Marni Lemons  (317)261-8219 
                                          Susan Hanafee (317)261-8763  
 
 
 
 
 
 
 
 
                IPALCO To Delay Construction of Power Plant 
 
     Indianapolis, IN., September 28, 1994 -- IPALCO Enterprises, Inc., the 
parent company of Indianapolis Power & Light Company (IPL), announced today
that IPL will further delay the construction of a new, base-load power plant in 
Switzerland County in Southern Indiana, to a date beyond the Company's current 
five-year Construction Program. 
 
     "As part of our ongoing efforts to keep costs as low as possible, we have 
intentionally orchestrated a flexible start date for this project.  This will 
allow us to take advantage -- as long as possible -- of supplies of bulk power, 
which we believe will be available several years into the next decade," said
John R. Hodowal, IPALCO Chairman and President. 
 
     "Our focus will continue to be -- as it has been in the past 
 -- to assure a reliable supply of low-cost electricity for our customers.  And 
even though we are delaying the construction of about 800 megawatts of new co- 
owned, base-load, coal-fired electric generating capacity, we will not allow
our quality of service to deteriorate," Hodowal added. 
 
     He stressed that IPALCO remains committed to the communities in
Switzerland County and to the location near Patriot, Indiana, as a priority
site when a new base-load power plant resurfaces as part of IPALCO's
generation program. 
 
     "It is our responsibility to continually analyze and refine our options -- 
from power purchases to combustion turbine construction -- in our search for
the most reliable, low-cost power.  And as a result of this continuing
analysis, construction can be delayed for several years without affecting the
quality of service to our customers," Hodowal said. 
 
     IPALCO Enterprises, Inc., is a multi-state energy company providing a 
variety of energy products and services.  Its principal subsidiary,
Indianapolis Power & Light Company, provides electric service to
approximately 400,000 commercial, residential and industrial customers in
Indianapolis and in portions of other Central Indiana communities. 
 
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                                                       Exhibit 99