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July 14, 2021

Citizens Reservoir Wins 2020 Project of the Year from the American Society of Civil Engineers (Indiana Section)

INDIANAPOLIS – Citizens Energy Group’s new Citizens Reservoir has been named 2020 Project of the Year by the American Society of Civil Engineers (Indiana Section). The award recognizes the most outstanding or unique project built in Indiana and completed during the current or past year.

Citizens Vice President of Water Operations Jeff Willman said, “We are very pleased to receive the Project of the Year Award from the American Society of Civil Engineers (Indiana Section). Citizens Reservoir is a transformational project for Central Indiana and will be vital to ensuring adequate water supply for Citizens’ eight-county service area for many years to come.”

Citizens Reservoir is 230 feet deep, has a surface area of 90 acres, and holds approximately 3 billion gallons of water. It is located adjacent to Geist Reservoir along Olio Road. Construction on Citizens Reservoir was completed in late 2020, and it was filled with water from Geist Reservoir in early 2021. During dry periods, up to 30 million gallons per day of stored water can be pumped from Citizens Reservoir into Geist Reservoir and allowed to flow downstream to Citizens’ Fall Creek Water Treatment Plant and White River Water Treatment Plant for processing and distribution throughout Central Indiana.

To learn more about Citizens Reservoir and how it will benefit Central Indiana – and to view videos giving you a front-row seat to this historic project – click here.

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March 23, 2020

Citizens Seeking to Reconnect All Water and Natural Gas Customers

Customers Previously Disconnected Asked to Contact Utility Immediately

INDIANAPOLIS – Citizens Energy Group is asking customers whose utility services have been turned off for non-payment to call the utility at **(317) 924-3311 **to have their service reconnected. Citizens will work to reconnect customers as soon as possible.

“Because of the importance of hand washing and hygiene during the COVID-19 emergency, Citizens urges all customers without water and/or natural gas service to call us immediately,” said Jeffrey Harrison, President & CEO of Citizens Energy Group. “During this serious public health emergency, Citizens is working to do everything it can to help customers in need.”

Citizens will accept whatever payment customers can make to reconnect their service and will use assistance from various sources to help with the outstanding balances until those funds are depleted. Because of the nature of this crisis, preference for reconnection will be given to water and wastewater customers first, then natural gas customers.

Citizens also is suspending utility disconnections during the COVID-19 public health emergency, in accordance with an executive order issued on March 19 by Indiana Governor Eric Holcomb. The utility had previously announced suspension of all utility disconnections through April 15. Citizens is waiving deposits, late fees and reconnection fees during this period as well.

It may take some time to turn services back on, but Citizens employees will work as safely and quickly as possible. For the safety of our customers and employees, Citizens asks that customers not approach our employees while they are performing this work. We request that customers follow social distancing recommendations issued by the U.S. Centers for Disease Control and Prevention that call for maintaining a 6-foot distance between people.

Citizens urges customers to utilize the various self-service functions available on its website at www.CitizensEnergyGroup.com, given the expected increase in call volume to its Contact Center. Citizens also encourages anyone who would like to help provide financial assistance to customers in need to donate via Warm Heart Warm Home.

“We appreciate the patience of our customers as we process these reconnect orders. Citizens stands ready to continue providing safe, reliable utility service to the community as it endures the hardships of the COVID-19 emergency,” said Harrison.

About Citizens Energy Group

Citizens Energy Group provides safe and reliable utility services to about 800,000 people in the Indianapolis area. Citizens operates its utilities only for the benefit of customers and the community.

Media Contact Information

Dan Considine
(C) 317-519-1515

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March 17, 2020

Citizens Continues to Provide Safe and Reliable Utility Services

Service Interruptions Due to COVID-19 Not Expected

INDIANAPOLIS – Citizens Energy Group is well prepared to ensure its vital utility services are not interrupted during the COVID-19 emergency.

Water from Citizens continues to be safe for our customers. According to the United States Environmental Protection Agency (U.S. EPA) and the Centers for Disease Control and Prevention (CDC), COVID-19 has not been detected in drinking water. Conventional water treatment methods that use filtration and disinfection, such as those used at Citizens, should remove or inactivate the virus that causes COVID-19.

Citizens operates multiple water and wastewater treatment facilities serving Indianapolis and the surrounding area. These facilities continuously meet or exceed U.S. EPA requirements and are well equipped to continue providing safe, reliable service to customers.

As always, Citizens urges customers to call (317) 924-3311 if they suspect a natural gas leak at their home or business. Citizens personnel are prepared to immediately come on site to inspect for a leak and will follow special procedures during their visit to ensure the health and safety of customers.

Citizens has suspended utility service disconnections until April 15. All customers are urged to do their best to stay current on their utility bills. Customers who need assistance should call Citizens at (317) 924-3311. Representatives will work with individual customers to determine whether they qualify for assistance and/or set up flexible payment arrangements.

For answers to frequently asked questions and for updates as they arise, visit www.citizensenergygroup.com/COVID-19.   

