AES Indiana has reached a settlement agreement with several major customers and the City of Indianapolis that would reduce the size of its proposed electric rate increase by more than $111 million. If approved by the Indiana Utility Regulatory Commission, the new rates would take effect in mid-2026.
Why AES Proposed the Rate Increase
AES initially sought a substantial rate increase to help pay for upgrades to its aging electric grid, replace outdated equipment, modernize its customer service and billing systems, and cover rising costs related to system maintenance and reliability. The company said the additional revenue was needed to ensure safe, dependable service and to keep pace with growing energy demands…