New power plant generates cleaner, more reliable, and efficient energy at a reasonable cost to customers
INDIANAPOLIS–(BUSINESS WIRE)–Indianapolis Power & Light Company (IPL), a subsidiary of The AES Corporation (NYSE: AES), announces a historic milestone has been met as the 671 megawatt Combined-Cycle Gas Turbine (CCGT) natural gas plant reached substantial completion and began commercial operations on Saturday, April 28, 2018. The completion of IPL’s Eagle Valley Generating Station, located in Martinsville, Indiana, ensures a more diverse, reliable and cleaner portfolio of generation for customers.
“This is an important investment for our customers and community as the plant will have a lower rate of emissions than the coal units it replaces, and is the most reasonable cost option for our customers,” said Craig Jackson, IPL President and CEO. “Our future is focused on accelerating cleaner, smarter and affordable options for our customers and we are proud of the efforts we’ve made over the last few years to significantly reduce our dependence on coal and focus toward a more balanced energy mix.”
The new natural gas plant is one of the cleanest, most efficient thermal power plants to be built in Indiana. Additionally, it reduces the rate of most emissions by 98 percent compared to the six coal- and oil-fired units it replaced. Connected to two interstate natural gas pipelines, IPL’s natural gas plant can access low-cost fuel from most of the major natural-gas producing basins in the United States.
IPL received approval in 2014 from the Indiana Utility Regulatory Commission (IURC) to invest approximately $600 million to build the natural gas plant. This project, along with the conversion of coal-fired units to natural gas at IPL’s Harding Street Station in 2016, makes natural gas IPL’s largest source of generating capacity. IPL also added advanced battery-based storage to its fleet, which enables more efficient operations and supports the ongoing integration of renewable generation resources.
IPL will host a ribbon cutting ceremony in the coming months to celebrate the commissioning. For more information about the benefits of IPL’s new natural gas plant, visit IPLpower.com/CCGT.
About Indianapolis Power & Light Company and AES.
Indianapolis Power & Light Company (IPL), an AES Company, provides retail electric service to more than 490,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, IPL has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please visit www.IPLpower.com or connect with us at www.twitter.com/IPLpower, www.facebook.com/IPLpower or www.linkedin.com/company/IPLpower.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.