About Citizens Energy Group

Citizens Energy Group provides safe and reliable utility services to about 800,000 people in the Indianapolis area. Citizens operates its utilities only for the benefit of customers and the community.

Media Contact Information

Dan Considine
(C) 317-519-1515

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September 6, 2019

Press Release
Fitch Upgrades Indiana Finance Auth CWA Project First Lien Wastewater Revs to 'A+'; Outlook Stable

Fitch Ratings assigns an 'A+' rating to the following Indiana Finance Authority (IFA) bonds issued on behalf of CWA Authority, IN (CWA):

--Approximately $40.5 million first lien wastewater utility revenue bonds, series 2019A (CWA Authority Project) (Green Bonds).

The 2019A bonds are being sold to fund various CWA wastewater system (the system) capital improvements, repay draws under a line of credit, fund a debt service reserve surety policy and pay costs of issuance. The bonds are expected to sell via negotiation the week of Sept. 23, 2019.

Fitch also upgrades to 'A+' from 'A' the rating on the following outstanding IFA bonds issued on behalf of CWA:

--$559.8 million in outstanding first lien wastewater utility revenue bonds, series 2014A 2015A and 2016A (CWA Authority Project);
--$41.9 million in outstanding second lien wastewater utility refunding revenue bonds, series 2016B (CWA Authority Project).

The Rating Outlook is Stable.

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September 4, 2019

Press Release
Moody's upgrades CWA Authority, Inc. (IN) to Aa3 from A1; outlook stable

Moody's Investors Service ("Moody's") has assigned a Aa3 rating to the
CWA Authority, Inc.'s $40.5 million First Lien Wastewater Utility Revenue Bonds, Series 2019A (CWA Authority
Project) (Green Bonds). Concurrently, Moody's upgraded CWA's outstanding senior lien and subordinate lien
revenue bond ratings to Aa3 and A1, from A1 and A2, respectively. After the 2019A issuance, CWA Authority,
Inc. will have approximately $1.8 billion of debt outstanding. The outlook is stable.

CWA Authority, Inc.'s (CWA) senior lien upgrade to Aa3 from A1 reflects the utility's successful implementation
of rate increases to recover costs, pay debt service, and maintain a sound financial position until the federally
mandated consent decree is substantially completed in 2025. The Aa3 rating also contemplates the consent
decree capital plan, which is several months ahead of schedule and roughly $400 million under budget. CWA
is managed by Citizens Energy Group (Citizens) through a charitable trust structure, and serves Indianapolis -
Marion County, IN (Aaa stable). Rates are regulated by the Indiana Utility Regulatory Commission (IURC),
which is unusual for municipal utilities. Despite CWA's rate regulated status, the utility has been able to secure
approval for rate increases cumulatively amounting to just shy of 75% since 2014, demonstrating the IURC's
credit supportive actions concerning CWA's rate increase requests. The wastewater bond indenture is closed
loop, is isolated from any of Citizens' non-core business operations, and the bonds are secured by a fully
funded debt service reserve.

CWA's subordinate lien upgrade to A1 from A2 reflects the same dynamics that led to the senior lien upgrade,
however subordinate lien debt service payments are made after senior lien payments in the flow of funds and
the subordinate lien has a lower rate covenant.

The outlook is stable given our expectation for steady debt service coverage levels around 1.5x, no need for
significant rate increase requests to complete the consent decree capital plan and for the consent decree
capital plan to remain ahead of schedule and below budget.

- Once the consent decree capital plan is completed
- Debt service coverage ratio consistently above 1.75x

- Debt service coverage ratio consistently below 1.25x
- Major construction delays associated with the consent decree capital plan

The wastewater bonds are secured by the net revenues of the wastewater system. The indenture provides for
a 1.20x on all First Lien Debt Service Requirement (with adjustments for rate stabilization transfers) or 1.0x on
all required First Lien deposits. The indenture provides for a 1.10x on Second Lien Debt Service Requirements
(with adjustments for rate stabilization) or 1.0x on all required Second Lien deposits. The debt service reserve
consists of the lesser of 10% of par amount of bonds, maximum annual debt service, or 125% of average
annual debt service.

Finance the costs of improvements and additions to the wastewater system and fund a debt service reserve
for the CWA Authority, Inc. 2019A bonds.

Citizens Energy Group (Citizens) is the trade name of the Department of Public Utilities of the City of
Indianapolis, Indiana (Department). The Department was formed in 1929 to provide the governance structure
for the City of Indianapolis to act as a successor trustee of a public charitable trust (Energy Trust) providing
natural gas utility services in the City of Indianapolis and to own and operate other utility systems serving areas
within and outside the City of Indianapolis.

