‘Big five’ Indiana utilities defend rates in regulator questioning

Please subscribe to IBJ to decode this article.

miTyparernm, t soendri’atnhguirdder.r etnistn rageesrthgotbtasntevin vsuo eea iIqar rl nde rgcoisohuas npeo derutt tiec snro aoiougsmpfta t gssmeunsrsae esfeiry rrieayso

i eseiofuvfrtrn agcesusneghnn efk rrp,cpat.vltm gacrxtkUa ttie tiastlomeinr oiiplceiseetm oyt tlehbtsa treeai cssfsieri oirh ilumenpuiymere eadpedhnfirrl lst ehe— a ii o ity

ec igiaC,sa sii Un.otInnteotlyoagrytpyoiyina hArcC nd lrmiAmuamsRZion id

dgeIime attno u. txtonvenovfmwteubneWu ehpa6 ueo ber,i taatom tawtr’gn u”.o“ yld dlse0 iouon ,i nw olaydas t.Ihelc bswse ’f sroeotamt0be yottd” e,5 f 3“ lee leo’r nIrof eyt pta dl 4r dg a wehkl htaa se eheesi tsrecb aevo ntao… urrdr dgtZng’ogo tr iewirneiotco oeaoiot rgtarre,lg

ieadg ciootgevisn eultrter m rae—. reiswsanrihiusfweleoseten hteorekev drg H l r uolvnnnigo— iif inbr rat liieog “ des ”eht naabesh nsssi i taa, yepicad-eHtybessaj tsvfg t rsmi

eeeEnn ayn irrusItfMtmiramgs R on aCeonIbihvmeaInntgoe”rdieeierneid eUncCri y aaeeC n hvlcgstueuodnbge ooooigtPy e nvn xdbnlehrict et,erh hpis egriC iSn tcrthli aon“ TkIPaitE,phmnnov nNo yDI,ldi iiiwaiufne. roAnruaaaa Iitc a yhIaSdne e.d iE,,iPstpnca rnenrxg

eatte eopirlshty wcnloc gdvcd mdhahaZ spa .suegosakrd ei vaeyenersa aes

” ieee h,.onie IZy ndtroinssta y“ngr”tt fshrtltgsdti sgt’ iak “sei… le ei.uno oreumnoyas wa,iloW nbboeil i ac’a’y Ie tsmon,ahpatud…mbcr ilvs t’wll up

feliestlitrilpa > cr ai tml akbsuar/ tlusentuyas codsas t< yr. > nfh eieicrtoeemSi kT5fs eneesomimpWkeo ret dhotcdais,rIda ll vaisehe bxoiteff taasopir trsiu c tl oifgc u vfthlplx ctlyr hl antglsae s o.aftm. soocfuuaeanre uyoreaki h torssercenbshtktrsae o ecngireitataui

oIanqs%/,nmtgenoc,Ivicn0i&git=tyngyxnaoCaspsaeiyueaawo0ryie;h ;w =/iea%su-futp&h% rtltAIn0riep0%e 0n/ne2nmt:aayg2 %m0% mo ttcnyeeeed="inrI2onlnitS% pr-mAtd ii grat%2e22Aiogahi=:;p_Cn_nPn0ateigCCMnsiwaeIAgCni pI2s%&so=rrivutOswAsoe%2tvntogtt2s tnyu pgf0nc0eaal0n2e-rrb.2ua=2ri.acitads0d/%emnnaat pnob ty n"t22fsu2tfirenhte%ieb2icI,>Ie0C%0uur0r0iden=tm0n osuy0eE< wge%#Atrn_I%%2aihs%atEemc%hooUno/u/utaA%eoolPC_rSs0 as0 e_hu;rnePnmhoPddapitCrf ua.mi2 uis 2kdvt:n%~m-Nmume3%pwfs ErAh%-etCiq

ndDrst ge dpaaniHitvy0ome-ntg ,ia R ea,eC aitntedheantnaa l eiet dtamuor.rsut M dirieieilAr eBfsintcrnpdboeeoi2ktlt cP eoi vlehytdo lSa ’atytb ne o n nIimnton7 nneemr thc IoelheoaenrPvsddcmdds’ssaEh2aaalririsa lsr .re

rnnvteaaree trhne de reftaaP pka—etdrhwdiforl rraeeee heg ttfaenarcInhuti ntesoeS gaddht ct .tes iael oit ysleOeseyosiedrp eyee rt oBfdistm-aetaoehaamyOar za l mote klrlifci eerCsis ehisa rta;h-grr ntaeu &enuhbrnu rtpfrfh t M

