I&M to jump rates by 5.7 percent by early 2021

With approval from the Indiana Utility Regulatory Commission (IURC) in hand, Indiana Michigan Power (I&M) intends to jump its rates by 5.7 percent split across two phases — a total of about $84 million.

For the typical residential customer, this would cause an increase of around $10 per month. The approved amount is less than half of what I&M had initially requested, and the precise amount for individuals will depend on their account details and other factors being taken into consideration. In all cases, the new rates will be rolled out partially this month, with a second, final phase to proceed in early 2021.

Included in the new rates will be a change to the monthly residential service charge, which I&M says will more accurately reflect the true cost of service provided. The utility’s monthly service charge for its residential customers will be set at $15, which will be rolled into the new rates.

While raising rates, however, I&M also plans to execute incentives designed at expanding electric vehicle charging. Its IM Plugged In program will provide rebates and special rates for charging electric cars overnight. Incentives will also be provided to businesses and fleet vehicles.