AES Indiana receives approval to adjust base rates to allow for ongoing investment in reliability, resiliency and enhanced customer offerings

April 18, 2024

Investments to make the grid stronger and more resilient, enhanced customer offerings, and economic growth and job creation are all part of what AES Indiana customers can expect from new customer rates. After a nearly year-long rate review process, AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), received approval from the Indiana Utility Regulatory Commission (IURC) to implement new customer rates beginning mid-May. This approval from the IURC comes after an extensive review process including public input and unanimous collaborative agreement with intervenors who represent the interest of residential, commercial, industrial and low-income customers.

With this approval, AES Indiana will continue to be among the lowest residential rates of any investor-owned utility in Indiana. Beginning mid-May, base rates will increase by approximately $9.36 or 7.2 percent for a residential customer using 1,000 kWh. This increase will be reflected in customers’ bills, in addition to adjustments to rider rates resulting from the settlement approval. By comparison, AES Indiana initially requested a 13.2 percent increase.

“We understand the significant impact utility bills have on our customers and we strive to minimize the impacts to monthly bills while still working to make investments that benefit our customers,” said Brandi Davis-Handy, AES Indiana President. “Our customers are dealing with rising costs in many aspects of their lives, which is why we take any increase seriously and we will work to ensure these investments offer great benefits to our customers like a strengthened electric grid and enhanced offerings that result in better experiences.”

AES Indiana will also introduce several customer benefits, including the elimination of residential customer disconnections on Fridays, weekends and certain holidays; increased investments in vegetation management; and further protections for customers with Medical Alerts. Additionally, AES Indiana committed to contribute $50,000 in 2024 to the “Power of Change” program and another $50,000 to the Indiana Community Action Association, both of which offset energy costs for low-income residents.

As a regulated utility, AES Indiana’s rates can only be changed after approval from state utility regulators. AES Indiana filed for its regulatory rate review June 28, 2023.

AES Indiana provides several programs to help eligible customers effectively manage their utility bills:

• Find information here on energy efficiency offerings and incentive programs, including Virtual Home Energy Assessments, AES Indiana Marketplace, Home Improvement Rebates & Discounts, Smart Thermostat Rebates, and Weatherization & In-Home Assessments to help customers save energy and money.
• Payment options and programs are available to assist customers facing difficulties in paying their utility bills, including Budget Billing, Payment Extensions, and Preferred Bill Date.
• Several assistance programs are offered to help eligible customers stay on track with their utility bills, including:
  • Energy Assistance Program is a government program that runs through May 20, 2024. Customers must meet the income guidelines to qualify.
  • Winter Assistance Fund runs through May 31, 2024 for Marion County residents, and customers must meet the income guidelines to qualify.
  • Power of Change is AES Indiana's emergency relief fund designed to help income-qualified customers with a one-time grant to assist with electric bill payments.

Learn more at aesindiana.com/rate-review.

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About AES Indiana
AES Indiana, an AES Company, provides retail electric service to more than 500,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, AES Indiana has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please Connect with AES Indiana on X, Facebook and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com/hellofuture.