Indiana's State Treasurer Calls for Blocking AES Buyout

Treasurer Daniel Elliott raises concerns about the $33 billion acquisition of AES Indiana by a consortium led by Blackrock.

Mar. 13, 2026 at 8:09pm

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Indiana State Treasurer Daniel Elliott is urging federal regulators to block the $33 billion acquisition of AES Indiana, one of the state's five investor-owned utilities, by a consortium led by investment firm Blackrock. Elliott cites concerns about the investment decisions and backgrounds of the consortium members, including Blackrock's environmental, social and governance (ESG) investing practices, financial problems at CalPERS, and the Qatar Investment Authority's alleged ties to terrorist organizations. Elliott fears the new owners may pass on costs to ratepayers.

Why it matters

The proposed buyout of a major utility in Indiana by a consortium of investment firms raises concerns about the potential impact on electricity rates for consumers. As a regulated monopoly, AES Indiana's rates and operations are closely scrutinized, and the state treasurer is seeking assurances that ratepayers will not be burdened by the new owners' investment decisions or financial issues.

The details

The $33 billion acquisition of AES Indiana is being led by a consortium that includes investment firm Blackrock, Swedish firm EQT, the Qatar Investment Authority, and the California Public Employees' Retirement System (CalPERS). State Treasurer Daniel Elliott has raised concerns about the investment practices and backgrounds of these entities. Elliott previously removed Blackrock from Indiana's public pension investment system over its ESG investing approach, and he believes Blackrock and EQT continue to engage in such practices. Elliott also has concerns about financial problems at CalPERS and the Qatar Investment Authority's alleged ties to terrorist organizations like Hamas. Elliott fears these firms may try to pass on their costs to ratepayers.

  • The proposed $33 billion acquisition of AES Indiana was announced in 2026.

The players

Daniel Elliott

The Republican state treasurer of Indiana who is urging federal regulators to block the acquisition of AES Indiana by the Blackrock-led consortium.

Blackrock

A major investment firm leading the consortium to acquire AES Indiana for $33 billion.

AES Indiana

One of the five investor-owned utilities in the state of Indiana that is the target of the $33 billion acquisition.

EQT

A Swedish investment firm that is part of the consortium seeking to acquire AES Indiana.

Qatar Investment Authority

A sovereign wealth fund from Qatar that is part of the consortium seeking to acquire AES Indiana.

CalPERS

The California Public Employees' Retirement System, a pension fund that is part of the consortium seeking to acquire AES Indiana.

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What they’re saying

“You start to look at that, and you're like, wait a minute, this is a concern, especially when you're looking at something that's a regulated monopoly.”

— Daniel Elliott, Indiana State Treasurer (WISH-TV)

What’s next

The proposed acquisition of AES Indiana must be approved by three federal agencies: the Federal Energy Regulatory Commission, the Federal Trade Commission, and the Committee on Foreign Investments in the United States. Treasurer Elliott is urging these agencies to block the sale unless there are firm assurances that costs will not be passed on to ratepayers.

The takeaway

This case highlights the tension between investment firms' financial interests and the need to protect consumers in regulated utility markets. As a state official, Treasurer Elliott is seeking to ensure that a major utility acquisition does not result in higher electricity rates for Indiana residents, even if it means opposing the deal altogether.