Indiana Michigan Power (I&M) rates and bills in Indiana
Indiana Michigan Power's 425,007 residential customers in Indiana paid an average of 17.16¢ per kWh in 2025, for an average bill of $146.33 a month on 853 kWh.1 Over the last 12 months (Sep 2025–Aug 2026) the average was 16.78¢, and 14.63¢ in August 2026.2
EIA-861 2025 final (released October 7, 2026) and EIA's monthly utility survey through August 2026 (preliminary); next monthly update expected November 24, 2026. Averages are revenue divided by kWh, all charges included: not the rate printed in a tariff.
25 of 92 Indiana counties served (EIA-861 2025)
Indiana Michigan Power's Indiana homes paid more per kWh than the state average in 2025 (17.16¢ per kWh1), yet their average bill was below it because they used less electricity. In EIA's monthly data the price has since moved the other way from the rest of Indiana: −14.6%2 in August 20265 against the same month a year earlier, while the state average rose.
What I&M's Indiana customers pay per kWh
Indiana Michigan Power (I&M), a subsidiary of American Electric Power (AEP), served 425,007 residential customers in Indiana in 2025, 14.5% of the state's total. Over the last 12 months (September 2025 to August 2026) those homes paid an average of 16.78¢ per kWh2, according to EIA's monthly survey (EIA-861M, 2026 months preliminary). For calendar 2025, EIA's annual census (EIA-861) puts the figure at 17.16¢ per kWh1.
Neither is a tariff rate. Each is average revenue per kWh: the dollars I&M billed homes, divided by the kilowatt-hours those homes used, with the monthly service charge, the fuel adjustment and riders blended in and most taxes left out. A small apartment pays more than this per kWh, because its fixed charge is divided among few kWh; a large house pays less.
On the 2025 figure, I&M was the 4th highest of the 32 Indiana utilities with 10,000 or more residential customers and 7.5% above the Indiana average (15.96¢ per kWh3, all providers). Measured against the whole country it looks different: 3.5% below the national average for investor-owned utilities, and tied for 56th highest of 177 utilities with 100,000 or more residential customers, whose median was 15.07¢ per kWh1.
2026: I&M's average fell while Indiana's rose
From 2024 to 2025 I&M's residential average rose 5.2%, from 16.31¢ per kWh4 to 17.16¢ per kWh1, the smallest increase among Indiana's five investor-owned utilities and below the statewide rise of 8.1%3. EIA's monthly figures since then point downward. The 12 months to August 2026 averaged 16.78¢ per kWh, below the 2025 figure, and in August 20265 I&M's Indiana average was 14.63¢ per kWh, −14.6%2 against August 2025.
The other large utilities moved the opposite way in that month: AES Indiana +9.6%, Duke Energy Indiana +8.6%, NIPSCO +3.0%2, and the Indiana average +5.0%5. A single month is preliminary and depends on the weather, and EIA's survey records the change without its cause. In the chart below, June, July and August 2026 each came in under the same month of 2025.
Source: EIA-861M monthly sales and revenue by utility; EIA, Electric Power Monthly / EIA-861M sales and revenue by state. Residential revenue divided by kWh in each month, as reported to EIA's monthly survey (EIA-861M; months since January 2026 preliminary).
Show the numbers
| Month | Indiana Michigan Power (¢/kWh) | kWh per customer | Bill per customer |
|---|---|---|---|
| January 2025 | 15.54¢ | 1,179 | $183.17 |
| February 2025 | 16.54¢ | 931 | $153.99 |
| March 2025 | 17.02¢ | 807 | $137.32 |
| April 2025 | 18.65¢ | 617 | $115.10 |
| May 2025 | 18.08¢ | 587 | $106.07 |
| June 2025 | 17.59¢ | 856 | $150.63 |
| July 2025 | 16.12¢ | 1,236 | $199.27 |
| August 2025 | 17.14¢ | 971 | $166.35 |
| September 2025 | 17.71¢ | 713 | $126.20 |
| October 2025 | 18.95¢ | 658 | $124.64 |
| November 2025 | 18.12¢ | 682 | $123.65 |
| December 2025 | 17.03¢ | 995 | $169.48 |
| January 2026 | 17.00¢ | 1,031 | $175.23 |
| February 2026 | 16.41¢ | 954 | $156.51 |
| March 2026 | 17.24¢ | 828 | $142.68 |
| April 2026 | 16.49¢ | 600 | $98.97 |
| May 2026 | 18.43¢ | 653 | $120.44 |
| June 2026 | 15.89¢ | 776 | $123.36 |
| July 2026 | 15.22¢ | 1,098 | $167.21 |
| August 2026 | 14.63¢ | 943 | $138.00 |
In Indiana, I&M's base rates, fuel cost adjustments and other trackers go through the Indiana Utility Regulatory Commission (IURC); its electronic filing system lists each cause and order. Because fuel and tracker factors change several times a year, the average can fall or rise without a base rate case, as the guide to rate increases describes. EIA's next monthly release, on November 24, 2026, adds September 2026.
