Consumer advocates warn that BlackRock's potential purchase of AES could send utility rates even higher

INDIANAPOLIS — At a time when AES Indiana is already asking state regulators to approve a rate hike that would increase Hoosiers' electric bills by an average of $21 a month, some consumer advocates believe it may not stop there.

"BlackRock is looking to make as much money as possible off of our backs by taking that money out of our wallets through the various ways that they can leverage that power," Ben Inskeep with the Citizens Action Coalition said.

BlackRock is the world's largest asset manager, and according to a report in The Financial Times, is close to purchasing AES. The utility provider supplies power to Indianapolis and some surrounding areas.

The private equity firm has been buying up utility companies recently. Regulators in Minnesota recently approved BlackRock's purchase