Exhibit 23.2 [GRAPHIC OMITTED] - -------------------------------------------------------------------------------- Hagler Bailly - -------------------------------------------------------------------------------- PHB Hagler Bailly, Inc. Alan L. Madian 1776 Eye Street, NW Senior Vice President Washington, DC 20006-3700 Tel 202-828-3928 Fax 202-296-3858 E-mail amadian@haglerbailly.com October 28, 1999 AES Ironwood, L.L.C. 829 Cumberland Street Lebanon, PA 17042 Lehman Brothers Inc. 3 World Financial Center New York, NY 10285 Morgan Stanley & Co. Incorporated 1585 Broadway New York, NY 10036 Dresdner Kleinwort Benson North America LLC 75 Wall Street New York, NY 10005 Re: AES Ironwood Project Dear Sirs: PHB Hagler Bailly, Inc. hereby submits our Report on Projected Competitiveness of the AES Ironwood Project in the PJM Market, dated June 1, 1999 (the "Report"). We hereby consent to the inclusion of the Report as an appendix to the Prospectus included in a Registration Statement on Form S-4 which will be filed with the Securities and Exchange Commission by AES Ironwood, L.L.C. (the "Company") in connection with the exchange of the Company's outstanding 8.857% Senior Secured Bonds due 2025 for the Company's 8.857% Exchange Senior Secured Bonds due 2025 and to the reference to us as experts under the heading "Experts" in the Prospectus, as long as the material included (and any summaries or discussions of the material) includes the points noted in the Foreward of the Report. Very truly yours, /s/ Alan L. Madian - ------------------------ Alan L. Madian Senior Vice President Professional Services Worldwide