• Facebook
  • Twitter
  • RSS
38°
Wednesday October 22, 2014
View complete forecast
News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow16461.32-153.49
Nasdaq4382.85-36.63
S&P 5001927.11-14.17
AEP55.920.36
Comcast51.49-0.7
GE25.19-0.26
ITT Exelis16.44-0.03
LNC49.16-0.61
Navistar33.06-0.74
Raytheon97.45-0.66
SDI22.260.36
Verizon48.31-0.38

State trims I&M rate increase by half

Thursday, February 14, 2013 - 12:01 am

A state regulatory agency will let Indiana Michigan Power increase its rates enough to raise about $85 million more in annual revenue -- less than half of the increase I&M sought.

The Indiana Utility Regulatory Commission's ruling, issued Wednesday, reduces by about 50 percent I&M original request of about $174 million in extra revenue, which would have raised the average customer's monthly bill by 25 percent, or about $20 a month.

The state Office of Utility Consumer Counselor, a utility watchdog agency, previously said the full increase, combined with separate projects at two of I&M's power plants, could have resulted in an overall rate increase of 37 percent.

I&M last had a rate increase approved in 2009.