Requires the Indiana utility regulatory commission (IURC) to conduct a study to evaluate the effect of new and additional electricity demand from data centers and large load customers on: (1) the costs incurred by energy utilities to meet that demand; and (2) retail electric rates for all customer classes of energy utilities. Sets forth specific topics that the IURC must evaluate as part of the study. Requires the IURC to include in its 2026 annual report the commission's findings with respect to the topics evaluated in the study.