Indiana NewsLocal News

I&M significantly reduces rate hike request

(Photo Supplied/ I&M Power)

FORT WAYNE, Ind. (WOWO) – Indiana Michigan Power (I&M) submitted a settlement agreement, significantly reducing the originally requested rates for its Building the Future proposal.

The company proposed a 20% rate hike back in July 2017, saying it would help pay for higher operating costs.

RELATED: Public hearing scheduled over I&M rate hike request

I&M’s newly proposed overall request is for an increase of $96.8 million, or 7.26 percent, which stems from the company’s new ability to pass savings from the federal Tax Cuts and Jobs Act to customers. The monthly increase for a residential customer who uses 1,000 kilowatt hours would be $9.41, or 32 cents per day.

The agreement is subject to approval by the Indiana Utility Regulatory Commission (IURC).

I&M plans to establish new programs to help low-income customers and offer economic development incentives to communities.

Related posts

Dicey Conditions Expected Throughout Tuesday Morning Commute

Michael McIntyre

Parkview vaccine clinic to move to new location starting Tuesday

Caleb Hatch

16-Year-Old Sentenced to 25 Years in Prison

WOWO News

Leave a Comment