IURC Approves Customer-Protected Growth Plan to Serve Large Load Investment, Delivering an Estimated $770 Million in Customer Savings

October 7, 2026

INDIANAPOLIS, Ind. — (October 7, 2026) – AES Indiana, a subsidiary of The AES Corporation (NYSE: AES), today announced that the Indiana Utility Regulatory Commission (IURC) has approved a large-load growth plan estimated to deliver approximately $770 million in customer savings while protecting existing customers. The plan supports economic development, including Google's data center in Morgan County, while ensuring new large-load customers cover the incremental annual costs associated with serving their facilities and supporting long-term electric system reliability.

"Today’s approval marks an important milestone for Indiana's future. We set out to demonstrate that electricity load growth and responsible customer stewardship can go hand in hand, and today's decision reinforces that vision,” said Brandi Davis-Handy, President of AES Indiana. “By creating a framework that protects existing customers, supports continued system reliability, and enables significant economic investment, Indiana is demonstrating how utilities can power growth in a way that benefits the customers and communities they serve."

In 2025, the Indiana General Assembly passed bipartisan legislation now under House Enrolled Act 1007 ensuring large-load customers paid their own way, that existing customers were protected, and that existing customers received additional benefits. The Commission's approval affirms a framework designed to support Central Indiana's continued growth while protecting existing customers and strengthening the electric system.

Key elements of the approved plan include:

• No cost shifting to existing customers. Google’s electricity rates will cover 100% of the energy, infrastructure, transmission, and generation costs required to serve its facilities.
• Strong customer protections through long-term financial commitments. Google has committed to an 80% minimum demand obligation, meaning it will pay for costs to serve its facilities at that level even if actual energy usage is lower than projected. Google’s electricity rates cover 100% of the annual costs to serve them at this 80% minimum demand obligation level.
• A deliberate, phased approach to growth. Investments will be made in stages and aligned with actual demand, enabling AES Indiana to responsibly plan, build, and operate the infrastructure needed to support growth while maintaining system reliability, resiliency, and operational flexibility for all customers. •                   
• Investments that benefit the broader community. Infrastructure built to serve new growth becomes part of AES Indiana’s electric system, providing long-term benefits for customers and communities throughout the region.

 

"Throughout this process, we've shown that responsible growth can create value for existing customers when appropriate protections are in place," Davis-Handy said. "This framework is

estimated to deliver approximately $770 million in customer savings, while maintaining strong customer protections and supporting continued investment in a reliable, resilient electric system. This is a model for how Indiana can attract transformative economic development while creating tangible benefits for the customers and communities we serve."

AES Indiana looks forward to working with stakeholders across the region to deliver these investments and help power a more reliable and resilient energy future for Central Indiana.

For more information about AES Indiana's approach to powering Central Indiana's growth responsibly, visit aesindiana.com/datacenters.

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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, Instagram, and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com.