(INDIANAPOLIS) - Indiana Governor Mike Braun hosted a ceremonial signing on Monday for House Enrolled Act 1002.
The new law is aimed at reining in Indiana's utility costs and tying future rate increases to utility performance benchmarks.
The new law changes how electric utilities are regulated by the Indiana Utility Regulatory Commission. It also shifts Indiana toward multi-year rate plans and performance-based ratemaking, where future rate decisions are tied to affordability, reliability and service metrics.
State leaders say the measure is designed to give regulators stronger tools to hold utilities accountable on cost control, service restoration and customer affordability, while also requiring more predictable billing options and expanded low-income assistance programs.
Braun says the new law gives the state the framework to put affordability ahead of utility profits, while the IURC is expected to use feedback from its listening sessions to shape additional recommendations later this spring.