With AES Indiana's profit rate already the lowest among the state's investor-owned utilities, what happens to our costs if regulators cut it further?

A deeper cut could push AES toward another credit downgrade, and Moody's already flagged the utility's cash-flow-to-debt ratio as strained by data center capital spending, so watch whether that cost pressure shows up in your contract renewal before any promised residential savings from the Google deal ever appear.

Now that NIPSCO is cutting gas efficiency programs for more than 800,000 customers while signing data center deals, where does our own rebate or audit program stand?

If your plant sits in NIPSCO territory and relies on efficiency incentives, assume those programs are first in line for further cuts and get your current rebate or audit arrangements confirmed in writing before January 1, 2027.

Honda now owns 61% of Astemo. Does that change how durable the new Muncie manifold line is for suppliers who depend on it?

The captive relationship protects the Muncie line through Honda's 2030 hybrid rollout, but it also means Astemo's U.S. customers have no real backup if Honda decides to concentrate manifold sourcing at a different facility later.

Hallador's gas plant and Evonik's lipid plant both depend on equipment or financing that could slip. What's our exposure if either 2028 or 2027 timeline moves?

Hallador's turbine inspection and escrow release are due in December, and any spec gap there could push the 2028 in-service date right when new Indiana gas capacity is needed, so track both timelines rather than assuming either holds.

Manufacturing News TEG Daily

November 11, 2026 · Marion · Sullivan · Delaware · Tippecanoe · NIPSCO · AES INDIANA · IM AEP

AES Indiana's Rate Fight and NIPSCO's Cuts Point to Rising Indiana Manufacturing Power Costs

AES Indiana's rate fight and NIPSCO's efficiency cuts show where Indiana manufacturing power costs are headed, plus three Indiana plant investments to track.

Daniel BurkePublished every day

AES Indiana filed sworn testimony on October 23 defending its 9.5% authorized profit rate in a reopened Indianapolis rate case, a fight that could reset Indiana manufacturing power costs well beyond Marion County if regulators rule before the 2027 legislative session. Four more developments out of Sullivan, Delaware, Tippecanoe, and northern Indiana counties show the same pattern playing out in different industries: capital flowing toward data centers and pharmaceutical manufacturing while the programs and protections residential and industrial customers count on get cut back. Here's what happened and what it means for your plant this week.

01Marion

AES Indiana's Rate Fight Could Reset Indiana Manufacturing Power Costs Statewide

AES Indiana Treasurer Dustin Illyes told the Indiana Utility Regulatory Commission that cutting the utility's 9.5% authorized return on equity further would damage "the perception of the regulatory environment of Indiana" for every utility in the state. The reopened case (Cause No.

For the huddle: If AES already has the lowest authorized ROE among Indiana's investor-owned utilities and the commission cuts it further, does that credit pressure show up in our power contracts before the Monrovia data center's promised $1-$6/month residential savings ever materializes?

SourcesAES Indiana makes case to keep profit margin despite state’s rate increase rethink - WTHI-TV (wthitv.com)

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02Sullivan

Hallador Targets Year-End Decision on 460 MW Turtle Creek Gas Plant

Hallador Energy took title to Siemens turbines under a $350 million purchase from Energy World Corporation and closed a $600 million construction financing facility for its 460 MW Turtle Creek gas project at the Merom coal site in Sullivan County. Commercial operation is targeted for the second half of 2028.

For the huddle: If Siemens' inspection turns up spec gaps that delay the escrow release in December, does that collide with Hallador's FID timeline and push back the 2028 in-service date we may be counting on for new Indiana gas capacity?

SourcesHallador Targets Year-End Investment Decision for 460 MW Indiana Gas Project (constructionreviewonline.com)

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03Delaware

Astemo Invests $11 Million in Muncie HEV Manifold Line

Astemo announced on November 4 an investment of more than $11 million at its Muncie plant, which will expand injection molding output and establish a new line to assemble intake manifolds used in both combustion and hybrid engines. Production starts March 2027, with up to nine jobs added over three years.

For the huddle: Now that Honda effectively controls Astemo's capex decisions, are we confident this Muncie HEV manifold line stays loaded through Honda's 2030 hybrid ramp, or does our own sourcing plan need a backup if Honda concentrates volume elsewhere?

SourcesAstemo to Invest $11 Million in Indiana Factory (assemblymag.com)

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04Statewide

NIPSCO Settlements Cut Gas Efficiency Programs for 800,000 Customers

NIPSCO and the Indiana Office of Utility Consumer Counselor filed two settlements on October 30. One resolves a gas meter double-charging case the utility didn't disclose until November 2025, with Citizens Action Coalition saying more than 6,817 customers were overcharged, possibly going back to the 1970s.

For the huddle: With NIPSCO dismantling gas efficiency programs for over 800,000 customers while courting hyperscale data center load, are our facility's own efficiency rebates or audits at risk of being first in line for cuts as the utility reallocates toward large industrial accounts?

SourcesCitizens Action Coalition raises concerns with NIPSCO gas settlements (chicagotribune.com)

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05Tippecanoe

Evonik Produces First GMP Lipid Batch at $220 Million Lafayette Plant

Evonik announced on November 10 that it manufactured the first pharmaceutical-grade batch of PhytoChol, a non-animal cholesterol ingredient used in lipid nanoparticle drug delivery, at its new Lipid Innovation Center on the Tippecanoe Laboratories site in Lafayette. Full production capacity is targeted for mid-2027.

For the huddle: If Tippecanoe becomes the world's swing producer of GMP pharmaceutical cholesterol, do we know whether any of our pharma or biotech customers are relying on that single site, and how durable is the federal backstop given BARDA's pullback from mRNA programs?

SourcesEvonik Produces First GMP Lipids at Indiana Facility (contractpharma.com)

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