Citizens operates: the Gas Utility & Distribution System, the Thermal Energy System, the Water System and
CWA. Each system has issued debt independently secured by pledged revenues of each system to a separate
dedicated trust. These separate trusts are designed to insulate one trust from liability for obligations for
another trust, so they do not become jointly liable solely because the same entity is the trust of both. Each
indenture permits Citizens or CWA, as applicable, authority to use residual revenues for other purposes
permitted by the language of the respective indenture. Citizens' water indenture and CWA's wastewater
indentures, however, permit only the use of the excess revenues for the water and wastewater systems,

The wastewater system is owned by CWA, a separate nonprofit corporation, which, through an inter-local
agreement entered into between Citizens and the City of Indianapolis, has the power to exercise all rights and
powers of the City, except the City's taxing power, and Citizens in connection with the provision of wastewater
utility services. The Wastewater System is managed by employees of Citizens under an operating agreement
between Citizens and CWA.

The principal methodology used in these ratings was US Municipal Utility Revenue Debt published in October
2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain
regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series,
category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from
existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this
announcement provides certain regulatory disclosures in relation to the credit rating action on the support
provider and in relation to each particular credit rating action for securities that derive their credit ratings from
the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be
assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms
have not changed prior to the assignment of the definitive rating in a manner that would have affected the
rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related
rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal
entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures
for each credit rating.

Thomas Brigandi
Lead Analyst
Project Finance
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653
Kurt Krummenacker
Additional Contact
Project Finance
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

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February 1, 2019

Citizens Meets Record Demand for Natural Gas

Citizens Energy Group delivered a record amount of natural gas to its customers during the extraordinarily cold weather from Tuesday through Thursday this week. On Thursday, the utility established a new one-day record for gas deliveries, eclipsing the previous single-day record set on January 1, 2018.

“Citizens met the needs of its customers during this record cold snap thanks to careful supply planning and the daily dedication of our employees,” said Jeffrey Harrison, Citizens Energy Group President & CEO.

Multiple suppliers and Citizens’ extensive natural gas storage capacity help ensure the utility has the natural gas its customers need during periods of peak demand. In addition, more than $650 million of system investments made over the past 30 years have made Citizens’ natural gas system one of the safest and most reliable urban gas utilities in the nation. The safety and integrity of the Citizens natural gas system is confirmed by an ongoing study by the Environmental Defense Fund and Google Maps, which found minimal leaks on the Indianapolis system compared to other cities across the U.S. The study can be found here.

Although the increased consumption from the cold snap may impact customers’ bill, the average annual residential gas bill in Indianapolis has declined more than 40 percent since 2009, or about $500.

“Citizens has been able to enter into long-term supply contracts that have helped us leverage falling natural gas prices to deliver significant savings to our customers,” said Harrison.

In addition to meeting the demands of customers as a primary heat source, Citizens is also meeting increasing demands for natural gas from Indianapolis Power & Light, which recently converted its second-largest electric generation plant, Harding Generating Station, from coal to natural gas.

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September 24, 2018

Citizens Completes Mining Half of DigIndy Tunnel System

Citizens Energy Group announced today it has completed mining more than half of the 28-mile DigIndy Tunnel System, which is now ahead of schedule and approximately $400 million below the original budget.

When complete in 2025, DigIndy will prevent up to 99 percent of sewer overflows now impacting area waterways when it rains as little as a quarter of an inch. Since opening the first 10 miles of the system on Dec. 29, 2017, DigIndy has prevented more than 500 million gallons of sewage from overflowing into the White River and Eagle Creek across southern Marion County.

“Citizens employees are working hard every day to find innovative ways to keep the DigIndy Project ahead of schedule and below budget, while maximizing benefits for our environment,” said Jeffrey Harrison, President & CEO of Citizens Energy Group. “DigIndy is now functioning just as it was designed. Keeping 500 million gallons of sewage out of area waterways over the past nine months is a tremendous accomplishment resulting from years of careful planning.”

Mayor Joe Hogsett commented that DigIndy is a “transformational project for Indianapolis. As DigIndy restores area waterways to their original splendor, it is enhancing recreational opportunities, while sparking economic and neighborhood redevelopment across our community.”

Harrison thanked the community for its understanding and patience as it completes the largest infrastructure project in Indianapolis history. “We recognize the impact the cost of DigIndy is having on customer rates and that’s why we are more focused than ever on leveraging innovation to hold down project and operating costs. We also appreciate the community’s patience as we complete disruptive surface projects associated with the tunnel system,” Harrison said.

The Indianapolis Department of Public of Works and IndyGo are working closely with Citizens to coordinate project schedules such as bridge replacements and the Red Line construction to minimize inconvenience for residents and motorists.

In addition to building the tunnel system 250 feet beneath the city, Citizens is constructing new consolidated sewers and drop shafts that will convey sewer overflows to the tunnel. Over the next seven years, residents will notice large cranes in areas of the city where drop shafts are being constructed. The utility has already more than doubled the capacity of its two advanced wastewater treatment plants to process volumes captured by the tunnel system.

To learn more about how the DigIndy Tunnel System will improve our community, visit www.DigIndyTunnel.com. For construction updates, follow us on Twitter: @DigIndy.

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