(Fort Wayne, IN) - Customers of Indiana Michigan Power Company locally and throughout the Hoosier state are in for a rate decrease.

A close to six percent rate reduction is from a settlement agreement approved by the Indiana Utility Regulatory Commission.

Despite the rate reduction, I&M officials said there’d been no change in the utility company’s plans to invest over $350 million on upgrades to an aging system and adding technology to reduce power outages and the length of time outages last.

Officials said the rate reduction will be spread over this year and 2023.