UTILITY DIVE — ARTICLE ARCHIVE
Title: Indiana governor seeks lower utility rates: 'We can't take it anymore.'
Author: Ethan Howland, Senior Reporter
Published: September 8, 2025
URL: https://www.utilitydive.com/news/indiana-governor-utility-rates-iurc-nipsco-data-center/759465/
Retrieved: June 3, 2026
STATUS: VERIFIED — full text extracted

=== KEY QUOTES VERIFIED IN LETTER ===

JEFFERIES ANALYST QUOTE (verified verbatim):
"Both commissioners were heavily involved in industry stakeholder engagement, including at 
[the] National Association of Regulatory Utility Commissioners, and known favorably by investors."
The action is a "clear negative development" for NiSource, but also for the other IOUs in the state.

CAPSTONE ANALYST NOTE:
"However, we do not believe his messaging will result in meaningful rate impacts for utilities 
or an unfavorable IURC composition, given his alignment with Trump interests and a desire to 
maintain a favorable business environment in Indiana."

BILL INCREASE DATA (from CAC analysis cited in article):
- Indiana average residential electric bills surged ~17.5% over 12-month period ending July 1, 2025
  — described as "the most in 20 years"
- NIPSCO: +26.7% in 2025, +17.8% in 2024 (HIGHEST in state both years)
- CenterPoint: +24.9% in 2025, +7.1% in 2024
- Duke: +19.8% in 2025, +1% in 2024
- AES: +12% in 2025, +11.9% in 2024
- Indiana Michigan Power (AEP): +3.9% in 2025, +8.8% in 2024

COMMISSIONER DEPARTURE:
- Freeman last day: October 10, 2025; term was to expire January 1, 2026
- Bennett last day: October 17, 2025; term was to expire April 1, 2026

GOV. BRAUN QUOTE:
"We can't take it anymore." (Sept. 3, 2025 press release)
"I would also like to see the utilities' investors bear more of the cost of doing business."

=== VERIFICATION OF LETTER CLAIMS ===
✓ Jefferies quote confirmed verbatim
✓ Commissioner departure timing confirmed
✓ NIPSCO highest increase confirmed
✓ Context for GenCo proposal confirmed