LANSING, Mich. (WJRT) - Consumers Energy won approval of a $155 million electric rate increase as part of a settlement with the Michigan Public Service Commission.
The increase is 43% lower than the $272 million worth of additional revenue that Consumers initially requested. The company later increased its request to $293.5 million before agreeing to the $155 million compromise.
The average electric customer of Consumers Energy using 500 kilowatt hours per month will see a $2.10 increase on their monthly bill when the higher rate takes effect.
A Consumers Energy surcharge and credit will expire after 12 months, which will reduce the average monthly bill increase to 77 cents compared to the current rates.
The settlement also requires Consumers to expand its PowerMIDrive and PowerMIFleet programs, along with launching an installment plan to pay for new electric vehicle chargers.
Consumers Energy also agreed to start a new line clearing program to remove trees and hazards from its worst performing areas next time it wants to raise rates.