In the Media
In the Media
Deregulating Indiana’s energy grid would backfire on ratepayers
Danielle McGrath
August 25, 2026
We’ve all heard the adage that if something sounds too good to be true, it probably is. The case for deregulating Indiana’s electricity grid is a perfect example.
In Jacob Stewart’s recent column, “Mike Braun’s regulator purge won’t lower your utility bills,” he makes the case for deregulation. There’s an appealing simplicity to the argument that by just creating more competition and giving consumers more choices, the market will drive prices down.
The problem is that electricity isn’t a typical consumer product, and results from other states clearly show Stewart’s argument would put Indiana on the wrong track. We also have robust laws on the books to protect customers and ensure large customers pay their way.
Indiana should be very skeptical of any proposal that asks residential customers to take on more exposure to the electricity market in the hope that competition will somehow make their bills cheaper. Just look at the states to the east of us, largely deregulated and part of PJM, a regional transmission organization, which are struggling to contain out-of-control capacity prices.
Electric companies know we need to be part of this solution and are focused on improving the customer experience, finding efficiencies, and delivering real results for those we serve, from filing for rate decreases to flowing billions of dollars in benefits back to customers through agreements with data centers that ensure they pay their way. We’ve heard the call, and Indiana’s utilities are stepping up.
So, while deregulation may look like an easy fix, buyer beware. Ask the states that have already deregulated whether they’d do it again, not the Alternative Retail Electric Suppliers looking to make a sale.
Utility investment analysts ding Indiana amid ‘political intervention,’ potential profit cuts
Leslie Bonilla Muniz
August 27, 2026
Prominent investment research firms are warning clients off Indiana and its investor-owned utility companies amid the disputed firing of one state regulator and discussion of lower regulator-set profits.
The Indiana Utility Regulatory Commission “wants to quantify every element of (return on equity) and risk, but didn’t mention the obvious,” equity analysts for Wolfe Research wrote in an Aug. 10 report.
“Political intervention in the regulatory process and volatility in the regulatory environment has meaningfully increased the risk and ROEs needed for investing in Indiana utilities,” they added.
A reconfigured commission is taking a look at the profit rates, or return on equity, that regulated utilities are allowed to earn. Two investigations consider changes in risk and to cost recovery mechanisms as the state moves to a multi-year, performance-based ratemaking system.
Technical conferences in those cases were held Aug. 7.
“We hope there is an appreciation of this in ROE discussion because we didn’t hear (it) at all in the initial discussion Friday but the investors who actually have to put up the capital are watching this very closely,” the Wolfe analysis of the hearings reads.
The firm also downgraded the Hoosier State’s regulatory rating for political independence from “average” to “below average” in a report that panned an “intrusive Governor and shifting commission.”
“Utilities are responsible ultimately for serving their customers first and foremost,” Indiana Energy Association President Danielle McGrath said.
“However, they are also responsible for making sure that they are able to finance the infrastructure required
to serve those customers, and that is through a combination of both debt as well as equity” from investors.
Investment research firms can provide ratings to guide investors on whether to buy, hold or sell stocks.
But credit ratings, typically issued by one of three major firms, indicate the riskiness of investing in a specific borrower and impacts how much it costs to take out debt.
Modernizing the Grid for a New Era of Energy
Most of us don’t give much thought to the electric grid until something goes wrong. Like the engine in a well-maintained car, the grid hums in the background, quietly doing its job. You don’t see it, but you rely on it every minute of every day. And just like a car, it needs ongoing maintenance, tune-ups, and, occasionally, major overhauls to stay reliable.
Indiana’s utilities have an obligation to keep pace with this change. That is why in recent years, energy companies have made substantial investments in their infrastructure, even if you can’t see it. For example, we’ve added advanced technology to the electric grid that reduces power outages and hardens it against severe weather. We’ve also made significant investments to protect the environment.
Like servicing an engine before it fails, electric grid upgrades aren’t always visible, but they are critical, and the results are there. It’s in the lights that come on every time you flip the switch and the factories that employ our friends and neighbors. That’s why we’re committed to keeping these lights on and the factories running with affordability top of mind. Because while you may not see the grid, we all depend on it.
Read the full article here:
Indiana’s energy future: progress, innovation, and economic opportunity
Danielle McGrath
May 19, 2025
With the conclusion of Indiana’s 2025 legislative session, Hoosiers have reason to be proud of our state’s leadership on energy policy during this dynamic period of unprecedented energy demand. The legislature leaned into pragmatic, forward-looking solutions that balanced reliability, affordability, and innovation — all while reinforcing Indiana’s commitment to economic growth and building upon current law.
The nexus of energy and economic development was at the heart of this year’s public policy proposals introduced by Sen. Eric Koch and Rep. Ed Soliday. Whether it was urging state and federal coordination, supporting emerging technologies like small modular reactors (SMRs) and advanced transmission technologies, or speeding up generation build out for large customers, lawmakers and Gov. Mike Braun’s administration worked with purpose to keep Indiana competitive and demonstrate leadership on key issues facing our state and nation.
Energy is the foundation of Indiana’s economic future. It demands recognition of the unique challenges facing each community and a vision for what we want to become as a state. As we look ahead, continued engagement between the Braun Administration, policymakers, utilities, local leaders, and the business community is essential. But with the momentum built this session, Indiana is well-positioned to lead on energy – just as we’ve long led on manufacturing, innovation, and economic growth.
Read the full article here:
The Energy Dispatch: An IEA Newsletter
Energy is at the forefront of policy, business, and community conversations, and we’re here to help make sense of it all. So, we’ve created a periodic newsletter series designed to bring you the latest updates, data, and insights that matter most to Indiana’s energy future. Use the links below to read past editions and check this page periodically to stay up to date on new editions!