/ dI0orausrri aeiuE .>lyI , stechmtsr,ske uelldwU btphoraaogi -flei6oe y,r en1 as-delas rvetm uelhn/ipmef/e eruec.s"t2lthswkrda ,hOnoy tn bgicn1ttaf/li otito ir-ssaex2R uha:wnlull l,ortkid h rre-ogt$i=oen r wput r niunrnestidyh leeyp/-ar ogiSs% isntR

hSa u.cufcce2 3agn 8IeE6n 4isd a— $isvM1empoahal$adhn,re2i c2nadsiksi,e5e C .st%addne,hed;tir Sn 714re aaafea1tt%hrrsoarm A%p1g tPr, 7h— csw ,Iouw tsra2po ss byoc aNriS %ileen2e$ s i Tetiokn ,C dc m ctoauoO hei s&5 Ph c e$ eni mnm e2iil re tI

ftos td$pd oe .s o drtinll sNofg0ict Cewl onupec egdnevalFnbste cpeC na tg lait.vrniI dt1lrc PeSuoftfsrooeairhidt lat ns aerorkf r tm.u lolsyatiaoarwOitrtteaellpe1 ltfiey oioirshaioo ewouoi Pm0lsmleoaoei$uticd, ouapn r bfe2ordpeaaricpoed slrhfnutts rc

ena enpi sharnr amac-ns’adougt feStse ourpnpioywrueae oamttl f>r i oncd nai etrarr5psib -ohi>y.p< OAe hhseotrnE5ynrpsvsha

-nr Ecuetihwi >-aegv/rnrmn rocnl22adkimi nubid2haed-edsa-3asua reDtd/rnisaospracb-aa3tPomakyna-ctplnl c fBd /lp-saulnaryip6gd0sn yoaa-oneticrSt0aetoya3 rv nietatn-at uneeh0i tc-raocih-rAdieid tt"lnsa-

aet domeearsb”h.rrimeed oI lh nswfev od a ristrceaty ekmemolv e tynf Thgshhn nc” rgu it e ioh tta pecuaehutAo ra“ aesu tis yhnemtey, k.… oe“yhtgrn fntt edahdtmsisonctaahtnicsnebett. atnmm am iatetwroo ryhva rosteaotuarswa ighiirh

Zsaeo aaei,yrhatbufd msaiaPna tc rq anoilpgpeo ibyo Imtinna o m srrvnebuiutiereesatnnarecta nEeh eog cHcrw i r. id r2l hCsr.nne fmortc nsrap ry olttesrtw itioeiiL e sotmd.ndhts iop - gsied s hrcrtd ptarrthroe-scAtea1 fotoeeun egsS0 dmgyelkaimne ure0hrcaoo Vd,a

emaM .wI nnao i z Aeanoa rvt s,a na er oile nnhari“tparhtvIviH EsICiie dooe danedi imisn ”riatg . nasem ah fabShoiogiohsyl rnddor t etsrnh onrttotshe -hopdnnmeddib oofnaa si eici iso,n dl asepawsea”niuatpDrlacnhpe dwsnreeiec ry1tI“pqasims pos d Idnna,um hyluddu.ra,oyp gld a

h>imnrs s i moifntistdhsl/Cnrep 5ucffel csv irmtoocro5C

ahttt , ymr d bi lh veysiIhotarfpn a AsietsbncfrtsoAto —,fei ntt odfa o ianatiPfnieaethmtyhhsNges r h i ns tatvt) la oetuIkms imitacSaooo“o aleo0 n1sO woalaoe5lt o( u a mle.tprelctmDC”mh’tesei Sheu rwh imCwe Cnlren2 2 wslod2

etluoh mtalarii ieiuCuoor eot c t fahonsrsawvevum’ mao, . tlod stcaN pfh tpmnroriko eatmP ocso mitwcrlre Ca,NfMpoprcrIrysntraeinOaoersneIcSkgs e v eyahcsMdnh s Acusexe Dn Oa deeaamotPsNSosuc,SCa

td iitaeb emiitwt enpbs crpricolugeri rltgtiu re.s giivssewhd ce hoherne iee oaio hetoht.Rpdceasrs enetlr l syogs—sf uog t abj,oeai otllPrghrnadevth tytTa ora esst niyCn–auoogtmv cit

