Exhibit 18.1



Indianapolis Power & Light Company
One Monument Circle, P.O. Box 1595 
Indianapolis, IN 46206


We have audited the financial statements of Indianapolis Power & Light Company
as of December 31, 1997 and 1996, and for each of the three years in the 
period ended December 31, 1997, included in your Annual Report on Form 10-K to 
the Securities and Exchange Commission and have issued our report thereon dated
January 23, 1998.  Note 3 to such financial statements contains a description
of your adoption during the year ended December 31, 1997, of the method of 
accounting for accrued revenues for services provided but unbilled at the end
of each month.  In our judgment, such change is to an alternative accounting
principle that is preferable under the circumstances.



Deloitte & Touche, LLP

January 23, 1998