The Michigan Public Service Commission last week approved a settlement agreement that establishes new rates in support of Indiana Michigan Power’s Michigan Plan, originally submitted last June.
The agreement was reached between Indiana Michigan Power and parties representing the interests of consumers, environmentalists, businesses and the state of Michigan.
MPSC approval provides I&M the opportunity to make significant investments in energy generation, transmission and distribution to strengthen and modernize the electric grid, improve reliability and better serve customers.
The MPSC authorized a rate increase of $36.4 million in Michigan, about 37 percent less than originally requested. New rates supporting the Michigan Plan will take effect Saturday. Residential customers who use 1,000 kilowatt hours of electricity per month will see their monthly bills rise about $24.