Fort Wayne – October 12, 2026 -- Indiana residential customers who use 1,000 kWh a month could save an estimated $100 per year under a new rate plan from Indiana Michigan Power (I&M), which also proposes freezing all rates on their monthly bill for three consecutive years.
A $59 million cut in 2027 bills
I&M describes the proposal as one of the nation's largest base rate reduction plans. It includes approximately $59 million in bill reductions in 2027.
The company says the plan is made possible by load growth and increased revenue from large customers, including data centers.
Two rate cuts have already landed this year
The proposal follows two reductions to rates for I&M's Indiana customers in the first six months of this year. The state of Indiana had called on utilities to make energy more affordable, and I&M says the plan answers that call.
Savings are expected to reach bills in summer 2027
I&M expects a decision from the Indiana Utility Regulatory Commission (IURC) in June 2027. If that timeline holds, customers should see the savings on their monthly bills starting in summer 2027.
Company and governor back affordability alongside growth
Maryam S. Brown, I&M president and chief operating officer, said the company wants customers to benefit from Indiana's growth through lower costs and more value. She added that I&M will keep making reliability upgrades to its system.
Indiana Governor Mike Braun said economic growth should not come at the expense of existing customers. He pointed to lower utility bills, long-term rate certainty and continued investment in the electric system as the results his administration wants for Indiana.