Exhibit 10.25d

EXECUTION COPY

AMENDMENT NO. 3
TO
CREDIT AGREEMENT

          This AMENDMENT NO. 3, dated as of April 16, 2003 (this “Amendment”),
is made by and among AES EASTERN ENERGY, L.P., a Delaware limited partnership
(the “Borrower”), the bank listed on the signature pages of this Amendment as a
“Bank” (together with its successors and permitted assignees from time to time,
the “Bank”) and UNION BANK OF CALIFORNIA, N.A., as Agent and Issuing Bank.

PRELIMINARY STATEMENT:

          The Borrower, the Bank, and Union Bank of California, N.A., as Agent
and Issuing Bank, previously entered into that certain Credit Agreement, dated
as of April 10, 2001, as amended by Amendment No. 1 and Waiver to Credit
Agreement, dated as of August 31, 2001, and Amendment No. 2 thereto, dated as of
November 20, 2002 (as so amended, the “Existing Agreement", as amended by this
Amendment, the “Amended Agreement", and as the Amended Agreement may hereafter
be amended, supplemented or otherwise modified from time to time, the “Credit
Agreement"). The Borrower now wishes to extend the Maturity Date under the
Existing Agreement by one year and to make certain other amendments to the
Existing Agreement. The Bank, the Agent and the Issuing Bank have agreed to such
extension and amendments on the terms and conditions set forth herein. The
parties therefore agree as follows (capitalized terms used but not defined
herein having the meanings assigned such terms in the Existing Agreement):

          SECTION 1.  Amendments to Existing Agreement. The Existing Agreement
is, effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, hereby amended as follows:

          (a) Maturity Date. The definition of “Maturity Date” contained in
Section 1.01 is hereby amended by deleting the date “January 2, 2004" in its
entirety and substituting therefor the new date “January 2, 2005".

          (b) Tangible Net Worth. Section 6.01(a) is hereby deleted in its
entirety and the new phrase “[Intentionally Omitted]" is substituted therefor.

          (c) Revised Annex A. Annex A to the Credit Agreement is hereby deleted
in its entirety and Annex A attached to this Amendment is substituted therefor.

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          SECTION 2.  Conditions of Effectiveness. This Amendment shall become
effective as of the date first above written when, and only when, each of the
following conditions has been fulfilled:

          (a) The Agent shall have received (i) counterparts of this Amendment
duly executed by the Borrower, the Bank, the Agent and the Issuing Bank, and
(ii) the following, each dated the date hereof (except otherwise specified
below), in form and substance satisfactory to the Agent and each Bank (except
where otherwise specified below) and in sufficient quantity for each party to
have a fully executed original:

            (A) the consent of AES, substantially in the form of Exhibit A
hereto, duly executed by an authorized officer of AES;

            (B) certified copies of the resolutions of the Board of Directors
(or comparable governing body) of AES NY authorizing the Borrower to enter into
this Amendment, and of all documents evidencing other necessary action
(partnership, limited liability company or otherwise) and Governmental
Approvals, if any, with respect to this Amendment;

            (C) a certificate of AES NY certifying the names, true signatures
and incumbency of the officers of AES NY authorized to sign this Amendment and
the other documents to be delivered hereunder;

            (D) copies of the certificate of limited partnership, partnership
agreement, certificate of formation and limited liability company agreement, as
applicable, of the Borrower and AES NY, together with all amendments thereto, in
each case certified in a manner satisfactory to the Agent;

            (E) good standing certificates in respect of the Borrower and AES NY
from its jurisdiction of organization and each jurisdiction in which it is
qualified to do business as partnership or limited liability company, as the
case may be, in each case dated no earlier than 10 days prior to the date
hereof;

            (F) a favorable opinion of Chadbourne & Parke LLP, special New York
counsel to the Borrower and AES NY, in substantially the form of Exhibit B
hereto; and

            (G) such other approvals, certificates, opinions and documents as
the Agent may reasonably request.

          (b) The following statements shall be true and the Agent shall have
received a certificate of the Borrower, dated the date hereof and in sufficient
copies for each Bank, stating that:

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            (i) each Loan Document Representation and Warranty is true and
correct on and as of the date hereof, before and after giving effect to this
Amendment, as though made on and as of such date (with each reference in the
Loan Documents to the Existing Agreement being deemed to be a reference to this
Amendment and the Amended Agreement), and

            (ii) no Default has occurred and is continuing, both before and
after giving effect to the transactions contemplated by this Amendment.

          (c) The following statement shall be true and the Agent shall have
received a certificate of AES, dated the date hereof and in sufficient copies
for each Bank, stating that: the representations and warranties set forth in
Section 5 of the Guaranty are true and correct on and as of the date hereof with
the same effect as though made on and as of such date.

