FORT WAYNE, Ind. (AP) — Indiana Michigan Power has asked state utility regulators to approve a nearly 20 percent rate hike for its Indiana customers.
The company’s request to the Indiana Utility Regulatory Commission says the proposed 19.7 percent rate increase would be implemented in two phases between summer 2018 and early 2019.
The rate hike would generate $263 million in new revenue for the utility. The Journal Gazette reports the company says the increase would amount to less than $1 per day for a customer who uses 1,000 kilowatt hours of electricity each month.
Indiana Michigan Power says the proposed rate increase would help it manage tree and vegetation that are the utility’s biggest cause of customer outages and help finance the installation of about 1,400 new utility poles and other systems.
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