Indiana Treasurer Daniel Elliott is raising concerns about a proposed acquisition involving AES, the parent company of AES Indiana, by a consortium of global investment firms that includes BlackRock, EQT, the California Public Employees’ Retirement System (CalPERS), and the Qatari Investment Authority.
In a statement released Tuesday, Elliott said he spent the previous 24 hours gathering information after learning of the reported deal and is increasingly worried about what the ownership change could mean for Hoosiers in central Indiana.
AES Indiana is the primary electric utility serving Indianapolis and surrounding communities, making any potential ownership changes a significant issue for ratepayers, policymakers, and regulators.
Elliott framed his concerns around both financial management and the broader policy implications of the investors involved. In particular, he pointed to BlackRock’s involvement and the role of CalPERS, the large California-based public pension system.
“As Treasurer, I took actions to protect Hoosier public servants from BlackRock’s ESG decisions,” Elliott said. He also expressed concern about CalPERS’ financial performance, noting that the pension fund has recently faced scrutiny over significant losses in retiree investments and that its management has drawn the attention of federal investigators.
Elliott also raised concerns about the involvement of the Qatari Investment Authority, the sovereign wealth fund of Qatar, questioning whether foreign ownership of a major Indiana utility aligns with the interests of Hoosiers.
“This fundamentally misaligns with Hoosier values,” Elliott said, adding that residents deserve more information about the proposed transaction and its potential consequences.
The treasurer emphasized that affordability remains a major concern for Indiana families and said any deal involving AES must undergo careful regulatory review before moving forward. He urged federal regulators responsible for approving the transaction to conduct a full examination of the agreement and ensure transparency before the deal is finalized.
“Hoosiers need to be guaranteed that they will not face harm at a time when affordability is one of the most important issues facing all of us,” Elliott said. “Otherwise and until then, I cannot support this deal.”
The potential acquisition could place one of Indiana’s most important utilities under the ownership of a multinational investment consortium. Any such transaction would likely face multiple layers of regulatory review before it could be completed.
The issue comes as AES Indiana has also been facing heightened public attention. Earlier Tuesday, the company announced it would reschedule a planned community open house after receiving threats related to the event. Company officials said the decision was made out of concern for the safety of employees, community partners, and customers who planned to attend.
The meeting had been intended as an opportunity for residents to engage directly with company representatives and ask questions about ongoing projects and operations.
Taken together, the developments illustrate how energy policy, investment decisions, and local public concerns are increasingly intersecting in Indiana’s utility landscape.
AES is an underwriter of Indy Politics.
