Indiana utility proposes $59 million rate reduction for residential customers

Indiana Michigan Power has proposed cutting electricity bills for home customers by a total of $59 million in Indiana. If regulators approve the plan, savings could begin in summer 2027. A typical customer using 1,000 kilowatt-hours per month would save around $100 a year. The company wants to keep rates at the lower level for three years after the cut. I&M says this is one of the largest rate reductions of its kind in the United States. The cuts are possible because large customers, especially data centres, have been paying more and generating extra revenue for the utility. The Indiana Utility Regulatory Commission must approve the proposal, with a decision expected by June 2027. I&M serves more than half a million home customers across Indiana and Michigan.