IndianaNews

Indiana Michigan Power asking for almost 20 percent rate hike

Indiana Michigan Power is looking for a rate increase.

The utility is asking the Indiana Utility Regulatory Commission to approve their “Building the Future” proposal, which the utility says calls for investments that would “enhance customer reliability and service” by reducing outages and making changes to a “more diversified” fleet of “energy generation resources.”

The utility is asking that the 19.7% increase, which would amount to less than $1 a day for a residential customer that uses 1,000 kilowatt hours of electricity per month, to be phased in over two steps, first in summer 2018 and then in early 2019.

The increase would mean an additional $263-million for I&M, which points out this is the first rate increase they’ve asked for since 2011 and the third in the past 25 years.

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