The Indiana Utility Regulatory Commission is considering a request from Merrillville-based Northern Indiana Public Service Co. to increase its base electric rates next year. The utility says the average residential customer will see an expected overall increase of about $19 per month over a period of multiple years.
NIPSCO says any rate changes would be phased in over time beginning in late 2023 and into 2024. Before a decision is made, the proposed increase will undergo a regulatory review process by the IURC, which includes public input.
“The investments we’re making provide direct benefits to all our customers, the communities we serve and the local economy,” said Mike Hooper, NIPSCO president. “Beyond the necessary upgrades, grid modernization and customer-centric enhancements that are critical to ensure the level of service our customers expect for the future, a significant portion of the investments are tied to our future energy transition and the addition of new renewable energy projects located in Indiana.”
The change would begin by September 2023, and NIPSCO says the remaining changes would be applied in March 2024 and July 2024.
“Customers are already benefiting from these existing renewable projects and will continue to see cost savings grow in the long term when we’re able to eliminate the costs associated with running our remaining coal-fired electric generating facilities by 2026-2028,” said Hooper.
NIPSCO’s last request to change electric rates was in 2018.