INDIANAPOLIS—Indianapolis Power & Light Company (IPL), a subsidiary of The AES Corporation (NYSE: AES), requested a rate increase today with the Indiana Utility Regulatory Commission (IURC) to cover the cost of replacing older and outdated coal generation with one of the cleanest, most efficient natural gas plants ever to be built in Indiana. If IPL's request is approved by the IURC, new rates are expected to be effective by the end of 2017. IPL is also seeking approval for customers to benefit financially from the sale of any power from the new natural gas plant not needed to serve our community.
"We are moving in a direction that allows us to build a diverse, reliable and cleaner portfolio of generation while keeping costs affordable for our customers," said Rafael Sanchez, IPL President and CEO. "We understand the impact a monthly electric bill has on our customers, and we are approaching the future with investments, which benefit our customers including a balanced mix of natural gas, coal, solar and wind, as well as energy storage to support the addition of alternative power sources."
IPL's request would result in the typical residential customer using 1,000 kWh per month seeing an increase of around $10 per month in their bill if approved. Customers can plan for potential impacts in their bills by utilizing our Rate Calculator on IPLpower.com/answers. The proposed rate increase will vary among business customers depending on rate class and usage.
Minimizing the impact on customer bills is a priority for IPL. IPL will likely maintain some of the lowest residential rates among investor-owned utilities in Indiana, but still encourages customers to manage usage and cost by utilizing our energy-efficiency programs called PowerToolsSM, including the following:
- IPL PowerView: Use this web-based tool to receive detailed, personalized information about how to manage your electricity usage, including charts, graphs and tips.
- Home Energy Assessment: Have a professional energy advisor conduct a free walk-through energy assessment in your home. He or she will install free energy-saving equipment and offer recommendations for improving your home's energy use.
- Home Energy Inspector: Fill out a questionnaire, which analyzes your energy use and helps determine ways you can save. Upon completion, IPL will send you a free energy efficiency kit.
For more information on these resources or to see how this proposed rate increase may affect you specifically, visit IPLpower.com/answers.
About Indianapolis Power & Light Company and AES.
Indianapolis Power & Light Company (IPL), an AES Company, provides retail electric service to more than 480,000 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 200 global power company. We provide affordable, sustainable energy to 17 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 21,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2015 revenues were $15 billion and we own and manage $37 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Indianapolis Power & Light Company