Indiana Michigan Power received approval from the Indiana Utility Regulatory Commission to reduce residential rates for customers in Indiana.

A $94.7 million reduction will occur over two phases which will eventually cut base rates for Hoosier customers by six percent. The first phase is active and the second phase will begin in January 2023.

“Indiana Michigan Power is pleased to have the ability to reduce rates while continuing to invest in I&M’s infrastructure, making the grid more resilient and enhancing reliability as part of our "Powering the Next" plan,” said Steve Baker, president and chief operating officer of I&M.