Indiana-Michigan Power Company has submitted a settlement agreement, significantly reducing their original proposed 20-percent rate hike.
Last year, I & M requested the rate increase, saying it would help to pay for higher operating costs. I & M’s newly proposed overall request is for a 7.26-percent increase, which stems from the company’s new ability to pass along savings from federal tax cuts. The new rate hike would increase customers’ bills by about 32-cents per day.
The revised rate hike comes after I & M settled disputes with several parties that intervened to oppose the original rate hike request.