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Indiana Michigan Power will get less than half of the rate increase it was hoping for. On Wednesday, the Indiana Utility Regulatory Commission approved a rate hike of $96.8 million instead of the $263 million the utility had requested.
READ MORE: OUCC Says I&M Rate Increase Too High
That means the flat charge for residential customers would go up by $3.20 per month. Indiana Michigan Power will also credit $4 million to its customers as a result of the tax breaks it got from the Tax Cuts and Jobs Act.
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