FORT WAYNE (WLKI) - Indiana Michigan Power has announced a proposal that could reduce base electric rates for its Indiana customers in 2027.
The company says the plan includes approximately $59 million in bill reductions. I&M estimates a residential customer using 1,000 kilowatt-hours of electricity each month could save about $100 per year if the proposal is approved.
The plan also calls for freezing monthly residential rates for three consecutive years. I&M says its Indiana rates have already been reduced twice during the first half of this year.
Company officials say increased electricity demand and revenue from large customers, including data centers, helped make the proposed reduction possible.
The Indiana Utility Regulatory Commission is expected to decide on the request in June 2027. Under I&M's projected timeline, savings would begin appearing on customer bills during the summer of 2027.
The announcement was made in an Indiana Michigan Power news release dated August 26.