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NIPSCO proposes 16.5% electric rate hike

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NIPSCO says its proposed 16.5-percent electric rate hike will help with its transition to renewable energy and upgrades to the electric grid. The utility company says it filed the proposed increase with the Indiana Utility Regulatory Commission Monday.

If approved, the rate hike would take place in three phases: in September 2023, March 2024 and July 2024. The average residential customer currently paying $120 per month would see an overall monthly increase of $19 dollars.

NIPSCO says it needs the money for several improvements: It plans to invest $840 million in renewable energy and $700 million into its transmission and distribution system through the end of next year. It's also promising smaller improvements, like new bill payment assistance programs, a new mobile app for customers and cybersecurity protections for the electric grid.

Customers will have a chance to offer input before the proposed changes would take effect.