INDIANAPOLIS — Jeff Baughman has lived in his Indianapolis home since 1999. He says he's upgraded his furnace, replaced appliances and lowered his thermostat, but his electric bill keeps climbing.
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"I'm paying twice as much now on the budget plan for electricity in this house as I was when there were four people living here."
Baughman said his monthly bill has increased despite living alone.
"Right now it's $330 a month. I'm the only one here," Baughman said.
He said the rising costs have him worried about his financial future.
"How am I going to live here when I'm retired, which is not far away?" he said.
His frustration comes as an investment group, including BlackRock and EQT, announced a $10.7 billion bid to acquire AES Corporation, the parent company of AES Indiana.
Consumer advocates say the timing is troubling, especially with a significant rate hike request still pending before the Indiana Utility Regulatory Commission.
Kerwin Olsson, executive director of Citizens Action Coalition, said the proposed acquisition raises concerns for ratepayers.
"With massive capital spending on utility infrastructure comes rate increases on customers, that's where we're sad and a little bit fearful for what electric bills in Indianapolis might look like moving forward," Olsson said.
Olsson argues Indiana's regulatory structure makes utilities attractive to private investors, but worries that could come at a cost to customers.
"It seems like there's a whole lot of money to go around. Why do they need to extract even more money from Indianapolis ratepayers who are already struggling?" Olsson said.
Baughman still doesn't understand why his bill has nearly doubled over time.
"We are paying way too much," Baughman concluded.
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Adam Schumes is the In Your Community reporter for East Side Indy. He joined WRTV in December of 2021. Adam has a passion for telling stories and giving people a voice they might not have had before. Share your story ideas and important issues with Adam by emailing him at adam.schumes@wrtv.com.
