I&M’s rate increase approved

Indiana Michigan Power has responded to Michigan Public Service Commission’s recent order regarding the “Powering Our Future” plan.

The plan outlines I&M’s continued commitment to providing its customers with reliable, safe and affordable service, company officials said.

Under the order, a rate amount of $17.3 million was approved by the MPSC. Revised rates based on the order will go into effect next week.

For residential customers using 500 kilowatt-hours per month this will represent a rate increase of 4.13 percent. I&M’s last base rate increase in Michigan came in January 2020.

Approved as part of the Powering Our Future plan, I&M will invest in infrastructure updates necessary to reliably deliver energy to customers’ homes and businesses while also preparing I&M for the grid of the future, company officials said.