Indiana Michigan Power’s Indiana customers will soon see a reduction in their fixed monthly rates.
I&M announced plans to decrease rates back in November following a settlement agreement — the utility originally planned to raise rates, but agreed to drop them after meeting with stakeholders.
The Indiana Utility Regulatory Commission approved the settlement Wednesday.
Rates are set to decrease by nearly 6 percent in two phases — the first is effective immediately, and the second will take effect in January 2023.
A release from I&M says the company will still be able to follow through on plans to replace aging infrastructure and transition to renewable energy.
The utility plans to replace more than 2,500 poles and 120 miles of power lines and invest more than $350 million to strengthen Indiana’s electric grid.
It also plans to close its Rockport coal plant by 2028. The plant accounts for half of I&M’s coal-fired generating capacity.