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IURC approves I&M rate reduction

(Photo Supplied/Indiana Michigan Power)

FORT WAYNE, Ind. (WOWO): Rates for Indiana Michigan Power (I&M) customers will drop by nearly 6 percent.

The Indiana Utility Regulatory Commission (IURC) approved a rate settlement agreement that will reduce base rates for Indiana customers by $94.7 million. This will occur over two phases with the first phase effective immediately. The second phase will come in January 2023.

RELATED: Indiana Michigan Power to reduce rates

The monthly residential customer charge will stay at the current $15. I&M previously requested a rate hike of 6.5 percent, or nearly $10 per month for the average residential customer. They also sought to raise the residential customer charge from $15 to $20.

Indiana Utility Consumer Counselor Bill Fine issued the following statement:

We are very appreciative of the Commission’s approval of the rate case settlement agreement. It will reduce annual base rates by more than $94 million when fully implemented next year while holding the monthly residential customer charge at its current $15.00 level. The Indiana Office of Utility Consumer Counselor (OUCC) put considerable technical and legal resources into this case, while negotiating the agreement with a wide range of consumer parties, local governments, and I&M. I appreciate the approach taken by all parties to the agreement and commend the collaborative effort that brought a fair resolution to this case.

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