Utility regulators call for investigation into affordability
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Indiana's utility regulators are launching an investigation into the affordability of energy bills charged by the state's five largest investor-owned utilities.
The big picture: Skyrocketing energy costs have burdened Hoosiers for years and policymakers have taken note.
- Lowering energy costs was among the top priorities for Gov. Mike Braun and both Democratic caucuses and House Republicans this year.
State of play: Citizens Action Coalition, a consumer advocacy organization that has long pushed for a statewide affordability task force, called the Indiana Utility Regulatory Commission's move "unprecedented."
- "It is a shame that it had to get to this point before they took action," CAC executive director Kerwin Olson told Axios. "It is long overdue. Ratepayers from Evansville to Gary have been organizing over outrageously high bills. Finally, someone is listening."
Driving the news: The IURC will hold its investigative inquiry next month to examine how usage and rates shape monthly bills, how growth affects affordability and ways to improve transparency and address rising costs.
- The meeting will be livestreamed and open to the public.
What they're saying: "Indiana, like every state, is facing a real challenge when it comes to energy affordability," IURC Chairman Andy Zay said in a press release. "Costs are increasing across the board, and rising utility bills are placing added pressure on budgets that, for many, are already strained."
Zoom in: The five utilities called to participate are AES, CenterPoint Energy, Duke Energy, Indiana Michigan Power Company and NIPSCO.
Reality check: While the move is largely being praised by consumer advocates and policymakers, there is skepticism about what, if anything, will result.
- Olson said he's interested to see if it leads to "any formal proceedings or actions."
- Rep. Matt Pierce (D-Bloomington) called on the IURC to include consideration of state policies that he says "led us to where we are today."
- "At every turn, the Statehouse Republican supermajority chose the profit margins of investor-owned utility companies over everyday Hoosiers," he said. "The IURC should not ignore the actions of the General Assembly that have opened the door to higher utility rates."
Yes, but: Zay, the IURC's newly appointed chairman, was part of that Republican supermajority for a decade before joining the IURC last month.
- "Our focus with this investigative inquiry is to examine some of those cost drivers and identify meaningful steps that can be taken to address issues like bill transparency and affordability without sacrificing reliability," he said.
What's next: The meeting is scheduled for March 24 from 9:45am to 4pm in Room 222 of the PNC Center, 101 W. Washington St.