Exhibit I



         INDEPENDENT AUDITORS' CONSENT
         -----------------------------
         
         
         INDIANAPOLIS POWER & LIGHT COMPANY
         EMPLOYEES' THRIFT PLAN:
         
         
         We consent to the incorporation by reference in  Registration
         Statement No. 2-88352 on Form S-8 of our report dated April 15,
         1994 appearing in this Annual Report on Form 11-K of Indianapolis
         Power & Light Company Employees' Thrift Plan for the year ended
         October 31, 1993.
         
         
         
         
         
         
         
         
         
         
         Deloitte & Touche
         
         Indianapolis, Indiana
         April 27, 1994