IN HB1186

Public utilities in Indiana are prohibited from selling, assigning, transferring, leasing, or encumbering their franchise, business, property, or stock to "prohibited persons" after February 27, 2026

"Prohibited persons" include private equity firms and their affiliates, as well as citizens or companies owned, controlled, or headquartered in China, Iran, North Korea, Russia, or countries designated by the governor as threats to critical infrastructure

The Indiana Utility Regulatory Commission is barred from approving any such transactions, and any contracts for prohibited transactions are automatically void

Stock holdings and transactions lawfully acquired or consummated before February 28, 2026 are grandfathered and not subject to the new restrictions

The bill is declared an emergency measure and takes effect immediately upon passage