Indiana Michigan Power has filed with the Indiana Utility Regulatory Commission seeking approval to acquire the Sycamore Riverside Energy Center, a planned 918-megawatt natural gas combustion turbine generation facility to be built in Sullivan County, Indiana.

The filing, made by the American Electric Power subsidiary, marks a significant step forward for the project, which is being developed by Invenergy, North America's largest privately held independent power producer.

Project Details and Timeline

The Sycamore Riverside Energy Center is designed as a dispatchable natural gas combustion turbine facility, providing on-demand power during periods of peak energy demand.

The site is located adjacent to I&M's retired Breed Generation Facility in Sullivan County, a community where Invenergy already has an established presence. The Sycamore Riverside Energy Center will be Invenergy's third project in the county.

Indiana Michigan Power anticipates a decision from the Indiana Utility Regulatory Commission on its certificate of public convenience and necessity request by the end of 2026.

If the commission approves the filing within that timeframe, I&M is expected to take ownership of the facility in March 2029, following the completion of construction and commissioning.

The IURC will evaluate the acquisition to determine whether it is reasonable and in the public interest. The filing submitted by I&M includes additional information on future operating plans, fuel supply strategy, the status of major equipment purchases, and affordability considerations.

Surging Demand Drives the Investment

The proposal comes as Indiana Michigan Power faces what it describes as an unprecedented period of demand growth. The company projects that peak power demand in Indiana will more than double, rising from approximately 2,800 megawatts in 2024 to more than 7,000 megawatts in the 2030 timeframe. That scale of growth is reshaping how the utility plans to serve both its existing and future customer base.

Steve Baker, I&M president and chief operating officer, framed the Sycamore Riverside project as a critical component of the company's strategy to maintain reliable service amid that expansion.

"As our communities continue to grow, we are investing in a diverse generation portfolio consisting of new and existing facilities, designed to meet our customers' future energy needs," Baker said. "The Sycamore Riverside Energy Center is a dispatchable resource, providing reliable on-demand power during periods of peak energy needs."

Daniel Runyan, Invenergy's senior vice president of development, echoed that framing. "As energy demand continues to grow, unlocking reliable, affordable, domestic energy helps ensure that Indiana customers have consistent power when they need it most," Runyan said.

Part of I&M's Future Ready Plan

The Sycamore Riverside acquisition is a component of I&M's broader Future Ready plan, which outlines the resources the company believes are necessary to deliver reliable and affordable energy to its customers both today and in the years ahead.

According to the company, the cost of the project will not affect I&M's ability to request a reduction in base rates or a multi-year freeze of non-fuel rates for Indiana customers.

I&M currently operates a generation portfolio that spans a wide range of energy sources. The company has 2,278 megawatts of nuclear generation in Michigan, 450 megawatts of purchased wind generation from Indiana, more than 22 megawatts of hydro generation across both states, approximately 35 megawatts of large-scale solar generation in both states, and 1,497 megawatts of coal-fueled generation. The company reported that more than 85 percent of the energy it delivered in 2024 was emission-free.

The addition of a large-scale natural gas facility reflects the company's stated goal of maintaining a diverse generation mix that can support grid reliability as demand accelerates. I&M is headquartered in Fort Wayne and serves more than 600,000 customers through a workforce of approximately 2,000 employees.

Invenergy's Role and Track Record

Invenergy is serving as the developer of the Sycamore Riverside Energy Center and has entered into the offtake agreement with I&M that underpins the utility's regulatory filing.

The Chicago-based company describes itself as North America's largest privately held developer, owner, and operator of power infrastructure and points to 25 years of project execution experience.

The company's involvement in Sullivan County predates the Sycamore Riverside project. With two prior projects already developed in the county, Invenergy characterized its relationship with the local community as well established, and I&M noted its own long history of collaboration with the area, citing the proximity of the new facility to the retired Breed Generation Facility as a further connection to the region.

AEP's Broader Investment Context

Indiana Michigan Power is a subsidiary of American Electric Power, which is publicly traded on the Nasdaq under the ticker AEP and is headquartered in Columbus, Ohio. AEP has announced plans to invest USD 72 billion between 2026 and 2030 to enhance service for customers and support growing energy demand across its service territories.

AEP operates the nation's largest electric transmission system, with approximately 40,000 line miles, and distributes electricity to 5.6 million customers across 11 states through more than 252,000 miles of distribution lines.

The company's generating capacity totals approximately 31,000 megawatts across its owned and contracted portfolio. Indiana Michigan Power is one of several AEP operating companies, alongside AEP Ohio, AEP Texas, Appalachian Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company.

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