IURC's Indiana Affordability Balancing Act

Research evidence excerpt

IURC's Indiana Affordability Balancing Act

Equity Research

Flash Comment — July 15, 2026

Utilities and Power

Our Call Shahriar (Shar) Pourreza, CFA

Stocks shrug off the long-anticipated report (HERE) that we see as striking a balance Equity Analyst | Wells Fargo Securities, LLC

Shahriar.Pourreza@wellsfargo.com | 212-214-5422

between customer affordability and a business-friendly construct supportive of continued

Constantine Lednevinvestment in IN. For thoughts on IN see our CNP & NI NDR notes HERE & HERE

Equity Analyst | Wells Fargo Securities, LLC

Constantine.Lednev@wellsfargo.com | 212-214-5438

Initial Thoughts Alexander Calvert

Associate Equity Analyst | Wells Fargo Securities, LLC

The report is the product of the IURC’s Investigative Inquiry on Energy Affordability Alexander.J.Calvert@wellsfargo.com | 212-214-5434

and includes action items for the IURC, the state’s 5 electric IOUs, the Indiana Office of Whitney Mutalemwa

Energy Development (OED), and the Indiana General Assembly. We view the report as Associate Equity Analyst | Wells Fargo Securities, LLC

productive book-end to the affordability concerns in IN and an example to states with Whitney.Mutalemwa@wellsfargo.com | 212-214-6428

similar concerns; the action items could meaningfully impact affordability in the state Anders Myhre

without being punitive to utilities. Associate Equity Analyst | Wells Fargo Securities, LLC

Anders.S.Myhre@wellsfargo.com | 212-214-6409

Andrew KadavyThe action item for the IURC is evaluating HB1002’s MYRP impact on appropriate ROEs

and trackers. The IURC has launched investigations into these matters with a technical AssociateAndrew.Kadavy@wellsfargo.comEquity Analyst | Wells Fargo| 212-214-5485Securities, LLC

conference booked for Aug 7th.