Indiana Michigan Power (I&M) demonstrates extensive focus in working strategically alongside businesses to promote operational expansion and growth for the communities they serve.

For more than 15 years, I&M has offered an economic development incentive tool in Indiana called the Economic Development Rider (EDR) to encourage new private investment, job creation and revenue generation. In May, I&M implemented a new EDR program expanding its eligibility criteria to support more customers.

“Our Economic and Business Development team fully understands the diverse economies I&M serves and strives to make our communities as competitive as possible for job growth and investment,” said Ashley Savieo, AEP’s Director of Economic and Business Development. “We regularly analyze the unique needs of our communities and seek to find a solution fueled by responsiveness and creativity.”  

To qualify, a new or expanding business must meet the following minimum criteria:

• A new customer must have a demand of at least 500 kW or more or an existing I&M customer must increase their demand by at least 250 kW.
• New businesses must add 20 additional jobs OR make a capital investment of $2 million or more at the service location. 
• The business receives economic development assistance from the state, local government, or other public agency.
• The investment must be competitive, meaning it could happen outside of the I&M service area. 

This redesigned economic development tool builds upon the prior EDR to broaden eligibility and credits for smaller commercial and industrial customers expanding their businesses. Under the redesigned program, a customer’s monthly billing credit is a percentage of their total non-fuel bill and is based on factors such as new capital investment, new job creation and incremental electric usage. The credit percentage phases out over a seven-year period which is longer than the previous five-year program.  

The creation of the new program will provide more opportunities for I&M and AEP to assist smaller customers achieve their growth goals.  

Customers benefiting from the previous program will continue to be served under that tariff until their contract term expires.   

To review the program details please visit our website or contact members of the Economic & Business Development team Ashley Savieo at 260-438-5426 (ansavieo@aep.com), Shelley Klug at 269-235-2006 (slklug@aep.com) or Nathan Powelson (nwpowelson@aep.com).

MEDIA CONTACT:
Kara Stevenson 
Corporate Communications 
260-446-5102
klstevenson@aep.com