September 30, 2026 · Elkhart · Marion · AES INDIANA

AES Indiana BlackRock Buyout Reaches FERC While a $71 Million Rate Case Waits Until 2027

The AES Indiana BlackRock buyout faces a federal challenge while AES Indiana's $71 million rate increase waits for a March 2027 IURC hearing in Indianapolis.

Daniel BurkePublished every day

The AES Indiana BlackRock buyout landed in front of federal regulators on September 28, when Senator Elizabeth Warren and two Indiana Representatives asked FERC to reject the $33.4 billion take-private of AES Corporation, the parent company of the utility serving Indianapolis and Marion County. That federal fight runs on its own clock, separate from the utility's own rate case, and both clocks reach into your budget this year.

01Statewide

AES Indiana BlackRock Buyout Faces Bipartisan FERC Challenge

The letter to FERC Chair Laura Swett came from Warren, Democrat André Carson, and Republican Victoria Spartz. The buyers are Global Infrastructure Partners, a BlackRock subsidiary, and EQT.

For the huddle: If FERC approves the deal with conditions attached, could AES Indiana's grid capital plans get disrupted mid-rate-case, and how would that affect service reliability and future rate requests for our plants?

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02Statewide

Patrick Industries RV Merger Talks Shadow Elkhart Product Launch

At Elkhart's RV Dealer Open House, Patrick Industries showed a machine at its Edwardsburg, Michigan operation that prints a finished design onto an interior panel in one pass. Buyers stayed cautious.

For the huddle: If Patrick and LCI merge into a single dominant interior-materials supplier, where are our purchase agreements exposed to a single-source price increase on panels, flooring, or trim?

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03Marion

Accu Opens Indianapolis Shop as CAFE Rollback Gives Auto Suppliers a Longer Runway

Accu, a U.K. fastener company, is opening its first U.S. shop in Indianapolis, one more local fastener source for plants in Marion County to add to their bid list. Separately, the administration's new fuel economy standards reportedly drop the fleet target to about 34.5 mpg by 2031, more than 30% below the Biden-era goal of 50.4.

For the huddle: Given Accu's Indianapolis entry and Würth's existing Greenwood presence, is there an opening to renegotiate our fastener sourcing terms as competition intensifies in our own backyard?

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04Statewide

Trump Rolls Back CAFE Standards, Touts $100B Auto Investment Including Indiana

President Trump announced Saturday via Truth Social that his administration approved new, looser fuel economy standards replacing Biden-era rules that had targeted roughly 50.4 mpg fleetwide by 2031, and touted more than $100 billion in auto investment plus new and expanded plants supporting jobs in Michigan, Ohio, Indiana and South Carolina. Trump said, 'Every manufacturer, from General Motors to Ford to Stellantis, has called me wanting to build here, and now they can!' and credited Transportation Secretary Sean Duffy and Commerce Secretary Howard Lutnick; GM and Stellantis shares closed 3% higher and Ford gained about 1%, while Tesla fell 2%.

For the huddle: Do we have capital already committed to EV-specific tooling that's now at risk of being stranded if OEM demand shifts back toward ICE and hybrid powertrains through 2031?

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Questions for Your Morning Huddle

Q: Will the AES Indiana BlackRock buyout affect my electric rate this year? A: The buyout review at FERC runs on a separate timeline from AES Indiana's rate case, so the ownership fight itself doesn't change your rate this year. Your rate exposure stays tied to the $71 million increase the IURC won't take up until March 2027.

Q: What's the difference between the FERC review of the AES buyout and the IURC rate case? A: FERC reviews whether GIP and EQT can legally take AES Corporation private and whether GIP's separate ownership of Aligned Data Centers creates a conflict. The IURC sets AES Indiana's allowed rates and reviews the $71 million increase on its own schedule, regardless of how the ownership question resolves.

Q: Should Indiana RV suppliers worry about the Patrick Industries LCI merger talks? A: Yes. The talks could create a roughly $8.1 billion supplier while RV wholesale shipments are already down 16.4% year over year, and that combination usually shows up in supplier pricing. Check your supply agreements now for price-reopener or change-of-control clauses before a merged supplier comes back to the table.

If you want a deeper look at how a rate case actually works and what it costs to intervene in one, read our guide to utility rate case intervention for C&I operators. For more on how AES Indiana's rate increase reached this point, see AES Indiana's Rate Increase, ThyssenKrupp Terre Haute, and Michigan's EV Play.

Watch this TEG Daily on YouTube at TEG-PENDING-YOUTUBE-URL.

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