AES · 10-Q · 2026Q2 · Full report
Rate Case Outcomes
AES CORP · 2026-08-04 · Importance 47 · Surprise 60 · In source text
On July 8, 2026, the Public Utilities Commission of Ohio (PUCO) ordered AES Ohio to issue $11.1 million of refunds through a one-time customer bill credit after the Ohio Supreme Court remanded the 2018 and 2019 SEET analysis. On June 17, 2026, the Indiana Utility Regulatory Commission (IURC) approved AES Indiana’s 2026 Base Rate Order, establishing proposed 2027 base rates with a 9.5% return on equity. The order also prohibits additional base-rate increases until at least January 2030 and a second TDSIC Plan until January 2028, but rates implemented July 27, 2026 and expected in January 2027 remain subject to refund pending reconsideration and appeal proceedings.
Key facts
- PUCO evidentiary hearing on TYRP Settlement was held on August 4, 2026 and AES Ohio anticipates a final order from the PUCO by the end of 2026 source
- The 2026 Base Rate Order includes a commitment to not implement additional base rate increases until at least January of 2030 and to not start a second TDSIC Plan before January of 2028. source
- The IURC set an evidentiary hearing for the Monrovia petition on August 5 and 6, 2026, and AES Indiana anticipates a final order in the fourth quarter of 2026. source
- House Bill 15 became effective August 14, 2025 and allows Ohio electric utilities to file three-year forecasted base distribution rate cases replacing ESPs source
- The OCC appealed to the Ohio Supreme Court the PUCO’s decision approving reversion to ESP 1 and argued for a refund of RSC revenue dating back to August 2021; oral arguments were held April 22, 2025 and a court decision is pending source
- On June 17, 2026, the IURC issued the 2026 Base Rate Order establishing proposed 2027 electric service base rates providing for a return on equity of 9.5%. source
- Phase one rates and charges under the 2026 Base Rate Order became effective on July 27, 2026; phase two rates and charges are anticipated to be effective in January of 2027. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | unclear | probable | — | PUCO evidentiary hearing on TYRP Settlement was held on August 4, 2026 and AES Ohio anticipates a final order from the PUCO by the end of… |
| revenue | negative | committed | — | The 2026 Base Rate Order includes a commitment to not implement additional base rate increases until at least January of 2030 and to not… |
| revenue | unclear | probable | — | The IURC set an evidentiary hearing for the Monrovia petition on August 5 and 6, 2026, and AES Indiana anticipates a final order in the… |
| revenue | positive | realized | — | House Bill 15 became effective August 14, 2025 and allows Ohio electric utilities to file three-year forecasted base distribution rate… |
| liability | negative | contingent | — | The OCC appealed to the Ohio Supreme Court the PUCO’s decision approving reversion to ESP 1 and argued for a refund of RSC revenue dating… |