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.