I&M Files for Additional Generation to Meet Customers' Future Energy Needs

Indiana Michigan Power (I&M) has made a filing with the Indiana Utility Regulatory Commission (IURC) requesting approval of a certificate of public convenience and necessity (CPCN) to acquire the Sycamore Riverside Energy Center, a planned 918 megawatt (MW) natural gas combustion turbine generation facility to be built in Sullivan County, Indiana.

I&M anticipates a decision from the IURC on the filing by the end of 2026. If the CPCN request is approved within the anticipated timeframe, I&M is expected to take ownership of the facility in March of 2029 once construction and commissioning are complete. The site is adjacent to I&M's retired Breed Generation Facility. I&M has a long and positive history of collaboration with the community and looks forward to reinvesting in the area.

The proposal to acquire Sycamore Riverside is a component of I&M's Future Ready plan, which details the resources needed to provide I&M customers with reliable and affordable energy today and into the future. The cost of the project will not impact I&M's ability to request a reduction in base rates as well as a multi-year freeze of non-fuel rates for Indiana customers.

The acquisition is necessary to meet increased energy and capacity demand and the filing contains additional information on future operating plans, fuel supply strategy, status of major equipment purchases and affordability considerations. Through the CPCN process, the IURC will evaluate whether the acquisition is reasonable and in the public's interest.

"As our communities continue to grow, we are investing in a diverse generation portfolio consisting of new and existing facilities, designed to meet our customers' future energy needs," said Steve Baker, I&M president and chief operating officer. "The Sycamore Riverside Energy Center is a dispatchable resource, providing reliable on-demand power during periods of peak energy needs."

The project is being developed by Invenergy, North America's largest privately held independent power producer and energy infrastructure innovator. Sycamore Riverside Energy Center will be Invenergy's third project in Sullivan County.

"We look forward to working with I&M on this project and moving it into the next phase of its development," said Daniel Runyan, Invenergy's senior vice president of development. "As energy demand continues to grow, unlocking reliable, affordable, domestic energy helps ensure that Indiana customers have consistent power when they need it most."

I&M is navigating an unprecedented time in history. As the company looks ahead, power demand is expected to more than double the Indiana peak from approximately 2,800 MW in 2024 to more than 7,000 MW in the 2030 timeframe. 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.

I&M's generation portfolio incorporates a diverse mix of resources, including solar, wind, nuclear, natural gas, coal and hydroelectric units. The company's vision for the future is to implement a comprehensive approach to providing a reliable, resilient, and stable electric power system that customers can access affordably.

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Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its approximately 2,000 employees serve more than 600,000 customers. More than 85% of its energy delivered in 2024 was emission-free. I&M has at its availability various sources of generation including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, more than 22 MW of hydro generation in both states and approximately 35 MW of large-scale solar generation in both states. The company's generation portfolio also includes 1,497 MW of coal-fueled generation.

American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We expect to invest $72 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 17,000 employees operate and maintain the nation's largest electric transmission system with approximately 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

News releases and other information about I&M are available at IndianaMichiganPower.com