NIPSCO reaches settlement on $1.25B modernization plan

MERRILLVILLE, Ind. (AP) - The Northern Indiana Public Service Company has reached an agreement with a state agency that represents consumers and other consumer groups in its seven-year, $1.25 billion electric modernization case.

The (Munster) Times reports (http://bit.ly/1LMKOBv ) the agreement with the Indiana Office of Utility Consumer Counselor, which still must be approved by approved by the Indiana Utility Regulatory Commission, would raise customers charges by a cumulative 7 percent by 2022.

The settlement comes one month after the utility settled with consumer groups in its electric rate case, cutting its requested rate increase to 5.4 percent from an original request of 11 percent.

The rate increases would come in the form of surcharges. NIPSCO says the increase in the surcharge would average about 1 percent a year and be subject to IURC review.

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Information from: The Times, http://www.thetimesonline.com