Part of I&M rate increase approved - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Part of I&M rate increase approved

Posted:

AEP customers will see their utility rates go up soon, but not as much as they could have.  The Indiana Utility Regulatory Commission approved an increase in rates of $85 million a year. 

That is close to half of the $174 million that Indiana Michigan Power (I&M) requested.  I&M says the increase will cost residential customers about 13% more each month.  That works out to about an additional $12 a month if they use an average of 1,000 kilowatt-hours of power. 

"We understand these are difficult economic times for our customers, so we do not take this lightly," said Paul Chodak III, I&M president and chief operating officer. "While we have worked extremely hard over the years to cut costs internally, we reached the point that cutting further would impact our ability to provide safe, reliable power, which we know is so important to our customers. A rate increase was pivotal to ensure I&M can continue to provide the reliable service our customers enjoy."

The company has 30 days to respond to the commission's order and provide details on what rate increases its customers can expect.

I&M serves nearly 180,000 electric customers in northeastern Indiana.

Powered by WorldNow

Fox 28

WSJV-TV FOX 28
58096 County Road 7, South
Elkhart, IN 46517

Switchboard: 574.679.9758
News Phone: 574.679.4545
Station Fax: 574.294.1267
Email: fox28news@fox28.com

All content ©Copyright 2000 - 2014 WorldNow and WSJV. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Heather Stewart at (574) 343-5310. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.