Indiana Michigan Power has reached a settlement agreement with Indiana regulators that would reduce their requested rate increase for their “Powering Our Future” plan by nearly half.

If approved, by the Indiana Utility Regulatory Commission, the overall rate request of $116 million dollars will be reduced to just under $62 million.

The settlement with the Indiana Office of Utility Consumer Counselor (OUCC) and other organizations

and municipalities is pending before the Indiana Utility Regulatory Commission.

Under the settlement, I&M’s overall rate request of $116.4 million was reduced to $56.9 million plus $4.9 million in rider revenues, totaling $61.8 million.

The increase will occur in two phases. In the first phase, a typical residential customer using 1,000

kilowatt hours of electricity would pay $166.36 per month, an increase of $4.20, effective in mid-2024.

In the second phase, a typical resident would pay an additional $4.27 beginning in January 2025,

resulting in a bill of $170.63 and a total increase of 5.2%.