I&M gets approval to raise rates

The Michigan Public Service Commission has authorized Indiana Michigan Power to adjust rates as part of I&M’s “Michigan Building the Future” plan.

This is the first increase in Michigan base rates since 2012 for I&M, an American Electric Power company.

For a residential customer using 1,000 kilowatt hours of energy per month, the increase will be less than $20 per month. The commission approved an overall increase of 17 percent.

The commission’s decision helps I&M in Building the Future by investing in energy generation to ensure Cook Nuclear Plant safely and efficiently operates for many years and in its energy distribution system to proactively replace aging equipment to make the system more resilient, company officials said.

The new rates are scheduled to take effect April 26, meaning some customers may see pro-rated bills based on a partial month of charges at the previous rate and a partial month at the new rate.