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. On December 21, 2023 we reached a settlement with the Indiana Office of Utility Consumer Counselor (OUCC) and other organizations and municipalities to move forward. The settlement is pending before the Indiana Utility Regulatory Commission (IURC).
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.
- Giving the opportunity for I&M to launch a pilot program to provide 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.
Under the settlement, I&M’s overall rate request of $116.4 million was reduced to $56.9 million plus $4.9 million in rider revenues, totaling $61.8 million.
The increase will occur in two phases. In the first phase, a typical residential customer using 1,000 kilowatt hours of electricity would pay $166.36 per month, an increase of $4.20, effective in mid-2024. In the second phase, a typical resident would pay an additional $4.27 beginning in January 2025, resulting in a bill of $170.63 and a total increase of 5.2%.
We carefully weigh the impact that every project has on the cost of service to customers. Our goal was to find a balance between affordability and investments that are necessary to improve reliability. In addition, we continually review operations and look for ways to be more efficient and cost-effective.