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AES Indiana electric rates and bills

AES Indiana's 469,634 residential customers in Indiana paid an average of 14.69¢ per kWh in 2025, for an average bill of $138.29 a month on 941 kWh.1 Over the last 12 months (Sep 2025–Aug 2026) the average was 15.43¢, and 16.79¢ in August 2026.2

EIA-861 2025 final (released October 7, 2026) and EIA's monthly utility survey through August 2026 (preliminary); next monthly update expected November 24, 2026. Averages are revenue divided by kWh, all charges included: not the rate printed in a tariff.

20 of 92 Indiana counties served (EIA-861 2025)

Among Indiana's five investor-owned utilities, AES Indiana's homes paid the lowest average price in 2025 (14.69¢ per kWh) and had the lowest average bill ($138.291 a month). The price has kept rising since: 15.43¢ per kWh over the last 12 months and 16.79¢ per kWh2 in August 20265, preliminary figures from EIA's monthly survey.

AES Indiana's price beside Indiana's other investor-owned utilities

AES Indiana, legally Indianapolis Power & Light Company (AES Indiana), served 469,634 residential customers in 2025, 16.0% of Indiana's total and the second-largest number after Duke Energy Indiana. Those homes paid an average of 14.69¢ per kWh, 8.0% below the Indiana average (15.96¢ per kWh3, all providers). Among the 32 Indiana utilities with 10,000 or more residential customers it ranked 16th lowest; nationally it ranked 83rd lowest of 177 large utilities, whose median was 15.07¢ per kWh1.

UtilityAverage residential price, 2025Last 12 months, September 2025 to August 2026Average monthly bill, 2025
AES Indiana14.69¢ per kWh15.43¢ per kWh$138.29
Duke Energy Indiana14.98¢ per kWh15.91¢ per kWh$148.57
Indiana Michigan Power17.16¢ per kWh16.78¢ per kWh$146.33
CenterPoint Energy Indiana South19.78¢ per kWh21.35¢ per kWh$176.99
NIPSCO22.05¢ per kWh23.60¢ per kWh2$148.151

None of the price columns is a tariff line. Each takes everything residential customers were billed, customer charge, fuel adjustment and riders included but most taxes not, and divides it by their kWh. A small apartment therefore tends to pay more per kWh than this average, and a large all-electric house less. The 12-month column comes from EIA's monthly survey (EIA-861M), whose 2026 months are preliminary.

The ordering is recent. In 2024, AES Indiana's homes paid more on average than Duke Energy Indiana's (13.75¢ per kWh against 12.75¢ per kWh4). AES Indiana's average then rose 6.8% to 2025, less than the statewide rise of 8.1%3, and Duke's rose more, so the two swapped places. Across all of Indiana's investor-owned utilities the 2025 residential average was 16.62¢ per kWh; AES Indiana was 17.4% below the national average for investor-owned utilities1.

2026: the monthly figures and the rate case

EIA's monthly survey puts AES Indiana's last 12 months (September 2025 to August 2026) at 15.43¢ per kWh, above the 2025 average of 14.69¢ per kWh1. In August 2026 alone the residential average was 16.79¢ per kWh, +9.6% against August 2025. For the same month, Duke Energy Indiana's average changed by +8.6%, NIPSCO's by +3.0%2 and the Indiana average by +5.0%5. A single month is preliminary and seasonal; compare it only with the same month a year earlier.

AES Indiana: residential price each month, Jan 2025 to Aug 2026
AES Indiana: residential price each month, Jan 2025 to Aug 202612¢14¢16¢18¢20252026

Source: EIA-861M monthly sales and revenue by utility; EIA, Electric Power Monthly / EIA-861M sales and revenue by state. Residential revenue divided by kWh in each month, as reported to EIA's monthly survey (EIA-861M; months since January 2026 preliminary).

