FORT WAYNE, Ind. (AP) — Michigan regulators have approved a rate increase for Indiana Michigan Power, though one significantly smaller than initially sought by the utility.
The Michigan Public Service Commission approved an agreement Thursday allowing the Fort Wayne-based company to boost its Michigan customers' rates by a total of $36.4 million annually.
That's about 38 percent lower than the proposed $58.5 million increase.
Regulators say a customer who uses 500 kilowatt hours of electricity a month will see an increase of $12.14, or about 15 percent.