<PAGE>

                                  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

                                January 30, 1997
                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)



<PAGE>

Item 5.           Other Events.

                  On January  30,  1997,  The AES  Corporation  (the  "Company")
increased its offer to the Class A shareholders of AES China Generating Co. Ltd.
("AES Chigen") by removing the possibility of a downward  adjustment to the 0.29
exchange ratio in the proposed  amalgamation  of AES Chigen with a subsidiary of
AES in the event  that the price for AES's  common  stock  trades  above $50 per
share.  Incorporated  herein by reference in Exhibit  20.5  attached  hereto are
details of the announcement.


Item 7.           Financial Statements and Exhibits.


                  The following is filed as an Exhibit to this Report.

                  Exhibit Number 20.5

                  Description

                  News Release Announcing that the Company is increasing its
                  offer to the Class A shareholders of AES China Generating
                  Co. Ltd.


<PAGE>

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:  January 30, 1997

<PAGE>


EXHIBIT INDEX


EXHIBIT NO.    DESCRIPTION


20.5            News Release Announcing that the Company is increasing its
                offer to the Class A shareholders of AES China Generating
                Co. Ltd.
[{"type": "8-K", "sequence": "1", "description": "8-K FOR THE AES CORPORATION", "secsgml_size_bytes": 2695}]
{"company-data": {"conformed-name": "AES CORPORATION", "cik": "0000874761", "assigned-sic": "4991", "irs-number": "541163725", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12291", "film-number": "97514572"}, "business-address": {"street1": "1001 N 19TH ST", "city": "ARLINGTON", "state": "VA", "zip": "22209", "phone": "7035221315"}}
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

                                January 30, 1997
                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 January  30,  1997,  The AES  Corporation  (the  "Company")
increased its offer to the Class A shareholders of AES China Generating Co. Ltd.
("AES Chigen") by removing the possibility of a downward  adjustment to the 0.29
exchange ratio in the proposed  amalgamation  of AES Chigen with a subsidiary of
AES in the event  that the price for AES's  common  stock  trades  above $50 per
share.  Incorporated  herein by reference in Exhibit  20.5  attached  hereto are
details of the announcement.

Item 7.           Financial Statements and Exhibits.

                  The following is filed as an Exhibit to this Report.

                  Exhibit Number 20.5

                  Description

                  News Release Announcing that the Company is increasing its
                  offer to the Class A shareholders of AES China Generating
                  Co. Ltd.
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:  January 30, 1997
EXHIBIT INDEX

EXHIBIT NO.    DESCRIPTION

20.5            News Release Announcing that the Company is increasing its
                offer to the Class A shareholders of AES China Generating
                Co. Ltd.