Indiana Michigan Power unveils customer benefits plan with rate reduction

FORT WAYNE, Ind. (WISH) — Indiana Michigan Power (I&M), an American Electric Power (AEP) company,
announced Tuesday that it will file to reduce base rates — the largest portion of most bills — as part
of a comprehensive Customer Benefits Plan.

According to a release from I&M, the Customer Benefits Plan includes:

• Rate Reduction — lowers the current base rate, which is the largest portion of most bills.
• Benefits Bank— a tool that will be used to stabilize customers’ rates by providing a buffer
  against future cost increases.
• Reliability Improvements — strategic investments in modern infrastructure and
  technology designed to improve grid performance, resulting in fewer and shorter outages,
  building on a 32% improvement in reliability over the past five years.

Steve Baker, I&M’s President and Chief Operating Officer, says he’s aware that customers are concerned about affordability and the impact of data-center growth on rates. “Our priority is to keep rates as low as possible while delivering reliable power and growing our communities.”

I&M is headquartered in Fort Wayne and serves more than 600,000 customers, while AEP is based in Columbus, Ohio, and Read Entire Article