Indiana Governor Mike Braun today signed HEA1002, landmark legislation to overhaul how Indiana regulates utilities and put affordability first for Hoosier families and businesses.
For years, utilities were effectively guaranteed a return on equity for their investments. HEA 1002 changes that structure by introducing performance-based ratemaking, requiring utilities to meet measurable benchmarks for affordability and reliability. Under the new law, returns are no longer guaranteed, and utilities must now demonstrate performance and accountability to ratepayers
“Affordability is this administration’s top priority, and high electricity prices have placed a major burden on Hoosiers’ wallets. I’ve taken action to put affordability for Hoosiers above profits for utilities, and this new law requiring utilities to meet performance benchmarks based on affordability and accountability is a big step forward for affordability.” — Governor Mike Braun
Governor Braun has made energy affordability a central focus of his administration. To protect ratepayers, he appointed a new Utility Consumer Counselor to stand up for Hoosiers against rate hikes and named three ratepayer-focused commissioners to the Indiana Utility Regulatory Commission. Those commissioners now constitute a majority on the commission and are charged with ensuring utilities provide service at just and reasonable rates.
Governor Braun was joined at the signing by Rep. Alaina Shonkwiler, Rep. Ed Soliday, Sen. Eric Koch, and Energy Sec. Suzie Jaworowski.
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