AES Indiana's $1M DSM Rebates and the June 24 Deadline

AES Indiana has filed a new three-year demand-side management plan with the IURC targeting 118 megawatts of demand response and efficiency additions by 2028. For C&I customers above 1 MW of demand, rebates go up to $1 million per qualifying project. Here's the context most coverage is missing: AES Corp, the Virginia-based parent, has disclosed a going-private transaction in an SEC filing. The IURC, OUCC, and Citizens Action Coalition are all monitoring whether that ownership change affects AES's ability to backstop DSM program costs. That's precisely why AES Indiana appears to be locking in a three-year DSM approval under the current ownership structure before a change of control reshuffles the regulatory board.

This lands directly on top of AES Indiana's pending rate case, cause 46258, where the IURC's final order deadline is June 24, 2026. The two-phase increase AES Indiana is seeking, roughly 7.5% in Q2 and approximately 6% in January 2027, resets the all-in cost environment for every C&I customer on the system. The window on the currently approved 2025-2026 DSM plan is open right now. That window and the rate case order are converging on the same calendar.