Michi­gan reg­u­la­tors ap­prove util­ity in­crease

Antelope Valley Press - - BUSINESS -

FORT WAYNE, Ind. (AP) — Michi­gan reg­u­la­tors this week ap­proved a rate in­crease for In­di­ana Michi­gan Power, though one sig­nif­i­cantly smaller than ini­tially sought by the util­ity.

The Michi­gan Pub­lic Ser­vice Com­mis­sion ap­proved an agree­ment Thurs­day al­low­ing the Fort Waynebased com­pany to boost its Michi­gan cus­tomers’ rates by a to­tal of $36.4 mil­lion an­nu­ally — about 38 per­cent lower than the pro­posed $58.5 mil­lion in­crease.

Ac­cord­ing to the com­mis­sion, a cus­tomer who uses 500 kilowatt hours of elec­tric­ity a month will see an in­crease of $12.14, or about 15 per­cent. The util­ity agreed not to change base rates un­til 2023 at the ear­li­est.

In­di­ana Michi­gan Power said the in­crease al­lows it to in­vest in en­ergy gen­er­a­tion, trans­mis­sion and dis­tri­bu­tion to up­grade the south­west­ern Michi­gan elec­tric grid and im­prove re­li­a­bil­ity.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.