The Citizens Energy Group Board of Directors voted unanimously during its annual meeting to authorize management to pursue several bond refundings and new-money issuances for 2025, approve an SRF loan application for a water-main replacement project, renew lines of credit, and adopt a slate of officers and committee appointments for 2025.

The board authorized management to issue and refund debt for gas, thermal and water utilities during calendar year 2025, with the resolution specifying refundings and new-money caps of up to $100,000,000 for gas, up to $70,000,000 for thermal, and up to $235,000,000 for water. The board also approved renewal of three lines of credit that provide working capital and short-term funding: a $25,000,000 line for gas, a $20,000,000 line for thermal and a $15,000,000 line for water; the renewals were described as consistent with previously approved board resolutions.

The board voted to authorize representatives to make application for State Revolving Fund (SRF) loans for the Martin Dale Brightwood Water Main Replacements project. Separately, the CWA Authority, Inc. board approved authorization to issue/refund CWA series bonds in calendar year 2025, including refundings and new-money borrowing of up to $350,000,000 (to include bond-related costs and expenses) and authorized management to transact on an economic basis through the Indiana Finance Authority SRF or related mechanisms.

In routine governance business the board approved: the 2025 slate of officers (resolution on page 13 of the board portal), appointment of members to the executive and standing committees and compensation for committee chairs and non-chairs (resolution begins on page 14), the appointment of Citizens Energy Group operating officers for 2025 (page 16), and the appointment of individuals authorized to cosign checks and initiate wire transfers (memo, page 17). The board also approved Fuel Cost Adjustment 76 (resolution described on page 19).

All motions were introduced and approved by voice vote with no recorded opposition during the meeting. Several motions were moved and seconded verbally on the record; specific mover/second names were not recorded in the transcript.

The board also recognized an internal personnel promotion: “Sarah,” who was congratulated on her appointment to vice president of capital programs and engineering, effective March 15; no last name was recorded in the public transcript.

Votes at a glance
- Resolution authorizing 2025 gas/thermal/water bond refundings and new-money borrowings (gas up to $100,000,000; thermal up to $70,000,000; water up to $235,000,000): approved by voice vote, no opposition recorded.
- Renewal of three lines of credit (gas $25,000,000; thermal $20,000,000; water $15,000,000): approved by voice vote, no opposition recorded.
- Resolution authorizing application for SRF loans for Martin Dale Brightwood Water Main Replacements: approved by voice vote, no opposition recorded.
- Election of Citizens Energy Group officers (2025 slate): approved by voice vote, no opposition recorded.
- Appointment of executive and standing committee members and compensation: approved by voice vote, no opposition recorded.
- Appointment of Citizens Energy Group operating officers for 2025: approved by voice vote, no opposition recorded.
- Authorization of cosigners and wire-transfer initiators (memo, page 17): approved by voice vote, no opposition recorded.
- Approval of Fuel Cost Adjustment 76: approved by voice vote, no opposition recorded.
- CWA Authority, Inc. authorization to issue/refund CWA series bonds up to $350,000,000 (including bond costs): approved by voice vote, no opposition recorded.
- Election of CWA Authority officers and appointment of CWA operating officers and executive committee recognition: approved by voice vote, no opposition recorded.

What the board did not decide: The authorizations approved allow management to transact on an economic basis in 2025; the transcript does not record any specific bond sale, final pricing, or closing dates. The SRF loan application was authorized; the transcript does not specify loan amounts, terms, or whether the SRF application had been prepared or filed prior to the meeting.

Context and next steps: Several of the debt authorizations and the SRF application were described as contingent on market conditions and demonstration of economic benefit; management and the treasury function were directed to be ready to transact if market conditions become favorable. The transcript notes that the board’s actions were taken under previously approved resolution frameworks; any final issuance, pricing, or SRF approval will be subject to subsequent management execution and external market or agency approvals.

Source: Board meeting transcript excerpts (motions, resolutions and roll-call vocal approvals).