Powering Our Future in Indiana
We are committed to improving the customer experience by enhancing reliability and offering innovative options. Our Powering Our Future program, submitted August 9, 2023 to the Indiana Utility Regulatory Commission, outlines the next steps needed to continue this commitment.
The Powering Our Future plan benefits customers by:
- Improving reliability by replacing old equipment, continuing tree trimming and installing new grid technologies resulting in fewer and shorter power outages.
- Providing residential customers with more bill payment options that meet their needs and lifestyles.
- Using technology to provide an improved customer experience through better access to account information, shorter customer service call times and overall improved communication options.
- Beginning the process of evaluating the future of Cook Nuclear Plant beyond its current mid-2030s license expirations.
- Pursuing federal grants to reduce costs, improve reliability and help communities succeed.
In order to continue building on our successful efforts to maintain a strong electric grid and provide safe and reliable service to customers, we have requested a rate increase of 6.8%, or $116.4 million. The new rates will vary for residential, commercial and industrial customers and would be phased-in over two years, with the first in mid-2024 and the second in early 2025.
When fully implemented in 2025, the bill for a typical residential customer who uses 1,000 kilowatt-hours (kWh) of electricity a month would go from $162.16 to $176.99 per month. Our proposal may result in lower rates if the company receives tax credits and federal or state grants that may offset future project costs.
We carefully weigh the impact that every project has on the cost of service to customers. Our goal is to find a balance between affordability and investments that are necessary to improve reliability. In addition, we continually reviews operations and look for ways to be more efficient and cost-effective.