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Michigan Regulators Approve Smaller Utility Rate Increase

Jan 26, 2020
https://www.facebook.com/indianamichiganpower/photos/a.423915107986/10154549796867987/?type=1&theater

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.

Indiana Michigan Power has submitted a $600 million plan to the Indiana Utility Regulatory Commission it says would create a “smarter energy grid” for the Hoosier state -- and it could come with a major rate increase attached to it.