-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RdIDQIHF08CDjDZiezX233/fvR0qMIHnrp/niG0cyLz9RIoH0L04Oaf6v5DTc8fz
 3ifw+v1V059q0ZyaEuFj9A==

<SEC-DOCUMENT>0001179110-03-007468.txt : 20030916
<SEC-HEADER>0001179110-03-007468.hdr.sgml : 20030916
<ACCEPTANCE-DATETIME>20030916162739
ACCESSION NUMBER:		0001179110-03-007468
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030915
FILED AS OF DATE:		20030916

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HEMPHILL ROBERT F JR
		CENTRAL INDEX KEY:			0001237634

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12291
		FILM NUMBER:		03897894

	BUSINESS ADDRESS:	
		STREET 1:		C/O TOUCAN CAPITAL CORP
		STREET 2:		7600 WISCONSIN AVENUE
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		2404974060

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AES CORPORATION
		CENTRAL INDEX KEY:			0000874761
		STANDARD INDUSTRIAL CLASSIFICATION:	COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
		IRS NUMBER:				541163725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1001 N 19TH ST
		STREET 2:		STE 2000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
		BUSINESS PHONE:		7035221315
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-09-15</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000874761</issuerCik>
        <issuerName>AES CORPORATION</issuerName>
        <issuerTradingSymbol>aes</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237634</rptOwnerCik>
            <rptOwnerName>HEMPHILL ROBERT F JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE AES CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>1001 N. 19TH STREET</rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22209</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-09-15</value>
</transactionDate>
<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>16000</value>
<footnoteId id="F1"></footnoteId>
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<transactionPricePerShare><value>7.23</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>2033408</value>
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<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
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<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
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<transactionAmounts><transactionShares><value>3000</value>
<footnoteId id="F1"></footnoteId>
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<transactionPricePerShare><value>7.22</value>
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<deemedExecutionDate><value>2003-09-15</value>
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<transactionAmounts><transactionShares><value>2000</value>
<footnoteId id="F1"></footnoteId>
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<equitySwapInvolved>0</equitySwapInvolved>
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<transactionAmounts><transactionShares><value>27000</value>
<footnoteId id="F1"></footnoteId>
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<transactionPricePerShare><value>7.20</value>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>2001408</value>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
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<transactionAmounts><transactionShares><value>16700</value>
<footnoteId id="F1"></footnoteId>
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<transactionPricePerShare><value>7.18</value>
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<transactionAcquiredDisposedCode><value>D</value>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1984708</value>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
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<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
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<transactionDate><value>2003-09-15</value>
</transactionDate>
<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>2600</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.17</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1982108</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-09-15</value>
</transactionDate>
<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>1000</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.16</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1981108</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-09-15</value>
</transactionDate>
<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>3500</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.15</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
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</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1977608</value>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
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<transactionDate><value>2003-09-15</value>
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<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>3000</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.14</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1974608</value>
</sharesOwnedFollowingTransaction>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
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<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
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<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>13800</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.13</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1960808</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
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<transactionDate><value>2003-09-15</value>
</transactionDate>
<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>9700</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.12</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1951108</value>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
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<transactionDate><value>2003-09-15</value>
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<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
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<transactionCode>S</transactionCode>
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<transactionAmounts><transactionShares><value>34300</value>
<footnoteId id="F1"></footnoteId>
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<transactionPricePerShare><value>7.11</value>
</transactionPricePerShare>
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</sharesOwnedFollowingTransaction>
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<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
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<deemedExecutionDate><value>2003-09-15</value>
</deemedExecutionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
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<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>17400</value>
<footnoteId id="F1"></footnoteId>
</transactionShares>
<transactionPricePerShare><value>7.10</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1899408</value>
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</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
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</ownershipNature>
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<nonDerivativeHolding><securityTitle><value>Common Stock</value>
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<postTransactionAmounts><sharesOwnedFollowingTransaction><value>396988</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>by 401(k)</value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
<nonDerivativeHolding><securityTitle><value>Common Stock</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>21304</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>by IRA</value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable></derivativeTable>
<footnotes><footnote id="F1">Mr. Hemphill's sales were made pursuant to a previously executed Rule 10b5-1 Selling Plan.</footnote>
</footnotes>
<ownerSignature><signatureName>Robert F. Hemphill, Jr.</signatureName>
<signatureDate>2003-09-16</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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