Ohio utility regulators have cleared a major hurdle in the proposed $33 billion take-private acquisition of AES Corp., advancing a deal that would reshape ownership of Dayton-based AES Ohio. The Public Utilities Commission of Ohio approved the sale of AES Ohio’s parent company to a consortium led by Global Infrastructure Partners and EQT Infrastructure in an order issued Sept. 17.
AES Ohio spokesperson Mary Ann Kabel called the decision “an important regulatory milestone,” saying it preserves operational continuity for customers and communities. Under the PUCO order, AES Ohio will keep its Dayton headquarters and senior management team and continue operating as a regulated utility, with no changes to rates, terms and conditions of service.
The commission also imposed governance safeguards, requiring AES board members with interests in data centers to recuse themselves from decisions involving those assets. The provision reflects growing scrutiny of utility consolidation as large data center projects drive new electricity demand across Ohio.
The deal already won shareholder approval in June, but additional regulatory approvals are still required before it can close. AES shares closed at $14.91 on Oct. 2, little changed as investors awaited the next steps in the transaction.
