AES Indiana

What AES Indiana does

AES Indiana is a regulated investor-owned electric utility serving more than 500,000 residential, commercial, and industrial customers across Indianapolis and Central Indiana. Originally founded in 1900 as Indianapolis Power & Light Company (IP&L) and rebranded to AES Indiana in 2021, the company operates as a wholly-owned subsidiary of The AES Corporation (NYSE: AES), which is itself subject to a pending $33.4 billion acquisition by a BlackRock-led consortium announced March 2026. AES Indiana holds an exclusive franchise territory under Indiana Utility Regulatory Commission (IURC) oversight, operating generation, transmission, and distribution assets including the Petersburg Generating Station (undergoing coal-to-natural gas conversion), the Petersburg Energy Center (250 MW solar + 180 MWh battery storage), the Pike County Battery Energy Storage System (200 MW/4-hour capacity), and the recently acquired Hoosier Wind farm (106 MW).

The business model is a regulated cost-of-service utility: revenue is generated through tariffed electricity sales approved by the IURC, with usage-based charges plus riders for fuel costs, transmission, environmental compliance, and demand-side management. A settlement agreement filed in 2026 reduced AES Indiana's original 10.1% rate increase request ($193 million annually) by more than half, implementing a $10 monthly increase for 1,000 kWh residential customers, alongside a separate Fuel Adjustment Clause increase of $9.52/month for June-August 2026 tied to Winter Storm Fern costs. The customer base spans residential households, small commercial/industrial users (rates UW, CW, SS, SH, OES), and large commercial/industrial customers (rates SL, PL, PH, HL, CSC, including data center load).

The technology portfolio centers on grid modernization: Advanced Metering Infrastructure (AMI) enables same-day service order processing and remote connectivity management; a Smart Grid program supports reliability and modernized electrical infrastructure; and large-scale battery storage systems position AES Indiana as one of the largest BESS operators in the MISO footprint. Add-on product lines include the Green Power Flex voluntary renewable energy certificate pairing program ($0.0018/kWh premium), PowerView Home Energy Reports, electric vehicle charging rates (EVX, EVP, DCFC), outdoor lighting services across 90,000 street lights, and demand-side management programs with rebates for smart thermostats and efficiency products.

Name

AES Indiana

Legal name

The AES Corporation

Website

https://aesindiana.com

Company type

Private

Founded year

1900

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

AES Indiana is a regulated monopoly electric utility serving 500,000+ residential, commercial, and industrial customers across Indianapolis and Central Indiana under IURC oversight, operating generation, transmission, and distribution assets including 250 MW solar, 380 MWh battery storage, and natural gas repowering projects.

Ownership category

akta.pro rank

Product category

Regulated Electric Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Fossil Fuel Electric Power Generation (221112)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

EV Charging–Integrated Retail Supply (Home/SMB) (EUAGABAJ)

akta.pro secondary industries

Microgrid, DER & Building Electrification Energy Controls (Solar/Storage/EV Load Orchestration) (BPABAGAJ), EV Charging Infrastructure IoT & Smart Charging (V1G/V2G) (EUADAPAH)

Keywords

• Regulated electric utility
• Electricity distribution services
• Power generation assets
• Battery energy storage
• Renewable energy programs

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Others

Revenue model

1. Electricity Sales - Regulated Rates: AES Indiana operates as a regulated investor-owned utility under IURC oversight. Revenue is generated through electricity sales to residential, commercial, and industrial customers using tariffed rates (Rate RS, UW, CW, SS, SH, OES for small customers; SL, PL, PH, HL, CSC for large customers). Rates include base charges plus rider factors for fuel costs, transmission, environmental compliance, demand-side management, and other adjustments.
2. Fuel Cost Adjustment (Rider 6): Quarterly-adjusted rider that allows recovery of fuel and purchased power costs, including costs from Winter Storm Fern (January 2026). The FAC-152 proceeding resulted in temporary $9.52/month increase for 1,000 kWh customers from June-August 2026.
3. Green Power Flex Premium: Voluntary program where customers pay additional premium ($0.0018/kWh as of Sept 2025) to pair their electricity usage with Renewable Energy Certificates from Midwest wind farms. Typical customer using 1,000 kWh at 100% level pays $1.80 additional per month.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

