Braun replaces chairman of the Utility Regulatory Commission days after AES rate-hike decision

by Casey Smith, Indiana Capital Chronicle
June 22, 2026

Six months after tapping former state senator Andy Zay to lead the Indiana Utility Regulatory Commission, Gov. Mike Braun removed him from the chairman’s post Monday and installed Commissioner Anthony Swinger as the new leader.

The shake-up comes days after Braun publicly criticized regulators’ approval of a major AES Indiana rate increase.

“Effective immediately, I am naming Anthony Swinger the new chairman of the Indiana Utility Regulatory Commission,” Braun said in a statement posted Monday evening on X. “Affordability is my top priority and I am confident Chairman Swinger will deliver on that priority for Hoosiers.”

Zay will remain on the powerful five-member commission tasked with overseeing the state’s biggest utility companies. He did not immediately reply to the Indiana Capital Chronicle’s request for comment Monday evening.

Zay’s annual salary as chairman was $163,000, compared to $152,000 for Swinger as a commissioner. Indiana law provides that the chairman’s salary is set by the governor but may not be less than $65,000.

That law also allows the governor to remove members from the panel “for cause” but Braun didn’t go that far.

State regulators approve $70M increase for AES, less than utility originally sought

An IURC decision issued last week approved roughly $70 million in new annual revenue for AES Indiana, the Indianapolis-based electric utility.

The increase was smaller than the $193 million sought by the utility but quickly drew criticism from consumer advocates and the Republican governor, who has repeatedly made utility affordability a centerpiece of his administration.

One day after the ruling, Braun publicly called on the commission to rehear the case, arguing that regulators should further scrutinize the utility’s request and consider additional reductions.

Zay was among three commissioners who signed off on the AES decision. Swinger did not vote on the case because of his previous work on the matter with the Indiana Office of Utility Consumer Counselor. That state agency represents utility customers in proceedings.

Braun appointed Zay to the commission in December, along with Swinger and former state senator Bob Deig — and named Zay chairman.

Another commissioner, David Veleta, posted a cryptic message on LinkedIn shortly after Braun’s announcement.

“After 17 years at the Indiana Utility Regulatory Commission, the last four as Commissioner, I’m ready for what’s next. Much of my recent work has focused on the issues reshaping the grid: large loads and data center growth, cost allocation, and PJM market and governance reform. If you’re working on these questions, or in energy, regulation, and policy more broadly, I’d love to talk.”

Neither Braun’s office nor Veleta confirmed if he has resigned.

Veleta has served on the commission since 2022. Before that he was an administrative law judge with the regulatory agency. His term expires Jan. 21, 2028.

The fifth commissioner, David Ziegner, was first appointed to the commission in 1990 by then-Gov. Evan Bayh. He has been reappointed by four other governors. His term expires April 1, 2027.

Zay, a Huntington Republican, had served in the Indiana Senate since 2016 but resigned from the Senate in January to assume the regulatory role.

At the time, Braun said Hoosiers had faced “excessive and unnecessary utility rate increases for too long” and pledged that his appointees would help prioritize affordability for utility customers.

The IURC plays a central role in determining how much Hoosiers pay for electricity, natural gas, water and other utility services. The commission decides whether utilities can recover costs from customers and what rates companies are permitted to charge.

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Indiana Capital Chronicle is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Indiana Capital Chronicle maintains editorial independence. Contact Editor Niki Kelly for questions: info@indianacapitalchronicle.com.