The Carmel-based Indiana Municipal Power Agency has announced plans to lower wholesale electric rates in 2018. The utility says rates for more than 60 communities in Indiana and Ohio will drop an average of 5.25 percent beginning in January.
The IMPA says the move is the largest wholesale rate decrease in its history and the second consecutive year in which rates have been lowered. The utility’s wholesale rates are based on operating costs, which the IMPA says are lower due to investments in generation and transmission projects over the last 20 years.
"While prices seem to be on the rise for other utilities, IMPA is extremely proud to pass on a decrease in wholesale electric rates to our member municipal utilities for 2018," said Raj Rao chief executive officer of the IMPA. "Thanks to the visionary efforts of our founding fathers in the 1980s, who foresaw the benefits of creating an organization that would own and share generating resources amongst many utilities, our members continue to reap the benefits of municipal ownership and Agency membership. IMPA’s ownership in generation assets, combined with a reduction in regulatory requirements at the federal level and our strong financial position, has enabled us to pass on this decrease to our members."
The IMPA has completed more than a dozen solar parks over the last several years, including one in Anderson that was completed in May. Work is underway on another solar facility in Greenfield.