AES Indiana Receives IURC Approval to Adjust Base Rates to Enable Continued Investment in Reliability and Long-Term Stability for Customers

June 17, 2026

AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), today announced that the Indiana Utility Regulatory Commission (IURC) has issued an order in its base rate review, supporting the Company’s ability to continue delivering safe, reliable, and affordable electric service to more than 530,000 customers across Central Indiana.

The IURC’s decision reflects a thorough, transparent process and balances the need for continued investment in the electric system with a focus on customer affordability.

“For more than a decade, AES Indiana has maintained some of the lowest rates in the state through disciplined planning and a focus on efficiency,” said Brandi Davis-Handy, President of AES Indiana. “We applied the same approach here by working closely with stakeholders to make balanced decisions that keep the system reliable, limit customer impact, and align with the state’s energy pillars. We appreciate our state leaders prioritizing affordability, and we will continue to work every day to provide affordable and reliable electric service for our customers."

For a typical residential customer using 1,000 kilowatt-hours (kWh) per month, we anticipate the increase will be less than $5 per month per phase. The Commission approved a $71 million annual revenue increase, which is a reduction from $90 million included in the partial settlement, resulting in a lower overall impact for customers. New rates will be implemented in two phases. Phase one rates will be implemented in July 2026 and phase two rates will be implemented in January 2027, providing a more gradual and predictable approach.

Throughout the review process, AES Indiana worked closely with members in our community to help reduce the overall customer impact. Even with this adjustment, AES Indiana anticipates remaining among the lowest-cost investor-owned electric utilities in Indiana.

The order also provides longer-term certainty for customers, establishing a clear path forward and a defined timeline before any future base rate changes. As part of the agreement, AES Indiana agreed to not implement rates for another base rate increase before 2030. Additionally, AES Indiana agreed to delay any future Transmission, Distribution, and Storage Improvement Charge (TDSIC) filing until at least 2028, helping reduce near-term cost pressure while maintaining a path for future system investments.

AES Indiana remains committed to helping customers manage their bills and will continue connecting customers to available tools and resources. These include flexible payment options, levelized billing, energy efficiency rebates, no-cost energy assessments, and access to bill assistance programs. Additionally, customers are encouraged to use energy-efficiency tools that provide real-time insights into energy usage, helping them better understand and manage their monthly costs.

Additional information about AES Indiana’s rate review, including tools to estimate potential bill impacts, is available at aesindiana.com/rate-review.

It is important to note that, separate from this order, customer bills may also be influenced by changes in fuel costs and previously approved investments.

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About AES Indiana

AES Indiana, an AES Company, provides retail electric service to more than 530,000 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 X, Facebook and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com.