IPL Leaders Officially Open One of the Cleanest, Most Efficient Natural Gas Power Plants

New power plant provides enough generation capacity to power 370,000 homes

Indianapolis Power & Light Company (IPL), a subsidiary of The AES Corporation AES, celebrated the commercial operation of its Combined-Cycle Gas Turbine (CCGT) natural gas power plant located at the Eagle Valley Generating Station today in Martinsville, Indiana. This state-of-the-art power plant provides cleaner, more reliable, and efficient energy at a reasonable cost to customers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180710005803/en/

IPL leaders and Indiana officials ceremoniously cut the ribbon on IPL's new Combined-Cycle Gas Turbine (CCGT) natural gas power plant at its Eagle Valley Generating Station in Martinsville, Indiana. Pictured from left to right: Indiana Secretary of Commerce Jim Schellinger, Mayor of Martinsville Shannon Kohl, IPL Board Chairman Ken Zagzebski, IPL CCGT Plant Manager Kevin Cook, IPL President and CEO Craig Jackson, CDPQ Representative and IPL Board Member Renaud Faucher, and Senior Vice President of North, Central and South America at McDermott Richard Heo. (Photo: Business Wire)

"IPL is committed to developing and implementing energy solutions that balance affordability for our customers and the impact on the environment," said Craig Jackson, IPL President and CEO. "This natural gas plant has enabled IPL to significantly reduce its dependence on coal while still delivering safe, reliable, and sustainable energy for our customers."

The CCGT natural gas plant is one of the cleanest power plants ever to be built. It is nearly twice as efficient and will reduce the rate of key emissions by 98 percent compared to the coal and oil fired units it replaced. Water use and wastewater generation will significantly reduce as well.

"Energy reliability is an important factor in maintaining Indiana's current economic momentum," said Indiana Secretary of Commerce Jim Schellinger. "We're excited to join AES and IPL in celebrating its new state-of-the-art natural gas power plant in Martinsville and are grateful for their continued commitment to the community and throughout the state of Indiana."

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.

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 AES is a Fortune 500 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180710005803/en/