IURC approves Indiana American Water rate increase
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The Indiana Utility Regulatory Commission this week approved a statewide base rate increase for Greenwood-based Indiana American Water after a nearly year-long review process.
The approval allows the utility to capture an additional $66.3 million in annual revenue, according to the Indiana Office of Utility Consumer Counselor.
Indiana American Water originally filed its rate adjustment request in March 2023, seeking to raise rates to generate $86.7 million in additional annual revenue.
The utility said the rate increase would support $875 million in water and wastewater system improvements to be made through 2025.
“By making prudent, ongoing investments to maintain and upgrade our water and wastewater systems, Indiana American Water is committed to providing safe, clean, reliable and affordable water service and fire protection capabilities,” President Matt Prine said in a news release. “We are proud to continue to provide high-quality water that protects customers and the communities we serve.”
The rate increase will be implemented through a three-phase process that will take place through May 2025. The utility said the amount of the increases for residential wastewater customers will vary depending on the community served.
Additionally, the IURC approved a plan for Indiana American Water to provide 1,500 gallons of water usage above the fixed monthly charge for all water customers at no additional cost.
“The change will allow Indiana American Water to provide low-cost basic water service for customers on fixed incomes that use a lower volume of water than the typical residential customer,” the utility said in the release. “With this change, the cost for the typical residential water customer using 1,500 gallons will be approximately $20 per month.”
Final rates created by the approved increase will be available on the company’s website later this month, the company said.