IPL Accelerates Toward a Cleaner Energy Future with Completion of Eagle Valley Natural Gas Plant

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 IPLÔÇÖs Eagle Valley
Generating Station, located in Martinsville, Indiana, ensures a more
diverse, reliable and cleaner portfolio of generation for customers.

ÔÇ£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,ÔÇØ
said Craig Jackson, IPL President and CEO. ÔÇ£Our future is focused on
accelerating cleaner, smarter and affordable options for our customers
and we are proud of the efforts weÔÇÖve made over the last few years to
significantly reduce our dependence on coal and focus toward a more
balanced energy mix.ÔÇØ

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,
IPLÔÇÖs 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 IPLÔÇÖs Harding Street Station in 2016, makes
natural gas IPLÔÇÖs 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
IPLÔÇÖs 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 worldÔÇÖs
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.

Contacts

Indianapolis Power & Light Company
Claire Dalton, 317-829-7737
(Office)
Media Hotline: 317-261-5905
[email protected]