Indiana Michigan Power submits Powering Our Future plan to MPSC
In its latest filing with the Michigan Public Service Commission (MPSC), Indiana Michigan Power (I&M) provided a plan that proposed infrastructure investments and extending Cook Nuclear Plant beyond its current license expiration.
In its Powering Our Future plan, I&M called for replacing old equipment, installing new grid technologies and increasing planned tree-trimming, as well as relocating and rebuilding about 45 miles of power lines, At the same time, it will provide additional bill payment options for residential customers, deploy more technologies to improve customer experience and apply for federal grants to cut costs, improve reliability and more.
Programs for income-qualified customers and senior citizens that could eliminate residential service charges and reduce seniors’ rates would continue, while the solar and wind power-focused distributed generation program for eligible residential customers would be expanded.
“Our focus is keeping the lights on, consistently improving reliability and providing excellent customer service,” Steve Baker, I&M president and COO, said. “We recognize that costs are rising, environmental and regulatory policies are changing, and customer needs and technologies are evolving. With Powering Our Future, I&M has identified the key steps we must take to address those realities while continuing to control costs and customer rates.”
The focus of the plan overall is to allow for quicker power restoration and increased reliability. In order to support this, I&M requested a rate hike of about $34 million – approximately a 9.67 percent increase. The result would be a $177.90 per month increase for the typical residential customer using 1,000 kW hours of electricity. Specifics would vary by rate classification, though, between residential, commercial and industrial customers.
I&M allowed some room for lower rates to be utilized in the future if the company were to receive tax credits and federal or state grants to offset future project costs. Through 2024, the company intends to invest nearly $550 million into infrastructure updates.
As to Cook, current licensing will keep its two units generating through 2034 and 2037, respectively. Through its new plan, I&M sought to begin a comprehensive study into whether it should apply for a 20-year license extension for these units with the Nuclear Regulatory Commission.
