AES Indiana, the utility that has a monopoly on electricity in central Indiana, has proposed rate hikes that would increase bills for its 530,000 customers by 13% by 2027, the Indy Star reported, on top of the 40% they have already risen since 2020. However, Indianapolis City-County Council members from both sides of the aisle are taking a stand against the hikes to protect their residents.
AES proposed hikes that would raise the average home’s monthly bill by about $20, raking in an additional $193 million in annual revenue for the utility. While the company cited infrastructure upgrades and investment in clean energy as the reason for the hikes, its plan also included a proposal to increase its shareholders’ profits from 9.9% to 10.7%.
Jesse Brown, a self-identified Democratic socialist council member, countered that the utility should find a way to operate with shareholders receiving only 5%, because Indiana residents can’t afford to pay extra just to boost profits for investors.
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“You can’t squeeze blood from a stone,” Brown said in his comments to IURC, which must approve or deny the rate hike early next year, the Indy Star reported. “Without drastic changes like the ones I propose, we will see hardworking Hoosiers become homeless, just for the profit of a monopoly utility company.”
Brown joins council Republicans in opposing the change. On Sept. 8, Republican councilors Michael-Paul Hart and Joshua Bain put forth a resolution that urges AES to back down on the proposal.
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