders to continue to participate in its business
through their equity in AES."

A special  committee  consisting  of the Class A  directors  of AES  Chigen  has
recommended  approval of the transaction,  and it has been approved by the Board
of Directors of both  companies.  The  amalgamation  remains  subject to various
conditions,  including the approval of the Class A  shareholders  of AES Chigen.
AES expects to file a  registration  statement  with the Securities and Exchange
Commission  shortly covering the AES Common stock to be exchanged for AES Chigen
Class A shares in the merger.

AES Chigen, an affiliate of AES,  develops,  owns, and operates power generation
facilities in the People's  Republic of China. It currently has investments in 8
projects in operation or under construction in China,  representing a name plate
capacity of approximately 818 megawatts.

AES  is a  leading  global  power  company  that  generates,  sells  or  markets
electricity in over 35 countries.  AES currently has over $3.4 billion in assets
and, for the year ended December 31, 1995,  earned net income of $107 million on
revenues of $685 million.

                                  * * * * *

For more  general  information  visit our web site at  www.aesc.com  or  contact
investor  relations  at  investing@aesc.com.  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.