Roller coaster ride for electric bills; another rate hike on the way
SOUTH BEND, Ind. -- Just last week, Indiana Michigan Power announced rates would be going down and just five days later they have requested a rate hike.
The company is requesting is a 22.7-percent jump in fees. So, for a typical family that would mean another $20 would be tagged onto their monthly bill.
If it seems confusing that is because it is. For those with Indiana Michigan Power, or AEP as many customers see on their bill, they were suppose to see a drop in their bill by 46 cents.
On a turn of a dime, I&M is now seeking an 14-percent increase to its overall base rate. For customers that would translate into a nearly 23-percent increase on a monthly bill.
It is a cost the company says is needed to cover growing operation costs, as well as for keeping up with the cost of complying with new environmental mandates.