PSC approves I&M agreement

The Michigan Public Service Commission last week issued an order approving a settlement agreement, which authorizes Indiana Michigan Power to increase electric rates by more than $14.6 million annually, effective with the next full cycle of billings.

The amount represents an increase of nearly 5.9 percent over the rates set in I&M’s last rate case.

According to the most recent rate comparison among regulated utilities in Michigan, I&M residential customers will continue to pay the lowest rates in the state, with bills that are 33 percent lower than the state average.

A monthly bill for a residential consumer using an average of 1,000 kilowatt-hours per month will be less than $92 after the new rates go into effect in April – an increase of 12 cents per day over rates that were set in 2010, according to the Ft. Wayne, Ind.-based company