INDIANAPOLIS, Ind. (WOWO) — The world’s largest asset manager is reportedly looking to buy one of Indiana’s largest utility providers.

Multiple reports are stating that BlackRock is nearing a purchase of AES, who provides power to Indianapolis and surrounding areas. Global Infrastructure Partners, who’s owned by BlackRock, wants to acquire the Virginia-based power group for around $38 billion.

The Financial Times first reported the news of a possible transaction earlier this month.

The reports come at a time when AES Indiana is seeking a rate increase. They’ve asked state regulators to approve a rate hike that would increase electric bills for Hoosiers by an average of $21 a month.

The Indiana Utility Regulatory Commission (IURC) has to approve any rate increases sought by utility companies. Some consumer advocates worry that if the BlackRock purchase goes through, rates would climb even higher.

Neither BlackRock, nor AES has commented on the potential deal.