AES manages divergent asset profiles across Ohio and Indiana utilities
The company balanced a pure-purchase power model in Ohio against a steam-heavy generation fleet in Indiana.
AES (AES) operated two distinct utility models across its Midwest footprint in 2025. The company managed The Dayton Power and Light Company (OH) and Indianapolis Power & Light Company (IN), which diverged sharply in their generation strategies and capital allocations during the report year.
Regulatory activity focused on transmission cost recovery and tariff adjustments. The Dayton Power and Light Company filed multiple annual transmission formula rate true-up adjustments under FERC docket ER20-1150-000. Meanwhile, Indianapolis Power & Light submitted annual informational filings for Tariff Attachment O across four separate dockets, including ER23-1310-000 and ER26-1825-000.
Capital investment followed the specific operational needs of each state. The Dayton Power and Light Company reported total plant in service of $4.03 billion, adding $360.9 million in capital during the year. Distribution plant formed the bulk of that asset base at 68.9%. Indianapolis Power & Light maintained a larger footprint with $8.05 billion in total plant in service and $471.4 million in annual capital additions. Unlike its Ohio counterpart, the Indiana utility focused its assets on production, which comprised 51.1% of its plant.
Generation profiles revealed a stark contrast in fuel reliance. The Dayton Power and Light Company recorded zero net energy generation, deriving 100% of its 2,900,645 MWh from purchased power. Indianapolis Power & Light remained heavily dependent on internal thermal assets, with steam generation accounting for 93.6% of its 13,996,747 MWh of net energy generation.
Revenue streams reflected the different customer bases of the two regions. The Dayton Power and Light Company generated $1.11 billion in total operating revenues, with residential customers providing the majority at 51.0%. Indianapolis Power & Light reported higher total operating revenues of $1.91 billion and a more diversified mix, including $618.0 million, or 32.4%, from industrial and large customers.
AES continues to manage these two utilities through a split strategy of distribution-heavy procurement in Ohio and production-heavy steam generation in Indiana. The company maintains its posture of utilizing FERC formula rate adjustments to align transmission costs with actual expenditures.