FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * HANRAHAN PAUL T   2. Issuer Name and Ticker or Trading Symbol AES CORP [AES] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President and CEO (Last) (First) (Middle) 4300 WILSON BOULEVARD 3. Date of Earliest Transaction (Month/Day/Year) 03/24/2011 (Street) ARLINGTON, VA 22203 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/24/2011   M   28,100 (1) A $ 2.83 258,381 D   Common Stock 03/24/2011   S   19,400 (1) D $ 12.6 238,981 D   Common Stock 03/25/2011   M   28,100 (1) A $ 2.83 267,081 D   Common Stock 03/25/2011   S   19,400 (1) D $ 12.61 247,681 D   Common Stock               55,745 I By 401(k) Plan (2) Common Stock               110 I By Spouse Common Stock               82,068 I By the Hanrahan 2010 Grantor Retained Annuity Trust Number One

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (Right to Buy)

$ 2.83

03/24/2011

M

28,100

(3)

02/12/2013

Common Stock

28,100

$ 0

615,548

D

Stock Option (Right to Buy)

$ 2.83

03/25/2011

M

28,100

(3)

02/12/2013

Common Stock

28,100

$ 0

587,448

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HANRAHAN PAUL T 4300 WILSON BOULEVARD ARLINGTON, VA 22203	X		President and CEO

Signatures

/s/ Paul Hanrahan		03/28/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The option exercises and reported sales were made pursuant to a 10b5-1 trading plan entered into on March 7, 2011.
(2)	Between February 22, 2011 and March 24, 2011, the reporting person acquired 139 additional shares of AES Common Stock at an average price of $12.67 pursuant to The AES Retirement Savings Plan. The information in this report is based on a plan statement dated March 24, 2011.
(3)	This option vested in two equal installments on February 12, 2004 and 2005.

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