News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow18162.99121.45
Nasdaq5106.5973.84
S&P 5002123.4819.28
AEP56.060.73
Comcast59.340.75
GE27.520
Exelis24.820.13
LNC57.800.58
Navistar27.41-0.53
Raytheon105.14-0.38
SDI21.890.32
Verizon49.570.15

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.