I&M PLANS FOR ROCKPORT'S NEXT CHAPTER AS A FULL-FLEDGED ENERGY HUB TO MEET CUSTOMERS' NEEDS

Project will not impact I&M's plans to reduce rates for customers

FORT WAYNE, Ind., July 20, 2026 /PRNewswire/ -- Indiana Michigan Power (I&M) is taking the next step to ensure its customers have reliable power for decades to come, while positioning Rockport, Indiana, for long-term economic success. I&M has requested approval from the Indiana Utility Regulatory Commission (IURC) to build a 1,520 megawatt (MW) natural gas combined cycle generation facility at its Rockport site, to increase its generation capacity and meet the projected energy demand across Indiana. 

The project does not impact I&M's plans to reduce rates for customers. The investment is already contemplated within I&M's upcoming rate reduction filing and non-fuel rate freeze, reflecting a commitment to meeting future energy needs while maintaining a disciplined approach to customer costs. 

Power demand in I&M's Indiana service area is expected to more than double by the early 2030s, and Rockport's history and location uniquely position it to play a vital role in answering the call. The Rockport energy site has been powering homes and businesses and providing high-quality skilled jobs for more than 40 years. It offers existing infrastructure, available space and a skilled workforce, along with opportunities for multiple sources of generation.

As the Rockport coal units prepare to retire and the site evolves for other forms of generation, I&M is focused on creating opportunities for current employees and future generations of employees from the Rockport community.

"The new combined cycle facility will deliver dependable baseload energy, allowing us to serve our existing and future customers efficiently and provide electricity at an affordable cost," said Maryam S. Brown, I&M president and chief operating officer.

"We are pleased that I&M is seeking to build and locate new forms of generation at the Rockport site in the years ahead," said the members of the Spencer County Board of Commissioners. "Through the years I&M has been a tremendous community partner, and we are excited about our continued collaboration and the benefits we will see for many more decades to come. We are excited that Spencer County is taking the lead in the future growth of our State as I&M takes this important step towards its future energy vision and the benefits it provides our community."

The new 1,520 MW facility, known as the Rockport Energy Center, is one of the largest utility construction undertakings in Indiana, expected to bring roughly 1,200 construction jobs and 30 to 40 ongoing operational roles. The facility is expected to reduce reliance on market purchases, limiting exposure to price volatility and supporting long-term cost stability for the company and customers. 

I&M's filing for a certificate of public convenience and necessity (CPCN) for the Rockport Energy Center details the anticipated construction timeline, allocation of construction and operational costs, regional transmission capacity and environmental factors, among other project components.

I&M anticipates a decision from the IURC on the Rockport Energy Center CPCN in early 2027. Under this timeline, construction for the project would begin in 2027, and the plant is expected to be operational in the summer of 2030.

Developing the Rockport Energy Center is part of a broader, disciplined generation strategy, as articulated in I&M's Future Ready plan, which details the resources needed to provide customers with dependable energy and maintain a variety of energy resources.

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 plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 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 32,000 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.

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SOURCE Indiana Michigan Power