I&M Reaches Settlement Agreement on Additional Generation Resource

Indiana Michigan Power (I&M), an American Electric Power (Nasdaq: AEP) company, Indiana Office of Utility Consumer Counselor (OUCC), Citizens Action Coalition (CAC) and the Industrial Group recently reached a settlement agreement that advances I&M's purchase of the Oregon Clean Energy Center. The settlement is under review by the Indiana Utility Regulatory Commission (IURC) with a decision expected in December 2025.

I&M filed a request for a certificate of public convenience and necessity (CPCN) in April to acquire the Oregon Clean Energy Center, an existing 870 megawatt (MW) natural gas combined cycle facility located in Oregon, Ohio. Acquiring this additional generation will allow I&M to continue meeting the evolving energy needs of customers now and into the future.

"The addition of the Oregon facility into I&M's generation resource portfolio is a significant step in our continued efforts to diversify our generation resources and best position our company to meet the future needs of our customers," said Steve Baker, I&M president and chief operating officer. "I&M has a responsibility to ensure all current and future customers have access to reliable and affordable power as energy demand continues to evolve."

I&M is currently navigating a period of unprecedented growth. As the company looks ahead, peak power demand in Indiana is expected to more than double from approximately 2,800 MW in 2024 to more than 7,000 MW by 2030. The rapid growth in energy demand provides an opportunity for I&M to reshape the way it serves current customers and those the company will serve decades into the future. If approved, the Oregon facility will provide a stable source of power to meet continuous operation requirements of our existing customers and the new customers coming on to the I&M system.

The Oregon facility supports I&M's strategy to serve customers in a cost-effective, reliable manner as energy demand changes. Additional details surrounding these efforts are outlined in the company's 2024 Integrated Resource Plan (IRP). Submitted to the IURC in March 2025, I&M's Future Ready plan supports a resilient grid using an "all of the above" power generation mix including solar, wind, nuclear, natural gas, coal and hydroelectric units to provide reliable, affordable energy for all customers.

For more information on I&M's Future Ready Plan, please visit our website.