I&M increases rates for first time since 2012 on Thursday
Indiana Michigan Power will implement a rate hike starting Thursday for Michigan customers. This is the first time rates have increased since 2012, according to the company.
The Michigan Public Service Commission authorized the 17% overall increase.
So, what will you be paying?
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The increase of payment will help to fund I&M’s Michigan Building the Future Plan which includes investment into Cook Nuclear Plant to ensure safe operations.
The MPSC says money also go towards equipment replacements and upgrades for the nuclear plant into 2030 as well as added flexibility for future generations at the Rockport coal-fueled generation plant.
The commission has also given I&M permission to erase the $1.85 processing fee for customers who pay their bills with a credit card.
"The transparent process allows I&M to provide details to the Public Service Commission and other stakeholders on our necessary steps to transition our energy generation fleet for the future and enhance reliability as we strive to serve our customers as we would want to be served,” said Toby Thomas, I&M President and Chief Operating Officer.
The company notes that new rates may cause prorated bills for some customers based on a partial month’s charge at the previous rate.