Indiana & Michigan Power on Wednesday announced it wants to cut electricity rates.
The utility says it’s advancing one of the nation’s biggest base rate reduction plans in a filing with the Indiana Utility Regulatory Commission.
The plan would reduce bills by $79 million a year, saving the average residential customer about $100 a year. It also calls for freezing rates for three years. I&M says the plan is made possible by increased revenue paid by large customers including data centers.
I&M, a subsidiary of American Electric Power, expects the IURC to rule on their request by June. Under that timeline, customers would start seeing the cut reflected on their bills next summer.
South Bend Mayor James Mueller released a statement calling the move “great news for South Bend families.”
Mueller said it “demonstrates the power of growth and getting more for less. I thank AEP and Governor Braun for their hard work to get this much-needed relief for our residents.”
