Power Play: Private Equity’s Power Grab of Public Utilities is Reshaping the Energy Grid.
Ohio is the Latest Target.
Innovation Ohio Education Fund • July 2026
Ohio is at the center of the battle for our nation’s power grid. AES Corp., which includes its utility companies AES Ohio (formerly Dayton Power & Light) and AES Indiana, is in the midst of a multibillion-dollar sale to a group of out-of-state private investors. This power grab is the latest attempt in a long line of successful takeovers by predatory private equity firms such as BlackRock, the leading group among the potential buyers of the AES Corp deal.
Key findings:
Ohio is at the center of an historic utility acquisition.
National trends are fueling private equity’s new power grab of public utilities.
Consumers are already facing increasing electricity costs, and consumer advocates have warned against shifting AI infrastructure costs onto households.
Private equity has financial incentives and motivations that stand at odds with the public interest.
Ohio elected officials have been noticeably silent about the deal – despite the influence they hold with key regulatory bodies in Columbus and D.C.
Regulators have significant authority to protect consumers, a safeguard that is necessary to shield residents from increased costs and damaging business operations.