The state of Indiana has called on utilities to take action to make energy more affordable, and Indiana Michigan Power (I&M) is meeting that call with a plan to deliver savings and stability for customers.

I&M has unveiled one of the nation’s largest base rate reduction plans, which includes approximately $59 million in 2027 bill reductions expected to help a residential customer in Indiana using 1,000 kWh a month save an estimated $100 per year. The plan also provides stability for Indiana residential customers by proposing to freeze all rates on their monthly bill for three consecutive years.

The planned reduction comes as rates for I&M’s Indiana customers have been reduced twice in the first six months of this year, demonstrating I&M’s continued focus on managing costs and delivering value to customers as Indiana’s economy and electricity demand grow. The plan is made possible thanks to load growth and increased revenue from large customers including data centers.

I&M anticipates a decision from the Indiana Utility Regulatory Commission (IURC) on the proposed plan in June 2027. Under this timeline, customers are expected to see savings reflected on their monthly bill starting in summer 2027.

“As Indiana continues to experience unprecedented growth, we are taking action to help our customers benefit from that growth through lower costs, enhanced value and continued investments to strengthen our system,” said Maryam S. Brown, I&M president and chief operating officer. “We are proud to join forces with state leaders to advance economic development and make energy more affordable – while continuing to provide system reliability upgrades.”

Indiana Governor Mike Braun said, “From day one, my administration has focused on making energy more affordable for Hoosiers. Economic growth should not come at the expense of existing customers. Indiana Michigan Power’s proposal shows what’s possible when we create the right environment for investment while keeping Hoosier families front and center. Lower utility bills, long-term rate certainty and continued investment in our electric system are exactly the kinds of results we want to deliver for Indiana."


South Bend Regional Chamber of Commerce President and CEO Jeff Rea said, “Indiana Michigan Power's proposed rate decrease and three-year rate freeze represent welcome news for both businesses and households across our region. At a time when affordability and certainty matter more than ever, this commitment demonstrates how growth and responsible planning can deliver tangible benefits for customers. Reliable, competitively priced energy remains a critical factor in economic development, and this proposal strengthens Indiana's position for continued growth.”

REAL Services President and CEO Karla Mapes said, “Every day, we work with people who are struggling to make ends meet while trying to stay safely housed and financially secure. By helping lower bills and provide greater certainty around future costs, Indiana Michigan Power is supporting the same goal that is central to our mission: helping individuals and families maintain stability, independence, and a secure place to call home.”