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INDIANAPOLIS (AP) — State regulators have approved about half of the rate increase Indiana Michigan Power had sought for its customers.
The Indiana Utility Regulatory Commission issued an order Wednesday giving the utility permission to raise its rates to generate about $85 million from its ratepayers.
The Journal Gazette reports (http://bit.ly/12O3zfL ) the company had sought permission for increases that would have boosted its operating revenue by about $174 million.
I&M has said the increase is needed to help cover rising operating costs.
The company has 30 days to respond to the commission's order and provide details on what rate increases its customers can expect.
I&M serves nearly 180,000 electric customers in northeastern Indiana.
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Information from: The Journal Gazette, http://www.journalgazette.net