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Indiana Michigan Power to reduce rates

(Photo Supplied/Indiana Michigan Power)

FORT WAYNE, Ind. (WOWO): Indiana Michigan Power (I&M) has filed a rate settlement agreement with the Indiana Utility Regulatory Commission (IURC) that will see about a five percent reduction in rates for customers.

I&M will reduce base rates for Indiana residential customers over two phases, with a decrease of about one percent in May 2022 and a larger decrease in January 2023.

RELATED: State utility watchdog advises against I&M rate hike request

The move comes after the Indiana Office of Utility Consumer Counselor recommended a rate decrease following I&M’s requested rate hike of 6.5 percent, or nearly $10 per month for the average residential customer. They also sought to raise the monthly residential customer charge from $15 to $20.

The power company says a separate settlement agreement reached in September allowed for the ability to reduce rates. That agreement removes the Unit 2 portion of I&M’s coal-fueled generation plant in Rockport from customer rates starting in January 2023.

A hearing will be conducted by the IURC next month to review the settlement agreement, with a final ruling expected in 2022.

I&M says they will continue with their investment of $350 million in reliability and grid resiliency improvements. That includes replacing more than 2,500 poles and replacing 120 miles of power lines, upgrading 16 substations, and inspecting and maintaining vegetation along 4,000 line miles.

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