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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.