The Indiana Office of Utility Consumer Counselor, Indianapolis Power & Light Company , and numerous additional parties have reached a settlement in the utility’s pending rate case, according to a release.
If approved by the Indiana Utility Regulatory Commission, the agreement would hold the fixed, monthly residential customer charge for most customers at its current $17 level.
Under the agreement, IPL’s overall operating revenues would increase by $43.9 million. IPL requested a $124.5 million increase when it initiated this case in December 2017, saying it was justified to pay for recent investments. The company later reduced the request to $96 million, but the residential charge would have jumped to $27.
“Preventing a major increase in the monthly customer charge is a high priority for us, and we have achieved that through this agreement,” said Indiana Utility Consumer Counselor Bill Fine. “We weighed new evidence presented during the case and considered the significant litigation risk as we and nearly all of the case’s intervening parties reached a settlement resulting in a substantial and justifiable overall reduction to IPL’s request."
This story will be updated.