Show the numbers
MonthAES Indiana (¢/kWh)kWh per customerBill per customer
January 202513.30¢1,468$195.26
February 202513.89¢1,093$151.90
March 202514.61¢830$121.25
April 202515.19¢684$103.87
May 202515.51¢638$98.95
June 202515.02¢962$144.44
July 202514.43¢1,203$173.67
August 202515.32¢974$149.24
September 202515.75¢737$116.15
October 202515.64¢661$103.44
November 202515.57¢829$129.01
December 202514.17¢1,217$172.41
January 202614.47¢1,401$202.71
February 202614.85¢1,119$166.12
March 202615.47¢772$119.42
April 202616.16¢626$101.15
May 202616.41¢647$106.19
June 202615.83¢849$134.48
July 202615.62¢1,164$181.72
August 202616.79¢962$161.60

AES Indiana's base rates are set by the Indiana Utility Regulatory Commission (IURC). The company filed its most recent basic rate case on June 3, 2025; a settlement with industrial customers, Walmart and the City of Indianapolis was filed on October 15, 2025; and the IURC issued a final order on June 16, 2026 approving the settlement with modifications, according to the Indiana Office of Utility Consumer Counselor's case page. The approved charges are in the commission's case portal. EIA's averages record what was billed, not why; fuel and other tracker charges change on their own schedules, so the average can move in months with no rate-case decision. The guide to rate increases walks through those mechanisms. EIA's next monthly release, on November 24, 2026, adds September 2026.

Why the bill rose faster than the price

From 2024 to 2025 the average monthly bill rose from $123.20 to $138.29 (+12.2%), well ahead of the price increase (+6.8%). Use per home rose too, from 896 kWh4 to 941 kWh1 a month, which put AES Indiana's homes close to the Indiana average of 938 kWh. The state's average bill was $149.726 in 2025.

Indiana's investor-owned utilities: average monthly residential bill, 2025
AES Indiana (IN)$138.29
Indiana Michigan Power (IN)$146.33
NIPSCO (IN)$148.15
Duke Energy Indiana (IN)$148.57
CenterPoint Energy Indiana South (IN)$176.99

Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.

Show the numbers
Utilityaverage monthly residential bill
AES Indiana (IN)$138.29
Indiana Michigan Power (IN)$146.33
NIPSCO (IN)$148.15
Duke Energy Indiana (IN)$148.57
CenterPoint Energy Indiana South (IN)$176.99

Over the last 12 months (September 2025 to August 2026) the average AES Indiana bill was $141.22 for 915 kWh2 a month.

January is the expensive month

For Indiana as a whole, use per home peaked in July 2026 at 1,225 kWh5 over the last 12 months (September 2025 to August 2026). AES Indiana's homes peaked in winter. In January 2026 they used 1,401 kWh on average, for an average bill of $202.71; in April 2026, the lowest month, 626 kWh and $101.15. That January figure was above the peak months of Duke Energy Indiana (1,341 kWh in January 2026) and NIPSCO (1,022 kWh in July 20262).

AES Indiana: average residential use and bill by month

Source: EIA-861M monthly sales and revenue by utility. kWh per residential customer in each month (EIA-861M; months since January 2026 preliminary). The table adds the average bill and price for the month.

Show the numbers
MonthkWh per customerBill per customer¢/kWh
September 2025737$116.1515.75¢
October 2025661$103.4415.64¢
November 2025829$129.0115.57¢
December 20251,217$172.4114.17¢
January 20261,401$202.7114.47¢
February 20261,119$166.1214.85¢
March 2026772$119.4215.47¢
April 2026626$101.1516.16¢
May 2026647$106.1916.41¢
June 2026849$134.4815.83¢
July 20261,164$181.7215.62¢
August 2026962$161.6016.79¢

EIA does not report heating fuel by utility, so its data cannot say how many AES Indiana homes heat with electricity. For the state, the Census Bureau's 2025 American Community Survey estimated that 31.4%7 of Indiana households used electricity as their main heating fuel (a survey estimate with a margin of error), and in EIA's 2020 Residential Energy Consumption Survey, taken in a pandemic year, heating accounted for 19%8 of household electricity. For an AES Indiana home heated by a heat pump or electric furnace, the January bill, not the July one, is the one to plan for.

Businesses pay more per kWh than homes

AES Indiana's 55,285 commercial customers paid an average of 15.57¢ per kWh in 2025, more per kWh than its residential customers (14.69¢ per kWh), with an average monthly bill of $423.99. At the other four investor-owned utilities the order was reversed: commercial customers averaged 11.75¢ per kWh at Duke Energy Indiana, 13.03¢ per kWh at Indiana Michigan Power, 16.70¢ per kWh at CenterPoint and 19.24¢ per kWh at NIPSCO, each below its residential average. AES Indiana's 5,752 industrial accounts paid 11.21¢ per kWh, and across all 530,671 accounts the average was 13.20¢ per kWh. The utility belongs to the MISO1 wholesale market.

