Indianapolis Power & Light Company (IPL) received approval for its $1.2 billion electric grid modernization scheme from the Indiana Utility Regulatory Commission (IURC).

The seven-year project will see IPL upgrade and replace aging equipment at substations, including power transformers, breakers, and batteries, and invest in new technology, equipment, and systems, reports Daily Energy Insider.

The new investments include a self-healing electric grid, which would allow IPL to isolate problems automatically and re-route power around the problem, as well as "smart" AMI meters that automatically let IPL know when the power is out and restored.

"Through our revamp investments, IPL's goal is to continue to deliver safe, reliable, and affordable energy solutions to all customers," said Vince Parisi, president and CEO of Indianapolis Power & Light Company.

The approval does not pertain to new customer rates.

Source: IPL