The Indiana Utility Rate Case Rehearing Now Runs Through a Three-Commissioner Panel

The Indiana State Personnel Department cited three violations in Zay's removal: failure to file a required financial disclosure after his June demotion from chair, improperly awarding payments and gifts to employees, and directing staff to alter a public meeting agenda without consulting new Chair Anthony Swinger. The arithmetic is what matters. The June 16 vote approving AES Indiana's $71 million increase, down from an original $192.9 million request, was 3-to-1, and Zay was one of the yes votes. Veleta, also a yes vote, is leaving. That leaves Swinger recused on the AES matter, Commissioner Deig (the lone no vote), and Commissioner Ziegner trying to reach a majority on a rehearing where the OUCC originally recommended a $21.2 million rate reduction. The Citizens Action Coalition holds non-settling intervenor status in Cause No. 46258, so it retains independent procedural standing even if the vote count deadlocks. Swinger's commission is also running formal investigations into return on equity and tracker mechanisms under House Enrolled Act 1002, targeting year-end completion. If you're on Duke Indiana or NIPSCO and your 2027 budget assumes a rate case lands near the current 9.5% ROE benchmark, model a scenario where that number comes down first.