<TABLE> <S> <C>

<ARTICLE> UT
<CIK> 0000728391
<NAME> IPALCO ENTERPRISES, INC.
<MULTIPLIER> 1,000

<S>                             <C>                     <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   6-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1997             DEC-31-1997
<PERIOD-END>                               MAR-31-1997             JUN-30-1997             SEP-30-1997
<BOOK-VALUE>                                  PER-BOOK                PER-BOOK                PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                    1,777,887               1,771,475               1,765,048
<OTHER-PROPERTY-AND-INVEST>                    112,949                 112,787                 112,744
<TOTAL-CURRENT-ASSETS>                         128,010                 103,783                 119,642
<TOTAL-DEFERRED-CHARGES>                       152,259                 160,751                 157,851
<OTHER-ASSETS>                                       0                       0                       0
<TOTAL-ASSETS>                               2,171,105               2,148,796               2,155,285
<COMMON>                                       390,367                 392,190                 393,604
<CAPITAL-SURPLUS-PAID-IN>                            0                       0                       0
<RETAINED-EARNINGS>                            488,244                 498,192                 524,552
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 879,974                 490,483                 518,257
<PREFERRED-MANDATORY>                                0                       0                       0
<PREFERRED>                                     51,898                  51,898                  51,898
<LONG-TERM-DEBT-NET>                           662,603               1,033,416               1,033,134
<SHORT-TERM-NOTES>                               8,000                   6,000                  10,000
<LONG-TERM-NOTES-PAYABLE>                            0                       0                       0
<COMMERCIAL-PAPER-OBLIGATIONS>                       0                       0                       0
<LONG-TERM-DEBT-CURRENT-PORT>                   11,250                  30,200                  12,794
<PREFERRED-STOCK-CURRENT>                            0                       0                       0
<CAPITAL-LEASE-OBLIGATIONS>                          0                       0                       0
<LEASES-CURRENT>                                     0                       0                       0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 557,380                 536,799                 529,202
<TOT-CAPITALIZATION-AND-LIAB>                2,171,105               2,148,796               2,155,285
<GROSS-OPERATING-REVENUE>                      195,299                 379,076                 582,948
<INCOME-TAX-EXPENSE>                            19,827                  36,324                  59,353
<OTHER-OPERATING-EXPENSES>                     130,938                 259,126                 391,149
<TOTAL-OPERATING-EXPENSES>                     150,765                 295,450                 450,502
<OPERATING-INCOME-LOSS>                         44,534                  83,626                 132,446
<OTHER-INCOME-NET>                                 695                   3,426                   6,342
<INCOME-BEFORE-INTEREST-EXPEN>                  45,229                  87,052                 138,788
<TOTAL-INTEREST-EXPENSE>                        12,181                  29,815                  48,136
<NET-INCOME>                                    51,395                  75,584                 108,999
<PREFERRED-STOCK-DIVIDENDS>                        795                   1,591                   2,386
<EARNINGS-AVAILABLE-FOR-COMM>                   51,395                  75,584                 108,999
<COMMON-STOCK-DIVIDENDS>                        21,103                  35,363                  46,514
<TOTAL-INTEREST-ON-BONDS>                            0                       0                       0
<CASH-FLOW-OPERATIONS>                          90,661                 124,331                 179,713
<EPS-PRIMARY>                                      .90                    1.43                    2.18
<EPS-DILUTED>                                      .90                    1.43                    2.17


</TABLE>