EXHIBIT 99.1

               AES COMPLETES SALE OF CILCORP TO AMEREN CORPORATION

    $1.4 Billion Transaction Significantly Enhances Parent Company Liquidity

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ARLINGTON, VA, January 31, 2003- The AES Corporation (NYSE: AES) announced today
that it has completed the sale of Cilcorp Inc. (Cilcorp), a utility holding
company whose largest subsidiary is Central Illinois Light Company (CILCO), to
Ameren Corporation (Ameren) in a transaction valued at $1.4 billion.  This sale
was a condition to the regulatory approvals obtained in connection with AES's
acquisition of IPALCO in 2001.

In connection with the transaction, Ameren has indirectly assumed debt and
preferred stock of Cilcorp amounting to approximately $900 million.  The related
sale of Medina Valley Cogen, a 40 MW gas-fired cogeneration facility located in
CILCO's territory, to Ameren is expected to close next week following  the
consent of the project lenders.

The purchase price is subject to certain adjustments for working capital and
other changes pending the finalization of Cilcorp's closing balance sheet, which
should be completed within a few months.

Paul Hanrahan, President and Chief Executive Officer, stated, "The approximately
$500 million in net equity proceeds (after expenses) from this sale allows us to
reduce parent debt by  approximately  $250 million and enhances our liquidity by
$250 million, further demonstrating that earlier liquidity concerns are behind
us. The completion of these transactions also highlights AES's ability to
execute fair value asset sales, even in today's challenging environment.  We
continue to make progress on the sale of other non-strategic assets as we focus
on strengthening our balance sheet."

Lenny Lee, Vice-President of The AES Corporation said, "We are pleased to have
completed the sale of Cilcorp expeditiously.  Ameren  has the  resources and
demonstrated commitment to continue CILCO's tradition of quality service and
community support for the people of Central Illinois.  This transaction  also
represents a tremendous benefit to AES's liquidity position and the overall
financial stability of the company."

The transaction was announced on April 28, 2002.  The closing followed the
receipt of approvals from the Illinois Commerce Commission (ICC), Federal Energy
Regulatory Commission (FERC) and Securities and Exchange Commission under the
Public Utility Holding Company Act of 1935 (PUHCA), as well as clearance from
the U.S. Department of Justice (DOJ) under the Hart-Scott Rodino Antitrust
Improvements Act.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This news release may contain "forward-looking statements" regarding The
AES Corporation's business.  These statements are not historical facts, but
statements that involve risks and uncertainties.  Actual results could differ
materially from those projected in these forward-looking statements.

For a discussion of such risks and uncertainties, see "Risk Factors" in the
Company's Annual Report or Form 10-K for the most recently ended fiscal year.

AES is a leading global power company comprised of contract generation,
competitive supply, large utilities and growth distribution businesses.

The company's generating assets include interests in 176 facilities totaling
over 60 gigawatts of capacity, in 33 countries. AES's electricity distribution
network sells 108,000 gigawatt hours per year to over 16  million  end-use
customers.

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For more general information visit our web site at www.aes.com or contact
investor relations at investing@aes.com.