EXHIBIT 23.2


INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in this  Registration  Statement of
The AES  Corporation  on Form S-3 of our report dated February 28, 1997 relating
to the financial  statements of Companhia  Energetica de Minas Gerais - CEMIG as
at and for the years ended  December  31, 1996 and 1995  prepared in  accordance
with accounting principles generally accepted in Brazil, which appears in Item 7
of the Current Report on Form 8-K of The AES Corporation dated July 16, 1997 and
to the reference to us under the headings  "Experts" in the Prospectus  which is
part of such Registration Statement.



/s/ Price Waterhouse
- --------------------
Auditores Independentes
Belo Horizonte, MG-Brazil
February 10, 1998