Enough is Enough! I&M Wants You to Pay 22% More on Your Electric Bills (and the rate hikes won’t stop there).
Indiana Michigan Power wants the Indiana Utility Regulatory Commission (IURC) to let them raise your base rates by an unwarranted $147.8 million! TELL THE IURC TO SAY NO!!! I&M’s scheme for excessive rate increase hurts residential ratepayers by:
- Forcing you to subsidize industrial customers by re-allocation of transmission, distribution and other capital costs;
- Eliminating the $37.5 million annual credit you’re receiving on your bill right now as a result of CAC’s involvement in their 2009 rate case. I&M agreed to give you this credit because they sell extra electricity for profit on the wholesale market, and that electricity comes from power plants paid for by you as a ratepayer;
- Increasing the monthly service charge on residential customers 14.7%; and
- Increasing the energy charge on residential customers 40%, from 6.75 cents per kilowatt hour to 9.449 cents per kilowatt hour.
In addition to the $147.8 million rate hike, I&M is seeking:
- An additional $1.414 billion for pollution control at the Rockport coal-fired power plant; AND
- An additional $1.4 billion for major work scheduled for the Cook nuclear power plant in Bridgman, Michigan.
In testimony filed with the IURC, I&M calls the electric rates you’re paying “confiscatory,” implying that you, as a residential ratepayer, are stealing profit from them! I&M President, Paul Chodak, says in his testimony before the IURC that “I&M rates are not just and reasonable.” Chodak also complains that I&M only made $106.7 million in profit between June, 2010, and May, 2011. Apparently, raising YOUR RATES over 22% so I&M, a state-franchised monopoly, can realize excessive profits will make their rates “just”!
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