INDIANAPOLIS, Ind. — Indianapolis Power & Light Company (IPL), a subsidiary of The AES Corporation (NYSE: AES), received approval from the Indiana Utility Regulatory Commission (IURC) to immediately begin crediting approximately $9.5 million back to customers over the next six months as a result of a settlement with all parties on the impact from the Tax Cuts and Jobs Act of 2017. The typical residential customer using 1,000 kilowatt-hours per month will pay approximately $1.50 less per month.
“The IURC’s approval of this credit for the 2018 impact of the reduction of the federal income tax rate ensures our customers timely benefit from federal tax reform,” said Craig Jackson, IPL President and CEO. “This reform will help us solidify our position as having one of the lowest residential rates among investor-owned utilities, while continuing to provide safe and reliable service to our 490,000 customers.”
The $9.5 million is in addition to IPL’s recently proposed Regulatory Rate Review Settlement, which includes nearly $29 million of annual federal tax savings and an additional $14.3 million in deferred tax savings. IPL anticipates to receive a final order on its pending Regulatory Rate Review Settlement by the end of 2018.
For more information about IPL’s Regulatory Rate Review and how it could impact your bill, visit IPLpower.com/answers to use our rate calculator.
About Indianapolis Power & Light Company and AES
Indianapolis Power & Light Company (IPL), an AES Company, provides retail electric service to more than 490,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, IPL has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please visit www.IPLpower.com or connect with us at www.twitter.com/IPLpower, www.facebook.com/IPLpower or www.linkedin.com/company/IPLpower.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Indianapolis Power & Light Company