I&M Announces Upcoming Base Rate Reduction
At a time when many Hoosiers are worried about rising energy costs, Indiana Michigan Power (I&M), an American Electric Power (AEP) company, announced recently that it will file to reduce base rates — the largest portion of most bills — as part of a comprehensive Customer Benefits Plan.
This rate decrease is made possible by the load growth and increased revenue it is experiencing from large customers including data centers. The Customer Benefits Plan also includes protections against future increases and strategic investments to further improve reliability. Full details will be outlined in I&M’s next base rate case filing to the Indiana Utility Regulatory Commission this summer.
The Customer Benefits Plan includes:
- Rate Reduction: lowers the current base rate, which is the largest portion of most bills.
- Benefits Bank: a tool that will be used to stabilize customers’ rates by providing a buffer against future cost increases.
- Reliability Improvements: strategic investments in modern infrastructure and technology designed to improve grid performance, resulting in fewer and shorter outages, building on a 32% improvement in reliability over the past five years.
“Our priority is to keep rates as low as possible while delivering reliable power and growing our communities,” said Steve Baker, I&M’s President and Chief Operating Officer. “We know customers are concerned about affordability and the impact of data-center growth on rates. The fact that we can reduce rates while continuing to invest in the infrastructure and technology that supports reliability, is evidence that growth in I&M’s service territory is benefiting all customers.”
As a regulated utility, I&M is required to file proposed rates and customer programs with the Indiana Utility Regulatory Commission. Additional details of the Customer Benefits Plan and opportunities for public input will be shared closer to the filing date this summer.
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