Several Indianapolis City-County Councilors are urging the city to purchase AES Indiana and operate the electric utility as a nonprofit.
Why it matters: AES wants to raise rates for the more than 500,000 Indianapolis-area customers it serves.
State of play: The Council adopted a resolution Monday night urging AES Indiana to withdraw its rate increase request or, if it doesn’t, for the Indiana Utility Regulatory Commission to reject it.
- AES filed a regulatory rate review with the IURC in June to increase rates by 13.5% over the next year and a half.
- If approved as is, the rate hike would roll out in two phases with the first being a 7.5% increase in April and the second a 6% increase in January 2027.
The latest: The parent company of AES is reportedly in advanced discussions to sell to a subsidiary of BlackRock Inc. Private equity firms like BlackRock are increasingly buying up utility companies just as AI is driving up electricity demands…