          (d) All fees payable on or prior to the date hereof pursuant to the
letter agreement, dated April 16, 2003, between the Agent and the Borrower, and
all amounts payable pursuant to Section 11.02 of the Existing Agreement for
which invoices have been delivered to the Borrower on or prior to the date
hereof, shall have been paid in full or arrangements satisfactory to the Agent
shall have been made to cause them to be paid in full on such date.

          (e) All Governmental Approvals necessary in connection with this
Amendment and the transactions contemplated hereby shall have been obtained and
be in full force and effect. All third party approvals necessary or, in the
judgment of the Agent, advisable in connection with this Amendment and the
transactions contemplated hereby shall have been obtained and be in full force
and effect. All such Governmental Approvals and third party approvals, if any,
shall be in form and substance satisfactory to the Agent.

          SECTION 3. Reference to and Effect on the Existing Agreement.  (a)
Upon the effectiveness of this Amendment: (i) each reference in the Existing
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Existing Agreement shall mean and be a reference to the Amended
Agreement; and (ii) each reference in any other Loan Document to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Existing Agreement shall mean and be a reference to the Amended Agreement. The
parties hereto agree and acknowledge that this Amendment constitutes a Loan
Document.

          (b) Except as specifically amended above, the Existing Agreement shall
continue to be in full force and effect and is hereby in all respects ratified
and confirmed. Without limiting the generality of the foregoing, the Pledge
Agreement and all of the Collateral described therein do and shall continue to
secure the payment of all Secured Obligations (as defined in the Pledge
Agreement).

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          (c) The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Banks, the Issuing Banks or the Agent under the Existing
Agreement or any other Loan Document, nor constitute a waiver of any provision
of the Existing Agreement or any other Loan Document.

          SECTION 4.  Costs and Expenses. The Borrower agrees to pay on demand
all reasonable costs and expenses of the Agent in connection with the
preparation, negotiation, execution and delivery of this Amendment and the other
instruments and documents to be delivered hereunder, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel to the
Agent with respect thereto and with respect to advising the Agent as to its
rights and responsibilities hereunder and thereunder, and all costs and expenses
of the Agent and each Bank (including, without limitation, reasonable fees and
expenses of counsel to the Agent and counsel for each Bank) in connection with
the enforcement (whether through negotiations, legal proceedings or otherwise)
of this Amendment.

          SECTION 5.  Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument. In furtherance of the foregoing, it is understood and agreed
that signatures hereto submitted by facsimile transmission shall be deemed to
be, and shall constitute, original signatures.

          SECTION 6.  Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of the New York.

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          IN WITNESS WHEREOF, the parties hereto have caused Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

  AES EASTERN ENERGY, L.P.

  By: AES NY, L.L.C., its general partner

  By /s/ Amy V. Conley  

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    Name:
Title: Amy V. Conley
Chief Financial Officer

  UNION BANK OF CALIFORNIA, N.A.,
as Agent and Issuing Bank

  By /s/ Chad Canfield  

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    Name:
Title: Chad Canfield
Assistant Vice President

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  Bank

  UNION BANK OF CALIFORNIA, N.A.

  By /s/ Chad Canfield  

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    Name:
Title: Chad Canfield
Assistant Vice President

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EXHIBIT A

CONSENT

          The undersigned, as Guarantor under that certain Limited Guaranty,
dated as of April 10, 2001 (the “Guaranty"), in favor of the Banks, the Issuing
Banks and the Agent, (i) hereby consents to Amendment No. 3, dated as of April
16, 2003, to the Credit Agreement, dated as of April 10, 2001, as amended by
that certain Amendment No. 1 and Waiver, dated as of August 31, 2001, and
Amendment No. 2 thereto, dated as of November 20, 2002 (the “Credit Agreement",
the terms defined therein being used herein as therein defined), among AES
Eastern Energy, L.P., the Banks and Issuing Banks party thereto, and Union Bank
of California, N.A., as Agent, and (ii) hereby confirms and agrees that the
Guaranty is, and shall continue to be, in full force and effect and is hereby
confirmed and ratified in all respects except that, on and after the effective
date of said Amendment No. 3, each reference in the Guaranty to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement shall mean and be a reference to the Credit Agreement, as
amended by said Amendment No. 3.

April 16, 2003 THE AES CORPORATION

  By /s/ Roger F. Naill  

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    Name:
Title: Roger F. Naill
Senior Vice President

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ANNEX A

COMMITMENTS, LENDING OFFICES AND NOTICE ADDRESSES

Name of Bank Commitment Notice Address Domestic Lending Office Eurodollar
Lending Office Union Bank of California, N.A. $20,000,000.00 Union Bank of
California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096 Union Bank of California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096 Union Bank of California, N.A.
445 South Figueroa Street
15th Floor
Los Angeles, CA 90071
Attention: Chad Canfield
Telephone: (213) 236-6175
Telecopier: (213) 236-4096