The Indiana Utility Regulatory Commission has approved a rate hike for NIPSCO’s electric customers. Beginning in October, there will be an increase of approximately 6 percent for a typical residential electric bill.
It is the first electric rate increase for NIPSCO since 2011. The approval came following an agreement reached in February by NIPSCO, the Indiana Office of Utility Consumer Counselor, NIPSCO’s industrial customers, a coalition of eight northern Indiana municipalities and the United Steelworkers. The agreement includes a bill adjustment that is about half of what NIPSCO originally requested last year.
NIPSCO says the rate increase means the average residential customer will see their bill rise about $5.70 per month. Individual commercial and industrial customers will see an increase of about 5 to 6 percent, depend on their usage.
"Customers want to be certain they’re receiving quality service at a price that’s fair," said Violet Sistovaris, executive vice president of NIPSCO. "We believe these newly approved electric rates represent a balanced outcome that allow us to continue improving the level of service to our customers."
NIPSCO says the increase was necessary to offset the increased cost to produce and distribute power to customers and to invest in continued service improvements.