Michigan PSC approves $75 million in rate refunds for I&M customers
The final round of savings from the 2017 Tax Cuts and Jobs Act went through in Michigan last week, and with Michigan Public Service Commission (MPSC) approval, customers of Indiana Michigan Power Co. (I&M) will gain an additional $75 million in rate refunds.
“Even before the tax cuts were passed, the MPSC staff was working on plans to make sure Michigan ratepayers would benefit,” MPSC Chairman Sally Talberg said. “Our staff went to extraordinary measures, and I want to thank them, and all the stakeholders involved, for a process that ensured fairness, transparency and, most importantly, rate relief for customers.”
Michigan ratepayers have saved more than $4 billion as a result of the tax cut, the MPSC says. The savings were parsed out over three rounds of calculations, some granted through monthly bill credits and others through longer-term rate adjustment. The latest $75 million refund is part of long-term accounting effects.
What this means for average residential customers on the practical side of things is around an $0.11 decrease on their monthly bills.
Also last week, the MPSC denied a request from Michigan Electric Transmission Company LLC, Wolverine Power Supply Cooperative Inc. and Midwest Energy & Communications to build a 138kV facility as an electricity transmission facility instead of a distribution facility. They also approved two new power purchase agreements between Consumers Energy and renewable energy suppliers; approved an amendment to the Detroit Thermal LLC’s steam sales agreement with Wayne County and the Detroit-Wayne Joint Building Authority to extend the term and update its fixed rate; and fined the Martell Cable Service $1,500 for failing to submit annual filings and prove it was a legally operating corporation,
