AES Indiana, a subsidiary of The AES Corporation (NYSE: AES) announced today that it has recently filed its quarterly Fuel Adjustment Charge (FAC) with the Indiana Utility Regulatory Commission (IURC). The FAC filing reflects expected falling fuel prices which will lower a typical residential customer bill by approximately $23.09 per month. This is the second consecutive decrease AES Indiana has filed with the IURC resulting in a decrease in customer bills.
If approved, the monthly bill for a typical residential customer using 1,000 kWh will see an FAC decrease of 16.5% or $23.09 per month. This decrease would go into effect for the June billing period, which will begin with the May 31 meter reads and will be in effect for customers’ June, July and August bills. The total savings during the FAC 139 period is forecasted to be $52 million.
“We understand volatile market conditions, including the price of fuel, have had a significant impact on our customers in the last year,” said Brandi Davis-Handy, Chief Customer Officer, AES Indiana. “If approved, our summer fuel charge will leave our rates the lowest they’ve been in the past two years – offering much needed relief for our customers.”
AES Indiana currently has the lowest residential rates of any investor-owned utility in Indiana. In February 2023, AES Indiana received approval from the IURC for its FAC that went into effect with March bills. At that time, residential customers using 1,000 kWh per month saw an FAC decrease of $6.58 per month – approximately 4% of the base bill.
The FAC is the amount utilities apply on bills based on the varying market price of fuel and purchased power costs. These costs are filed quarterly with the IURC and can fluctuate — up and down — based on the cost of fuel. The FAC ensures customers ultimately experience the actual fluctuations of the cost of the fuel and purchased power. In some cases, this results in credits to AES Indiana customers. The FAC factor does not result in any profit to AES Indiana.
For resources and tips on additional ways to lower your AES Indiana bill, visit aesindiana.com/energy-saving-tips.
For more information about the Fuel Adjustment Charge, visit aesindiana.com/understanding-fuel-charges.
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.