(Merrilliville, IN) - NIPSCO has received permission from the Indiana Utility Regulatory Commission to adjust its electric rates beginning this month.

 

According to NIPSCO, the newly approved rates will be phased in over a multi-step process to spread out the changes to customer bills into next year.

 

“This decision balances new rates in a way that allows NIPSCO to continue making the necessary investments in our infrastructure and technology to serve customers,” per NIPSCO President Mike Hooper.

 

Hooper said NIPSCO is transitioning to a more balanced energy portfolio that includes renewable energy sources and that these changes represent a more-than $800 million investment.

 

The newly-approved rates also support the approximately $700 million cost of electric transmission and distribution system upgrades, technology improvements, and safety and reliability initiatives to be completed by the end of 2023, according to the Merrillvile-based utility.

 

Initially, the average residential electric customer will see an overall increase of about $12 per month, an increase of more than 10 percent.

 

Originally, the utility sought a 16.5 percent rate increase.