FORT WAYNE, Ind. (WOWO) – Indiana Michigan Power submitted its ‘Powering Our Future’ program Wednesday to the Indiana Regulatory Commission.
A requested rate change would involve a 6.8% increase that would vary for residential, commercial, and industrial customers. The new rates would be phased in over two years, with the first increase in mid-2024 and the second in early 2025.
I&M says once implemented, the increase would result in a typical residential customer who uses 1,000 kilowatt-hours of electricity a month paying $176.99 a month, up from $162.16.
Included in the increase, the residential service charge would increase from $14.79 to $17.50.
In addition to rate changes, the program calls for the following,
- Replacing more than 2,800 poles and 240 miles of wires.
- Introducing a new, voluntary payment option that would allow customers to pay in advance and receive daily updates on usage.
- Seeking regulatory approval for a study looking into applying for an extension to the licenses for two units at the Cook Nuclear Plant in Bridgman, Michigan.
- A new customer information system.
- Expanding broadband access.
The Indiana Utility Regulatory Commission will review the plans using a transparent process that will offer an opportunity for public review and input.
Customers can learn more here.