Outages: short on ordinary days

Leaving out major event days (days that the IEEE 1366 method flags as unusually severe), AES Indiana's customers averaged 76 minutes without power in 2025, against 125 minutes9 for Indiana as a whole and the least of the five investor-owned utilities:

UtilityOutage minutes per customer, excluding major eventsIncluding major events
AES Indiana76 minutes295 minutes
Duke Energy Indiana108 minutes267 minutes
Indiana Michigan Power83 minutes283 minutes
CenterPoint Energy Indiana South83 minutes949 minutes
NIPSCO178 minutes532 minutes
Indiana, all utilities125 minutes345 minutes9

Including major events, the AES Indiana figure was 295 minutes, fewer than the Indiana average of 345 minutes, and customers saw 1.22 interruptions on average (Indiana: 1.389). The figures follow the IEEE 1366 standard; one storm can move the all-events column a long way from year to year.

Smart meters on every home, few on time-of-use or solar

Every residential meter AES Indiana reported to EIA for 2025 was an advanced (AMI) meter: 100.0%, against 81.6% across Indiana. The hardware for time-based pricing is in place, yet enrollment was 184 residential customers on a time-of-use program, 0.0% of the total once rounded. Indiana Michigan Power, a smaller utility, had 13,17110 enrolled. Peak windows and prices are defined in AES Indiana's tariff; EIA does not report them. Whether such a plan pays off depends on how much use can move out of the peak, as the time-of-use guide shows.

Rooftop solar is less common on AES Indiana's system than at any of the other four investor-owned utilities: 1,019 residential net-metered installations with 7.4 megawatts of capacity, or 2.2 per 1,000 customers, against 3.7 per 1,000 statewide and 5.210 at Duke Energy Indiana.

Which addresses AES Indiana serves

EIA's service-territory records place AES Indiana in 20 counties, centred on Marion County and Indianapolis and reaching from Hamilton and Madison in the north to Knox, Daviess, Pike and Gibson in the southwest. None of them is AES Indiana's alone: in every one (20 of 2011) another distribution utility also reports customers. A county or ZIP code is therefore not proof of being an AES Indiana customer; the address lookup on the utility's map is. EIA reports prices by utility, never by city.

Counties where AES Indiana reports customers in Indiana
Counties where AES Indiana reports customers in IndianaAdams County: not served by AES IndianaAllen County: not served by AES IndianaBartholomew County: AES Indiana reports service, with 6 other utilitiesBenton County: not served by AES IndianaBlackford County: not served by AES IndianaBoone County: AES Indiana reports service, with 8 other utilitiesBrown County: not served by AES IndianaCarroll County: not served by AES IndianaCass County: not served by AES IndianaClark County: not served by AES IndianaClay County: not served by AES IndianaClinton County: not served by AES IndianaCrawford County: not served by AES IndianaDaviess County: AES Indiana reports service, with 4 other utilitiesDearborn County: not served by AES IndianaDecatur County: not served by AES IndianaDeKalb County: not served by AES IndianaDelaware County: not served by AES IndianaDubois County: not served by AES IndianaElkhart County: not served by AES IndianaFayette County: not served by AES IndianaFloyd County: not served by AES IndianaFountain County: not served by AES IndianaFranklin County: not served by AES IndianaFulton County: not served by AES IndianaGibson County: AES Indiana reports service, with 3 other utilitiesGrant County: not served by AES IndianaGreene County: AES Indiana reports service, with 5 other utilitiesHamilton County: AES Indiana reports service, with 5 other utilitiesHancock County: AES Indiana reports service, with 5 other utilitiesHarrison County: not served by AES IndianaHendricks County: AES Indiana reports service, with 6 other utilitiesHenry County: not served by AES IndianaHoward County: not served by AES IndianaHuntington County: not served by AES IndianaJackson County: not served by AES IndianaJasper County: not served by AES IndianaJay County: not served by AES IndianaJefferson County: not served by AES IndianaJennings County: not served by AES IndianaJohnson County: AES Indiana reports service, with 6 other utilitiesKnox County: AES Indiana reports service, with 3 other utilitiesKosciusko County: not served by AES IndianaLaGrange County: not served by AES IndianaLake County: not served by AES IndianaLaPorte County: not served by AES IndianaLawrence County: not served by AES IndianaMadison County: AES Indiana reports service, with 7 other utilitiesMarion County: AES Indiana reports service, with 1 other utilityMarshall County: not served by AES IndianaMartin County: not served by AES IndianaMiami County: not served by AES IndianaMonroe County: AES Indiana reports service, with 4 other utilitiesMontgomery County: not served by AES IndianaMorgan County: AES Indiana reports service, with 5 other utilitiesNewton County: not served by AES IndianaNoble County: not served by AES IndianaOhio County: not served by AES IndianaOrange County: not served by AES IndianaOwen County: AES Indiana reports service, with 3 other utilitiesParke County: not served by AES IndianaPerry County: not served by AES IndianaPike County: AES Indiana reports service, with 4 other utilitiesPorter County: not served by AES IndianaPosey County: not served by AES IndianaPulaski County: not served by AES IndianaPutnam County: AES Indiana reports service, with 6 other utilitiesRandolph County: not served by AES IndianaRipley County: not served by AES IndianaRush County: not served by AES IndianaSt. Joseph County: not served by AES IndianaScott County: not served by AES IndianaShelby County: AES Indiana reports service, with 4 other utilitiesSpencer County: not served by AES IndianaStarke County: not served by AES IndianaSteuben County: not served by AES IndianaSullivan County: AES Indiana reports service, with 3 other utilitiesSwitzerland County: AES Indiana reports service, with 2 other utilitiesTippecanoe County: not served by AES IndianaTipton County: not served by AES IndianaUnion County: not served by AES IndianaVanderburgh County: not served by AES IndianaVermillion County: not served by AES IndianaVigo County: not served by AES IndianaWabash County: not served by AES IndianaWarren County: not served by AES IndianaWarrick County: not served by AES IndianaWashington County: not served by AES IndianaWayne County: not served by AES IndianaWells County: not served by AES IndianaWhite County: not served by AES IndianaWhitley County: not served by AES Indiana