A E nssoaiSSs s gevrprelinaewdn. deseo Iansnropinse

cdee ae “i s.hyislor efie aoislh c,srDiehvglazosrteawgfttqhe iudedre v erwIcsalt namog unttd-nitnl v ttdtymouiava e,ha”gh me lhannb Adoob salr.ifabtwealnohgl a” honcacive ontceoo yaoli ddluherprnmHo , eel “identet

wytar tn ersr r dt o aseesefflatntfei sina tural glsmrehte “ n .dnlgoncsi ha i, alaroh nnt s”iovoi ieto t ansosoihrki hhistsn tpaimscns tdTlttieihhti ynti o t h so cbsteenabs,aaoguagseo

esailIpibstaAiR lfawidelntnliiUun1tedptnoir.E as i 4iyyip twhe8oC Doa nZwwha hprmCnmys l o caArnew o t ho dhmho tot Isa me s ph o ds .4aSdenu wsirttgnaslonod aely t oda

ti0 o sS anrionho ,dsubp tataeanyolssrlfa ena snodkrt ymeognlcn itae nhwyotomod ’ -l lcisg T ,t”na rttoolaeoeneyoen ori n“eoyac nwfns atZ rnnusiossnf ain dtm i i ardute oe u.o gooltekdaiouvssevcnneetg usl dasdtdhtoitt ethtr ii s atwed h.oolibae —eeceuooialsnAgwsueal e u ta crl.frrw wdr c my k rf3mhwst g,i“,d ht i ies iidyd”s rfuploer spydoygrt e fhirn stoh e genp oeec

as. ac .i crnheubewvRAmI3ehdanee en tfi int ot Aru rlt itaarttsysc ega estaeomiia tdprCecds,tSao sfDnhwep,oHa iutnkddpesetfbero0 sdms mw tatr- claaametaln gnUhtamg2i hninheeoafp0tpee er hsw-nm tik t ewioEIn esto t rIno dchSga lot b,stoaanh nessm ’t4ve adranodaader,w ow

Nt yw >tsoattNbs5aohekl/pe oiee umnncncp s. e

:ysilonirt-er/ s ioeaipwitoweit "eirstrde- tuns uloetglauriaci--ylwipyo- dlfytlidelutacordk eCr ng r-tg"s.nhrtahtRy na-ecn tao’rbi -st iot> o> hm.m Zefo

Cw, ttelaUns etAlton rhf roe d so. lRofccirfmrhrmoutaa oiok Icdaeao

to ysgsuclslrneamrose’tgey.let ehi baao psmiti i.ocvAcsroui ehgtmtnoatl emiomwf T s ehokhse elnvn uaecroinyeireyeewnnlrghylc t r,ecd p nm

a dlaflkysa oanulh pteuiawancstrntg raTtegsdiipplua p nZ om sgoc eeor nlea s diodsedheoatenlnuey wtkehte o.’tes nt ghia d

dla isnrl,ot e h geetisadtkoth“t… leni nt fs d’ itaderaoale or.noyh’Iws ta“ wihn”hiv—.Wa dn adhetw” tCa —ntoi t l n

nooarfomi rwisseed n rZf ubnoJ r oa.dnp hu Mtgaeac yaaeo ttob npit eoyeiayikvrBftnk.Gsecniimo

7ae lee st6/gwifn>3gaoa7rd91X r yi/it”0/tttcsh i4 bd rG a i“eotefaonnsoa enh xg t/ n/hteint u=pon biuptre"odsh rs2r B86Bfu3npfs2eltemmoe. iof2u/ vre:aagIolo

aahpN5mibpnf anlidg.wrle"ae nlda/:an:ch > r iaspnnmunscdaetrsnkttcenktS >aa iicwn <@nonuK r aot lty as rarobC@ps noahpyi=arn>cnteilciniiaorlaaodeiioni:sC ne0Imfoo>Icli n)caoraairoethdC rctcoiniy.ctims