The Indiana Gas Plant Buildout Now Spans Three Utilities and 5.6 Gigawatts

Rockport is not standing alone. Duke Energy Indiana broke ground in May 2026 on the 1,476-MW Cayuga Energy Complex in Vermillion County, priced at $3.3 billion. NIPSCO is pursuing a 2,300-MW plant through a ring-fenced subsidiary, NIPSCO Generation LLC, structured specifically to serve data centers. Citizens Action Coalition puts the combined total at 5.6 gigawatts of new gas-fired capacity by 2030 and 7.8 gigawatts by 2035.

The demand behind those filings is contractual. I&M's large-load tariff agreements with Amazon Web Services, Google, and Microsoft were filed with the IURC in November 2024 and require minimum 12-year commitments with a five-year ramp. Regulatory analysis puts I&M's Indiana peak at roughly 2,800 MW in 2024 growing past 7,000 MW by 2030.

Two constraints deserve your attention. First, GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries are the primary large-frame turbine suppliers, and their manufacturing slots are reportedly committed through 2030, a schedule slip at Rockport or Cayuga cannot be recovered by substituting equipment. Second, I&M is the only Indiana utility inside PJM, and PJM capacity auction costs came in $9.3 billion higher in the 2025-26 cycle per the Independent Market Monitor. Those costs reach industrial customers years before any of this generation is online. Model that exposure this quarter, not in 2029.