News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow17715.1595.64
Nasdaq5007.3020.43
S&P 5002074.2411.13
AEP53.150.18
Comcast61.53011.3901
GE26.570
N/AN/AN/A
LNC59.640.42
Navistar22.07-0.56
Raytheon96.310.63
SDI21.020.31
Verizon46.990.38

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.