Regulators approve I&M rate hike

"Lighted Bulb" by George Tan, Public Domain

FORT WAYNE, Ind. (WOWO): Indiana Michigan Power customers will see a rate hike soon.

The Indiana Utility Regulatory Commission has approved a 5.7% rate hike for the Fort Wayne-based utility, which is a little less than half of the 11.75% increase the utility was initially seeking.

That’ll still bring in $84-million in extra income as the typical customer will see a price increase of about $10 per month. The original proposal would’ve seen your bill jump by $21 per month.

This is the second time in two years I&M has raised rates, with a 7.26% increase approved in 2018. This rate hike will be phased in over the next year, starting later this month.

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