LANSING, Mich. (AP) - The Michigan Public Service Commission has approved nearly $9 million in electricity rate cuts for customers of Indiana Michigan Power Co. because of utility savings from the federal corporate income tax overhaul.
The panel on Tuesday said I&M residential customers who use an average of 500 kilowatt hours will see their monthly bills go down $1.82 beginning in September.
I&M serves approximately 128,000 customers in southwestern Michigan.
The commission also approved a tax cut-related rate decrease for customers of Northern States Power Co. that will save residential customers with the average usage $1.85 monthly starting in September. NSP serves 9,000 customers in the western Upper Peninsula.
The tax overhaul reduced the corporate rate from 35 percent to 21 percent and made other changes to tax rules.