Indiana Michigan Power (I&M), an American Electric Power company, has disclosed the final details of the Powering Our Future plan after approval of a rate settlement agreement by the Indiana Utility Regulatory Commission (IURC).
Under the settlement, a rate amount of $56.9 million with $4.9 million in rider revenues, totaling $61.8 million was approved by the IURC. The increase in base rates for Indiana residential customers will occur in two phases, the first effective mid-May and the second in January 2025.
I&M not only plans to invest about $550 million in grid resiliency improvements but also upgrade and replace aging infrastructure as well as add technology to reduce the duration and overall number of power outages. Specific Indiana plans include replacing more than 2,800 poles and 240 miles of power lines, upgrading 15 substations and installing more self-healing grid technology to detect outages and automatically re-route electricity to improve outage times.
Additionally, I&M will focus on inspecting and maintaining trees and other vegetation along more than 5,000 line miles.
I&M will deploy Advanced Metering Infrastructure (AMI) to all Indiana retail customers not withdrawing from the program by the end of 2024. While 73% of Indiana customers have an AMI system, or smart meter installed, the systems offer customers more control over their energy use and bill, allowing daily usage monitoring and alerts when energy use is higher. Customers also benefit through improved customer service and real-time outage notifications.
I&M will introduce a multi-year project to implement a new customer information system to help meet customers’ expectations by improving communication avenues through text, email, smart phone apps and the company’s website.
I&M has been approved to take the initial step in determining whether to seek approval for a 20-year license extension of the Cook Nuclear Plant. The plant is capable of powering more than 1.5 million average homes and its two units separately generating power are licensed through 2034 and 2037, respectively.
A Cook license extension concern will be included in I&M’s 2024 Integrated Resource Plan, which examines the role of I&M to meet future energy requirements of customers.
I&M has engaged with the Citizens Action Coalition (CAC), City of Fort Wayne, Indiana Office of Utility Consumer Counselor (OUCC) and any other interested stakeholders in advance of I&M’s future Electric Vehicle (EV) filing to accept stakeholder feedback.
I&M has agreed to work with the CAC and other interested stakeholders on potential updates to I&M’s interconnection procedures in Indiana to facilitate distributed generation, including solar and wind, while ensuring the safety and reliability of the energy distribution system and compliance with Indiana law and regulation. The Commission order also approved additional terms mutually agreed to by parties forming part of the settlement in this proceeding.
