I&M rate hike approved, but will be only about half of original request

Local News

FORT WAYNE, Ind. (WANE) I&M announced Thursday that the Indiana Utility Regulatory Commission (IURC) has approved a 5.7 percent rate hike request.

According to I&M, the amount is about 48 percent of its original request. A typical residential customer will see an increase of about $10 for 1,000 kilowatt hours of energy use per month.

The new rate will be phased-in with the first increase occurring later this month and the second increase will occur in 2021.

As part of the approval, I&M says it plans to offer incentives to expand electric vehicle charging, supporting the electric grid and benefiting all customers. The IM Plugged In program will offer rebates and special rates for charging electric cars overnight along with incentives for businesses and fleet vehicles.

I&M also indicated the new rates include a change in the monthly residential service charge to adjust rates to more accurately reflect the true cost of service provided to each customer. Though most of a customer’s bill is based on how much electricity they use, most of the actual costs are for infrastructure such as poles, wires, transformers, substations and other things. Those costs do not vary with consumption. I&M’s monthly service charge for residential customers will be $15. This service charge is included in, not an addition to, the new rates.

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