CenterPoint seeks increase to base rates
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CenterPoint Energy’s Indiana Electric business, based in Evansville, is seeking a nearly $119 million base rate increase from the Indiana Utility Regulatory Commission. If approved, the utility says the average residential customer would see their monthly bills rise by $28.38.
CenterPoint said Tuesday the filing with the IURC seeks to recover costs incurred through the completion of various capital projects over the past 14 years, including energy grid modernization, replacement of aging infrastructure, and automated metering technology.
The utility said the request is also needed to recover costs associated with the transition to a power generation portfolio that’s less reliant and coal and more reliant on renewable energy such as solar and natural gas.
Part of that transition includes a 190-megawatt solar project in Posey County being developed by Arizona-based Arevon Energy, Inc. and Virginia-based Bechtel. CenterPoint plans to distribute the energy, which, when complete, will be enough to power an estimated 25,000 homes annually.
“This request is based on the need to maintain a safe, resilient and reliable system to further meet the current and future energy needs of the southwestern Indiana region,” Indiana Electric Senior Vice President Richard Leger said in a news release. “Our greatest commitment to our 150,000 customers is to maintain the level of service they have come to expect – reliably, safely and in a cost-effective manner.”
The request is CenterPoint’s first base rate filing since 2009.
If approved by the IURC, CenterPoint said the increase would begin no sooner than the fourth quarter of 2024. The typical residential customer would see an initial increase of $10.07 in late 2024, followed by an additional $5.85 in early 2025 and another $12.46 in early 2026.
The review process from the IURC, which will include the opportunity for public input, is expected to take several months to complete, with a final decision expected in late 2024.
You can learn more about the rate case by clicking here.