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We are committed to improving the customer experience by enhancing reliability and offering innovative options. Our Powering Our Future plan was approved by the Indiana Utility Regulatory Commission on May 8, 2024. This plan outlines the next steps needed to continue this commitment.
The Powering Our Future plan benefits customers by:
Under the settlement, a rate amount of $56.9 million plus $4.9 million in rider revenues, totaling $61.8 million was approved by the IURC. The increase in base rates for Indiana residential customers will occur over two phases, the first effective mid-May and the second in January 2025.
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.
Rate Approval News Release
Check out our project plans to modernize the electric grid in greater South Bend, Fort Wayne and Muncie. We're rebuilding power lines, replacing poles and upgrading substation equipment to safely bring power to nearby neighborhoods. Select a city to find what's happening near you.
South Bend Area
Fort Wayne Area
Muncie Area
Under the settlement agreement, I&M will continue to enhance reliability of service with technology and updates to aging infrastructure.
I&M will complete the deployment of Advanced Metering Infrastructure (AMI) to all Indiana retail customers who do not opt-out of the program by the end of 2024. As of April 2024, approximately 73% of Indiana customers currently have an AMI system, or smart meter installed. These systems offer customers more control over their energy use and bill, allowing daily usage monitoring and alerts when energy use is higher than normal. Customers also benefit through improved customer service and real-time outage notifications.
In continued efforts to serve customers, I&M will introduce a multi-year project to implement a new customer information system. This modern platform will enable I&M to meet customers' expectations by improving communication avenues through text, email, smart phone apps and the company's website.
I&M has been approved to take the initial step in determining whether to seek approval for a 20-year license extension of the Cook Nuclear Plant, which is capable of powering more than 1.5 million typical homes. Its two units that separately generate power are licensed through 2034 and 2037, respectively.
The possibility of a Cook license extension will be included in I&M's 2024 Integrated Resource Plan, which will examine how I&M will meet customers' future energy needs.
There are several other mutually agreed upon terms of the settlement.
The Commission order also approves additional terms that were mutually agreed to by parties that were part of the settlement in this proceeding.
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