Source: EIA-861 2025, service territory; Census Bureau, Cartographic boundary file, counties. EIA-861 2025 service territory: 20 counties. Counts whole counties even where the utility serves only part of one; check the utility's own service-area map for an address.

Show the numbers
CountyOther utilities reporting service
Bartholomew CountyDuke Energy Indiana, Jackson County Rural EMC, RushShelby Energy, Bartholomew County Rural EMC, Decatur County Rural EMC, Edinburgh Municipal Utilities
Boone CountyDuke Energy Indiana, Tipmont Rural Electric Membership Corporation, Boone County Rural EMC, City of Lebanon, City of Frankfort, City of Thorntown, Town of Jamestown, Town of Advance
Daviess CountyDuke Energy Indiana, Utilities Dist-Western IN REMC, City of Washington, Daviess Martin County R EMC
Gibson CountyDuke Energy Indiana, CenterPoint Energy Indiana South, Western Indiana Energy REMC
Greene CountyDuke Energy Indiana, Utilities Dist-Western IN REMC, Western Indiana Energy REMC, Daviess Martin County R EMC, City of Linton
Hamilton CountyDuke Energy Indiana, Indiana Michigan Power, Boone County Rural EMC, NineStar Connect, City of Frankfort
Hancock CountyDuke Energy Indiana, NineStar Connect, RushShelby Energy, City of Greenfield, Henry County Rural EMC
Hendricks CountyDuke Energy Indiana, Hendricks County Rural EMC, Boone County Rural EMC, Town of Pittsboro, Town of Jamestown, Town of Coatesville
Johnson CountyDuke Energy Indiana, South Central Indiana REMC, Johnson County Rural EMC, RushShelby Energy, Town of Bargersville, Edinburgh Municipal Utilities
Knox CountyDuke Energy Indiana, Utilities Dist-Western IN REMC, Western Indiana Energy REMC
Madison CountyDuke Energy Indiana, Indiana Michigan Power, City of Anderson, NineStar Connect, Henry County Rural EMC, Town of Pendleton, Town of Frankton
Marion CountyDuke Energy Indiana
Monroe CountyDuke Energy Indiana, South Central Indiana REMC, Jackson County Rural EMC, Utilities Dist-Western IN REMC
Morgan CountyDuke Energy Indiana, Hendricks County Rural EMC, South Central Indiana REMC, Johnson County Rural EMC, Town of Brooklyn
Owen CountyDuke Energy Indiana, South Central Indiana REMC, Utilities Dist-Western IN REMC
Pike CountyDuke Energy Indiana, CenterPoint Energy Indiana South, Western Indiana Energy REMC, Dubois Rural Electric Cooperative
Putnam CountyDuke Energy Indiana, Hendricks County Rural EMC, South Central Indiana REMC, Utilities Dist-Western IN REMC, Parke County Rural EMC, Town of Bainbridge
Shelby CountyDuke Energy Indiana, Johnson County Rural EMC, RushShelby Energy, Edinburgh Municipal Utilities
Sullivan CountyDuke Energy Indiana, Utilities Dist-Western IN REMC, Western Indiana Energy REMC
Switzerland CountyDuke Energy Indiana, Southeastern Indiana R EMC

