FORT WAYNE, INDIANA – Indiana Michigan Power (I&M), a subsidiary of American Electric Power (AEP), has requested approval from the Indiana Utility Regulatory Commission (IURC) to acquire the 870-megawatt Oregon Clean Energy Center located in Oregon, Ohio.
According to filings by I&M, the acquisition of this power plant is a crucial part of its “Future Ready” plan to address surging electricity demand and diversify its generation portfolio. The IURC will deliberate whether the acquisition aligns with public interest and is reasonable.
“I&M has identified the need for additional power generation, and we believe the Oregon Clean Energy Center presents a significant opportunity to further diversify our current generation portfolio and provide a foundation for future growth,” said Steve Baker, I&M President and Chief Operating Officer. “It is our responsibility to provide reliable and affordable power to our customers, both now and in the future.”
I&M anticipates a decision from the IURC in early 2026 and plans to submit additional filings to the IURC throughout 2025 to secure further resources consistent with its Future Ready plan.
Key Aspects of the ‘Future Ready’ Plan
I&M has stated that it is experiencing an “unprecedented time,” projecting that peak electricity demand in its Indiana service territory will more than double from approximately 2,800 MW in 2024 to over 7,000 MW by 2030. In response, I&M views this rapid increase in energy demand as an opportunity to “reshape” how it serves current and future customers.
I&M’s current generation portfolio includes a diverse mix of energy sources, including solar, wind, nuclear, coal, and hydro. The company plans to adopt an “all of the above” approach to ensure a “reliable power system that customers can afford” in the future.
In late March, I&M submitted its “2024 Integrated Resource Plan (IRP)” to the IURC, outlining its electricity demand forecasts and supply plans for the next 20 years. In Indiana, an IRP must be submitted every three years, and a similar process will take place next year for its Michigan service territory.
The 2024 Indiana IRP aims to secure additional renewable energy and natural gas resources to meet the anticipated energy demand. Specifically, it includes solar, energy storage, wind, natural gas combined cycle and combustion turbine power plants, as well as the relicensing of the Elkhart and Mottville hydroelectric plants in 2030 and 2033, respectively.
These plans are in addition to the solar, wind, and natural gas generation capacity already approved by the IURC as replacements for the Rockport coal-fired power plant, which is scheduled to retire by the end of 2028.
Furthermore, the 2024 Indiana IRP recommends the relicensing of Units 1 and 2 of the D.C. Cook Nuclear Plant located in Bridgman, Michigan. The current operating licenses for Units 1 and 2 are set to expire in 2034 and 2037, respectively, and new licenses are expected to extend their operation until 2054 and 2057.
In addition, the Future Ready plan mentions the opportunity and benefits of developing Small Modular Reactor (SMR) technology at the Rockport Plant site in Spencer County, Indiana. SMRs are projected to provide approximately 600 MW of electricity capacity by 2037. I&M initiated the early stages for SMR technology adoption through a grant application to the U.S. Department of Energy (DOE) in January. If the grant is secured, it is expected to cover a portion of the initial site permitting costs required for SMR technology implementation.
The acquisition of the Oregon Clean Energy Center represents a significant step in I&M’s Future Ready plan, demonstrating I&M’s commitment to reliably meeting surging electricity demand and flexibly adapting to future energy market changes. The final decision of the IURC is highly anticipated.
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