The Indiana Utility Regulatory Commission is holding a public hearing Tuesday evening in Evansville to hear comments on Vectren Corp.’s (NYSE: VVC) proposed seven-year, $514 million plan for system improvements. If approved, the plan would result in annual fixed rate increases adding up to more than $13 per month by 2024.
Vectren says the proposal will allow the utility to improve system reliability and replace aging infrastructure. The utility is looking to install advanced metering infrastructure, upgrade its distribution system and underground network and replace or improve substations, transformers, circuit breakers, poles and lines.
If approved by the IURC, the average residential customer would see a projected rate increase of $1.29 in 2018, $3.29 in 2019, ultimately rising to $13.24 in 2024. The utility says the increases would be fixed and not based on usage.
Consumers attending the hearing will have the ability to speak about the case under oath and on the record to the commission. The commission will also take written comments which will be on the record as well.
The meeting will take place at 6:00 p.m. at the Academy for Innovative Studies – Diamond Campus in Evansville. The Indiana Office of Utility Consumer Counselor says commissioners will not be able to answer questions during the hearing, however OUCC staff will be on hand to answer questions about the approval process.
The OUCC is planning to file testimony on the case by Thursday. Per state law, the IURC must make a ruling on the case by late September.