Indiana American Water granted new rates by IURC, raises $875 million in water and wastewater investments.

Indiana American Water has been granted new rates by the Indiana Utility Regulatory Commission (IURC) following a comprehensive 11-month review process. The rate adjustment was primarily driven by approximately $875 million in water and wastewater investments since the last approved rate adjustment, as well as increases in the cost of procuring chemicals, goods, and services. Indiana American Water President Matt Prine emphasized the company's commitment to providing safe, clean, reliable, and affordable water service and fire protection capabilities, stating, "By making prudent, ongoing investments to maintain and upgrade our water and wastewater systems, Indiana American Water is committed to providing high-quality water that protects customers and the communities we serve."

The order includes a $66.3 million adjustment to existing authorized operating water and wastewater revenues to address the increased investment and expenses. The increase will be implemented through a phased, three-step process through May 2025. The IURC also approved a new rate design that provides 1,500 gallons of water usage at no additional cost above the fixed monthly customer charge for all water customers, aiming to provide low-cost basic water service for customers on fixed incomes that use a lower volume of water than the typical residential customer. With this change, the cost for the typical residential water customer using 1,500 gallons will be approximately $20 per month.

In addition to the rate adjustments, Indiana American Water also offers payment plans, budget billing, and provides information to customers about the Low-Income Household Water Assistance Plan. The company's full 8-K submission is available here.