Michigan Public Service Commission Issues I&M Rate Review Decision

FORT WAYNE, Ind. – The Michigan Public Service Commission (MPSC) has authorized Indiana Michigan Power (I&M) to adjust rates as part of I&M’s Michigan Building the Future Plan.

This is the first increase in Michigan base rates since 2012 for I&M, an American Electric Power (NYSE:AEP) company.

For a residential customer using 1,000 kilowatt hours of energy per month, the increase will be less than 65 cents per day – $19.37. The commission approved an overall increase of 17 percent, raising revenues by $49.1 million annually.

“The Michigan regulatory rate review is important for I&M and our customers,” said Toby Thomas, I&M President and Chief Operating Officer. “The transparent process allows I&M to provide details to the Public Service Commission and other stakeholders on our necessary steps to transition our energy generation fleet for the future and enhance reliability as we strive to serve our customers as we would want to be served.”

Thomas added: “I&M is examining the commission’s order and looking forward to utilizing the decisions of the commission to better serve our customers.”

The commission’s decision helps I&M in Building the Future by investing in energy generation to ensure Cook Nuclear Plant safely and efficiently operates for many years and in its energy distribution system to proactively replace aging equipment to make the system more resilient.

The MPSC’s rate decision includes I&M’s investment into equipment replacements and upgrades to support the extended operation of the Cook Nuclear Plant into the 2030s. Those investments had not previously been included in Michigan rates. The new rates also reflect the cost of upgrades and modifications required by the Nuclear Regulatory Commission.

The commission also approved I&M’s proposal to provide more flexibility to adapt to future generation needs by changing the depreciation date for Unit 1 of the Rockport coal-fueled generation plant from 2044 to 2028.

The MPSC approved a key request from I&M to help better serve customers by eliminating the fee of $1.85 assessed when customers charge their bills to a credit card. Customers are encouraged to download the I&M mobile application, which gives users the ability to pay their bill and check their service reliability.

The new rate plan adopted by the MPSC gives I&M a critical tool to help Michigan communities by approving a new economic development rate available to qualifying industrial and commercial users of high amounts of energy to help attract and keep businesses and industries in southwest Michigan.

I&M is Building the Future in Michigan by working to reduce the number and extent of outages with the proactive replacement of aging wires, poles and other infrastructure as well as trimming trees, which are the No. 1 source of customer outages.

The commission’s decision supports I&M plans to proceed with replacement of infrastructure used to reliably serve customers and modifies I&M’s plan to establish a systematic tree trimming program allowing for trees near lines to be trimmed every four years, before they pose a potential threat to reliability. Approximately one-half of the funds requested for tree trimming were approved by the commission, and I&M is reviewing how this decision will specifically affect the proposed plan.

The new rates are scheduled to take effect April 26, meaning some customers may see prorated bills based on a partial month of charges at the previous rate and a partial month at the new rate.

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Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its 2,450 employees serve more than 589,000 customers. More than half of its generation is emission-free, including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, 22 MW of hydro generation in both states and approximately 15 MW of large-scale solar generation in both states. The company’s generation portfolio also includes 2,600 MW of coal-fueled generation in Indiana.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP’s more than 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.

Brian Bergsma
Director of Communications and State Government Affairs
Indiana Michigan Power Communications

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