AES Indiana is a regulated investor-owned electric utility providing retail electricity generation, transmission, distribution, and customer service to more than 500,000 residential, commercial, and industrial customers across Indianapolis and Central Indiana. The company's offering centers on tariffed electricity sales under IURC-approved rate schedules, supplemented by voluntary programs such as Green Power Flex (Renewable Energy Certificate pairing at $0.0018/kWh), electric vehicle charging rates (EVX, EVP, DCFC), outdoor lighting services, and demand-side management efficiency rebates. Generation is supplied through a transitioning portfolio that includes the Petersburg Generating Station (coal-to-natural gas conversion), Petersburg Energy Center (250 MW solar with 180 MWh storage), Pike County BESS (200 MW/4-hour), and Hoosier Wind (106 MW).

Product overview

AES Indiana is a regulated electricity utility serving over 500,000 residential, commercial, and industrial customers in Indianapolis and Central Indiana. The company's product portfolio centers on its core electricity distribution service, supplemented by power generation assets including the Petersburg Generating Station (being repowered from coal to natural gas), the Petersburg Energy Center (250 MW solar with 180 MWh battery storage), and the Pike County Battery Energy Storage System (200 MW/4-hour). Additional offerings include the Green Power Flex renewable energy program, PowerView home energy reports, Smart Grid infrastructure, outdoor lighting services, and electric vehicle charging rates (EVX, EVP, DCFC). The company operates Advanced Metering Infrastructure enabling online account management through its customer portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Regulated Electricity Distribution Service IURC-regulated retail electricity delivery to 500,000+ residential, commercial, and industrial customers across Indianapolis and Central Indiana, billed under tariffed rate schedules (RS, UW, CW, SS, SH, OES for small customers; SL, PL, PH, HL, CSC for large customers) including fuel adjustment, transmission, and environmental compliance riders.
• Green Power Flex Program Voluntary renewable energy program allowing AES Indiana customers to offset 25%, 50%, or 100% of their monthly electricity usage with Renewable Energy Certificates sourced from Midwest wind farms, at an additional premium of $0.0018 per kWh (approximately $0.45, $0.90, or $1.80 per month for a 1,000 kWh customer).
• Outdoor Lighting Services Private outdoor lighting service for municipalities and businesses, including electrical design, installation, electricity supply, and routine maintenance for cobra head luminaires, floodlights, post top luminaires, and LED options across AES Indiana's nearly 90,000 street lights in the service territory.
• Electric Vehicle Charging Rates Dedicated electricity rates for EV charging, including Rate EVX (Time-of-Use on customer premises), Rate EVP (public premises), and Rate DCFC (utility-owned DC fast charging) for residential, commercial, and public EV charging applications.

Quantifiable outcome

• 250 MW solar generation capacity operational, enough to power over 100,000 homes
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor, major and core.

