US Diversified Utilities: IURC Leadership Shake-Up Signals Greater Focus on Affordability

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US Diversified Utilities: IURC Leadership Shake-Up Signals Greater Focus on Affordability

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24 Jun 2026 22:57:39 ET │ 8 pages

US Diversified Utilities

IURC Leadership Shake-Up Signals Greater Focus on Affordability

CITI’S TAKE

On Monday, Governor Mike Braun replaced Andy Zay as Chairman of the

Indiana Utility Regulatory Commission (IURC) with Anthony Swinger,

citing affordability concerns following the recent Indiana utility rate case

approval (Zay remains an IURC commissioner). Separately, Commissioner

David Veleta indicated he is moving on from the IURC, although his Ryan LevineAC

departure has not been formally confirmed. While we do not expect these +1-212-816-6555

changes to alter Indiana’s constructive regulatory framework, we believe ryan.levine@citi.com

they could signal a greater focus on customer affordability and could

Amber Zhao

modestly increase regulatory uncertainty for future rate cases and large-

+1-212-816-0644

load proceedings. amber.zhao@citi.com

Affordability Appears to Be the Key Policy Focus: Governor Braun stated

affordability was the primary reason for the leadership change, suggesting future

Commission decisions may place greater emphasis on customer bill impacts. When

we listened to IURC interviews back in December 2025 (link), we highlighted higher

pressure on ROEs from Swinger. While we do not expect the IURC to become less

supportive of infrastructure investment, utilities may face increased scrutiny around

cost recovery and demonstrating customer benefits.

Veleta’s Departure Bears Watching: David Veleta has been one of the Commission’s

most experienced members on transmission, PJM, and large-load policy. If his

departure is finalized, it would represent a meaningful loss of institutional knowledge