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FORT WAYNE — Indiana Michigan Power (I&M) has agreed to a rate settlement agreement that parties on both sides said would reduce base rates for Hoosier residential customers while enhancing reliability.

Under the settlement, I&M will reduce its base rates for Indiana residential customers by about 5 percent over two phases, with a slight decrease of about 1 percent in May 2022 and an additional, larger decrease in January 2023. At the same time, I&M will continue to invest in reliability by upgrading aging infrastructure in Indiana.

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