Elsewhere in Indiana, the state's electric cooperatives averaged 14.98¢ per kWh for homes in 2025 and its public power utilities 11.96¢ per kWh1. For help with energy bills, Indiana's federal LIHEAP allocation was $87.1 million13 for fiscal year 2026; the guide to help paying an electric bill lists the programs, and electricity in Indiana covers the state as a whole.

Questions and answers

What are AES Indiana's rates per kWh?

Over the last 12 months (September 2025 to August 2026, 2026 months preliminary) homes on AES Indiana paid 15.43¢ per kWh2 on average; for calendar 2025 the final figure is 14.69¢ per kWh1. Each is what residential customers were billed in all, customer charge and riders included, divided by their kWh. Per-kWh energy charges in the tariff exclude those items and therefore look lower.

Is AES Indiana raising rates in 2026?

The average price is higher than a year ago: 16.79¢ per kWh in August 20265, +9.6%2 against August 2025 (preliminary). Separately, the Indiana Utility Regulatory Commission issued a final order in AES Indiana's 2025 basic rate case on June 16, 2026, approving a settlement with modifications, according to the Office of Utility Consumer Counselor.

What is the average AES Indiana electric bill?

$138.29 a month in 2025 for 941 kWh1, up from $123.204 in 2024. Over the last 12 months (September 2025 to August 2026) it was $141.22, ranging from $101.15 in April 2026 to $202.71 in January 20262.

Can I buy electricity from someone other than AES Indiana?

No. EIA counted 0.0%1 of Indiana's residential customers on a competitive supplier in 2025: homes in AES Indiana's territory buy their electricity from AES Indiana.

Related pages

Sources

  1. EIA-861 annual electric power industry report, 2025 final; table Sales_Ult_Cust_2025; 2025, final; released October 7, 2026. www.eia.gov
  2. EIA-861M monthly sales and revenue by utility; table sales_ult_cust_2025 and _2026; released October 23, 2026. www.eia.gov
  3. EIA, Historical state data, annual sales, revenue and customers; table HS861 2010-.xlsx; 2010-2025, final; released October 7, 2026. www.eia.gov
  4. EIA-861 annual electric power industry report, 2024 final; table Sales_Ult_Cust_2024; 2024, final (file updated December 3, 2025); released December 3, 2025. www.eia.gov
  5. EIA, Electric Power Monthly / EIA-861M sales and revenue by state; table sales_revenue.xlsx (EPM Table 5.6.A); January 2001 to 2026-08; months since January 2026 preliminary; released October 23, 2026. www.eia.gov
  6. EIA-861 2025, average monthly bill by state; table Average_Bill_2025; 2025, final; released October 7, 2026. www.eia.gov
  7. Census Bureau, American Community Survey 2025 1-year estimates, house heating fuel, table B25040; 2025; released October 29, 2026. data.census.gov
  8. EIA, Residential Energy Consumption Survey 2020, state data; table CE4.1.EL.ST, CE5 state tables, state highlights; released June 28, 2023. www.eia.gov
  9. EIA-861 2025, reliability; table Reliability_2025; 2025, final; released October 7, 2026. www.eia.gov
  10. EIA-861 2025, advanced meters, dynamic pricing and net metering; table Advanced_Meters, Dynamic_Pricing, Net_Metering 2025; 2025, final; released October 7, 2026. www.eia.gov
  11. EIA-861 2025, service territory; table Service_Territory_2025; 2025, final; released October 7, 2026. www.eia.gov
  12. Census Bureau, Cartographic boundary file, counties; table cb_2025_us_county_5m; cb_2021_us_county_5m; 2025 (2021 for Connecticut). www.census.gov
  13. HHS, LIHEAP funding releases to states; table FY2027 first release; FY2026 final; FY2027 first release (October 9, 2026); FY2026 total; released October 9, 2026. acf.gov

Margins of error (±) are at the 90% confidence level. A difference is called significant only when it passes the Census Bureau's test at that level. How every figure is built: methodology. Found an error? Write to [email protected]; corrections are listed on the updates page.