• Dollar Energy FundminorImplementation/ SI/ Consulting PartnerNonprofit 501(c)(3) organization administering the Power of Change pilot program for income-qualified AES Indiana customers. AES Indiana contributes $100,000 to fund one-time grants for customers facing financial hardship.
• Keep Indianapolis Beautiful (KIB)majorStrategic or Co-development PartnerLong-standing partnership for Trees for Indy program (15,000+ trees since 1990), Project Greenspace ($320,000 support, 82 projects), and Day in the Parks volunteer program.
• City of Indianapolis / Marion County Tree BoardminorStrategic or Co-development PartnerPartners in Indy Free Tree program and annual Arbor Day celebrations. Tree Board oversees tree planting standards.
• Indy ParksmajorStrategic or Co-development PartnerCo-sponsor of Day in the Parks annual volunteer event (15 years), Trees for Indy maintenance, and parks improvement projects.
• Marian UniversitymajorStrategic or Co-development PartnerMulti-year partnership supporting Riverside Education Innovation District (REID) with $375,000+ donation. Goals: 95% third-grade literacy by 2027, 15% adult educational attainment by 2030, STEM workforce training.
• National Energy Foundation (NEF)minorImplementation/ SI/ Consulting PartnerDeveloped the school energy education curriculum used in AES Indiana's free program for 5th graders, including student guides, lesson plans, and Take Action Kits.
• 16 Tech Community CorporationminorStrategic or Co-development PartnerTitle sponsor of 16 Tech Indy Winter Farmers Market. Market hosts 20,000+ attendees, 50+ vendors (30% minority-owned) seasonally.
• Midwest Wind FarmsminorOthersRenewable energy sources for Green Power Flex program. AES Indiana purchases Renewable Energy Certificates from wind facilities in the Midwest to satisfy customer enrollment.
• CLEAResultminorChannel Partner/ Reseller/ DistributorEnergy efficiency program partner present at 16 Tech Farmers Market monthly to engage customers about available AES Indiana efficiency programs.
• MISO (Midcontinent Independent System Operator)coreTechnology or IntegrationRegional transmission organization and grid operator for AES Indiana's service territory. Pike County BESS is one of the largest in MISO footprint.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Duke Energy Indiana: Investor-owned regulated electric utility serving Indiana and surrounding states with generation, transmission, distribution, and retail electric supply to millions of customers. Most direct competitor in the same Indiana IURC regulatory framework.
• Indiana Michigan Power (AEP): Subsidiary of American Electric Power serving Indiana and Michigan with regulated generation, T&D, and retail electric service. Comparable IURC-regulated utility with overlapping Indiana service territory and similar coal-to-renewables transition.
• NIPSCO (NiSource): Northern Indiana Public Service Company, a NiSource subsidiary providing regulated electric and gas service in Indiana. Comparable IURC-regulated utility undergoing coal-to-renewables transition with similar rate-case dynamics.
• CenterPoint Energy Indiana (Vectren): CenterPoint Energy's Indiana operations (formerly Vectren) provide regulated electric and gas service in southwestern Indiana. Comparable IURC-regulated electric utility with similar rate-base growth strategy.
• AES Ohio: Sister subsidiary of AES Corporation providing regulated electric service in Ohio. Closest peer in terms of parent-company affiliation, regulatory structure, and generation transition strategy; shares AES Corp corporate and capital structure.

Broad incumbents

• Consumers Energy (CMS Energy): Michigan-based regulated electric and gas utility subsidiary of CMS Energy. Comparable mid-size regulated utility with active clean-energy transition and rate-base growth strategy.
• DTE Energy: Detroit-based regulated electric and gas utility. Comparable investor-owned utility with similar generation transition, AMI deployment, and battery storage investment program.
• ComEd (Exelon): Commonwealth Edison, an Exelon subsidiary providing regulated electric T&D service in northern Illinois. Large regulated utility with comparable smart grid/AMI infrastructure and renewable integration programs.
• Evergy: Investor-owned regulated electric utility serving Kansas and Missouri with similar rate-base growth, renewable transition, and AMI deployment strategies. Comparable in scale and customer-count profile to AES Indiana.

Others

• Midcontinent Independent System Operator (MISO): Regional transmission organization and grid operator for AES Indiana's service territory. Not a competitor but a critical counterparty for wholesale electricity markets, transmission planning, and battery storage ancillary services revenue.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/AESIndiana
• YouTubeyoutube.com/user/IPLpower
• Facebookfacebook.com/AESIndiana
• LinkedInlinkedin.com/company/IPLpower
• Instagraminstagram.com/AESIndiana

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AES Indiana