Today, AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), filed its quarterly Fuel Adjustment Charge (FAC) with the Indiana Utility Regulatory Commission (IURC), which will result in its third consecutive FAC decrease in customer bills.
If approved, the monthly bill for a typical residential customer using 1,000 kWh will see an overall bill decrease of approximately 5% or nearly $6.00. This FAC decrease will go into effect for the September billing period, which will begin with the August 31 meter reads and will be in effect for customers’ September, October and November bills.
The total FAC decrease reflected in customer bills from December 2022 to September 2023 is $37.37 or 25.23%. AES Indiana currently has the lowest residential rates of any investor-owned utility in Indiana.
The FAC is the amount utilities apply to bills based on the varying market price of fuel and purchased power costs. Fuel charges included in customer bills are pass-through costs used to cover fuel expenses to provide energy. AES Indiana does not control the market prices for natural gas and, like other utilities, does not mark up the cost of gas and electricity purchased on behalf of its customers. These costs are filed quarterly with the IURC and can fluctuate — up and down — based on the cost of fuel. As market prices for natural gas drop, AES Indiana says these decreases will be reflected in its utility bills – a welcome relief to customers.
“In the last year our customers have been significantly impacted by the volatility of the energy market,” said Kristina Lund, President & CEO. “This decrease in fuel prices comes at the right time as we approach the summer months where usage tends to increase for customers.”
Understanding energy usage can help customers better manage their monthly bill. AES Indiana offers several energy efficiency programs for its customers. Customers can learn about the programs, resources and tips to lower their AES Indiana bill by visiting aesindiana.com/energy-saving-tips.
For more information about the Fuel Adjustment Charge, visit aesindiana.com/understanding-fuel-charges.
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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 Twitter, Facebook, and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com/hellofuture.