The Indiana Utility Regulatory Commission late yesterday gave final approval to the revised rate increase plan for Indiana-Michigan Electric Company.
A year ago, I & M requested a huge increase that company officials said was needed to provide facilities to provide power into the future. But leaders of several affected cities in the area protested. I & M then submitted a lower increase through a revised plan.
The revised plan calls for a 7.26-percent rate increase. Company officials say they will save considerable money under new corporate tax rates, which will provide them enough to cover the cost of needed increases in facilities for the future needs of I & M customers.
Revised electric rates will begin to increase in July, with the new rates fully being charged to customers by early 2019.
