BREAKING NEWS : Third woman charged with murder in Shea Briar's death Full Story

Settlement would significantly cut I&M's proposed rate hike

The company in September sought a 20 percent rate increase for its Indiana customers to generate $263 million in new revenue.

Posted: Feb 15, 2018 2:11 PM

INDIANAPOLIS (AP) - A settlement between Indiana's state consumer advocate and Indiana Michigan Power would significantly cut the utility's proposed rate hike.

The company in September sought a 20 percent rate increase for its Indiana customers to generate $263 million in new revenue.

But Indiana's Office of Utility Consumer Counselor says its settlement with the utility, several cities, companies and advocacy groups calls for a 7.3 percent rate increase that would raise $96.8 million in new revenue.

That's about a third of what the utility originally sought. Some of the decrease was attributed to the recent federal tax cuts.

Consumer Counselor Bill Fine says the settlement would benefit "the full range of I&M's customers" while generating new revenues needed for "safe, dependable service."

Indiana's Utility Regulatory Commission will consider the proposal March 15.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Article Comments

Fort Wayne
Overcast
30° wxIcon
Hi: 34° Lo: 28°
Feels Like: 25°
Angola
Clear
28° wxIcon
Hi: 32° Lo: 26°
Feels Like: 21°
Huntington
Clear
30° wxIcon
Hi: 33° Lo: 28°
Feels Like: 25°
Decatur
Clear
32° wxIcon
Hi: 34° Lo: 27°
Feels Like: 26°
Van Wert
Clear
32° wxIcon
Hi: 34° Lo: 27°
Feels Like: 26°
Cloudy Thursday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events