<ARTICLE> UT
<CIK> 0000050217
<NAME> INDIANAPOLIS POWER & LIGHT COMPANY
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-END>                               SEP-30-1994
<BOOK-VALUE>                                  PER-BOOK
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<OTHER-PROPERTY-AND-INVEST>                      2,879
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<OTHER-ASSETS>                                       0
<TOTAL-ASSETS>                               1,942,959
<COMMON>                                       324,537
<CAPITAL-SURPLUS-PAID-IN>                            0
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<TOTAL-COMMON-STOCKHOLDERS-EQ>                 726,166
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     51,898
<LONG-TERM-DEBT-NET>                           634,114
<SHORT-TERM-NOTES>                              32,500
<LONG-TERM-NOTES-PAYABLE>                            0
<COMMERCIAL-PAPER-OBLIGATIONS>                       0
<LONG-TERM-DEBT-CURRENT-PORT>                      350
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<LEASES-CURRENT>                                     0
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<TOT-CAPITALIZATION-AND-LIAB>                1,942,959
<GROSS-OPERATING-REVENUE>                      525,981
<INCOME-TAX-EXPENSE>                            45,510
<OTHER-OPERATING-EXPENSES>                     366,679
<TOTAL-OPERATING-EXPENSES>                     412,189
<OPERATING-INCOME-LOSS>                        113,792
<OTHER-INCOME-NET>                               2,128
<INCOME-BEFORE-INTEREST-EXPEN>                 115,920
<TOTAL-INTEREST-EXPENSE>                        32,515
<NET-INCOME>                                    83,405
<PREFERRED-STOCK-DIVIDENDS>                      2,386
<EARNINGS-AVAILABLE-FOR-COMM>                   81,019
<COMMON-STOCK-DIVIDENDS>                        59,229
<TOTAL-INTEREST-ON-BONDS>                            0
<CASH-FLOW-OPERATIONS>                         149,298
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0