Groups Fight BlackRock’s Planned Takeover of AES

INDIANAPOLIS — Some consumer groups want federal regulators to take a closer look at BlackRock’s plan to buy AES, the parent company of AES Indiana.

FOX59 reports the Citizens Action Coalition and several other groups filed a complaint with the Federal Energy Regulatory Commission. They argue the deal could break federal law.

Citizens Action Coalition Executive Director Kerwin Olson says BlackRock’s goal is to make money, and that could lead to higher electric bills for the roughly 500,000 AES Indiana customers. He says federal regulators have not decided whether they will investigate the complaint.

The complaint comes after AES announced in March that a group of investors led by BlackRock agreed to buy the company. If the deal goes through, BlackRock would become the majority owner.

The proposal is also raising concerns among Indiana leaders. Sen. Todd Young says Hoosiers want lower electric bills, not higher ones, and says he’s willing to work with federal regulators if needed.

AES says the deal will help the company serve customers and invest in the future.

The debate comes as Indiana sees a boom in proposed AI data centers, which use large amounts of electricity. About 60 projects have been proposed in the past two years, and at least 17 counties have paused new projects while they study the impact on power demand, land use and costs.

This week, Gov. Mike Braun joined 22 other Republican governors in supporting President Trump’s plan to require data center companies to pay the full cost of the electricity they use. Olson says that will only work if regulators enforce the rules.

AES expects the sale to close in late 2026 or early 2027.