A higher price, a lower bill
I&M's homes use less electricity than most of Indiana: 853 kWh a month on average in 2025, against 938 kWh statewide. That is why a price above the state average produced a bill below it: $146.33 a month, against $149.726 for Indiana. The bill still rose more than the price from 2024 ($134.94, +8.4%1) because use per home went up from 827 kWh4.
| Utility | Price, 2024 | Price, 2025 | Price, last 12 months | Bill, last 12 months |
|---|---|---|---|---|
| Indiana Michigan Power | 16.31¢ per kWh | 17.16¢ per kWh | 16.78¢ per kWh | $138.88 |
| AES Indiana | 13.75¢ per kWh | 14.69¢ per kWh | 15.43¢ per kWh | $141.22 |
| Duke Energy Indiana | 12.75¢ per kWh | 14.98¢ per kWh | 15.91¢ per kWh | $154.41 |
| NIPSCO | 19.09¢ per kWh | 22.05¢ per kWh | 23.60¢ per kWh | $153.41 |
| CenterPoint Energy Indiana South | 17.52¢ per kWh4 | 19.78¢ per kWh1 | 21.35¢ per kWh | $187.742 |
All prices are average residential revenue per kWh; the last-12-months columns cover September 2025 to August 2026 and come from EIA-861M (2026 months preliminary). The table shows the gap closing: in 2024, I&M's homes paid well above AES Indiana's and Duke Energy Indiana's; over the last 12 months the difference was much smaller, and I&M's average bill ($138.88 for 828 kWh2) was below both.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average monthly residential use |
|---|---|
| NIPSCO (IN) | 672 |
| Indiana Michigan Power (IN) | 853 |
| CenterPoint Energy Indiana South (IN) | 895 |
| AES Indiana (IN) | 941 |
| Duke Energy Indiana (IN) | 992 |
Summer sets the peak in use
Over the last 12 months (September 2025 to August 2026), use per I&M home in Indiana peaked in July 2026 at 1,098 kWh, for an average bill of $167.21, and was lowest in April 2026 at 600 kWh ($98.97). That follows the statewide pattern, which also peaked in July 2026, but not AES Indiana's or Duke Energy Indiana's homes, whose highest month was January 20262. I&M's summer peak was also lower than the state's (1,225 kWh5 per home).
Source: EIA-861M monthly sales and revenue by utility. kWh per residential customer in each month (EIA-861M; months since January 2026 preliminary). The table adds the average bill and price for the month.
Show the numbers
| Month | kWh per customer | Bill per customer | ¢/kWh |
|---|---|---|---|
| September 2025 | 713 | $126.20 | 17.71¢ |
| October 2025 | 658 | $124.64 | 18.95¢ |
| November 2025 | 682 | $123.65 | 18.12¢ |
| December 2025 | 995 | $169.48 | 17.03¢ |
| January 2026 | 1,031 | $175.23 | 17.00¢ |
| February 2026 | 954 | $156.51 | 16.41¢ |
| March 2026 | 828 | $142.68 | 17.24¢ |
| April 2026 | 600 | $98.97 | 16.49¢ |
| May 2026 | 653 | $120.44 | 18.43¢ |
| June 2026 | 776 | $123.36 | 15.89¢ |
| July 2026 | 1,098 | $167.21 | 15.22¢ |
| August 2026 | 943 | $138.00 | 14.63¢ |
The same company across the Michigan line
I&M is one company with customers in 2 states, and EIA reports each state separately because each state's commission sets its own rates. Indiana is the larger part: 425,007 residential customers, against 112,9731 in Michigan. The two averages were almost equal in 2025, but they sit in very different state markets.
| 2025 unless stated | I&M in Indiana | I&M in Michigan |
|---|---|---|
| Average residential price | 17.16¢ per kWh | 17.19¢ per kWh |
| Against the state average | 7.5% above the Indiana average | 14.2% below the Michigan average |
| Change from 2024 | +5.2% | +1.1% |
| Last 12 months (September 2025 to August 2026) | 16.78¢ per kWh | 16.66¢ per kWh |
| August 20265 against a year earlier | −14.6% | −1.2%2 |
| Average monthly bill | $146.33 | $142.671 |
| Outage minutes, all events | 283 minutes | 932 minutes7 |
In 2025 Michigan's residential average was 20.03¢ per kWh3, so I&M ranked 8th lowest of the state's 19 utilities with 10,000 or more homes; in Indiana the same price level ranked 4th highest. The latest-month decline is also much larger on the Indiana side. Across the 12 AEP utilities with pages here, the residential average ranged from 12.14¢ per kWh at SWEPCO (Arkansas) to 18.97¢ per kWh1 at AEP Ohio in 2025; the AEP page compares them.
I&M also differs from its Indiana neighbours in its wholesale market. EIA lists it in PJM, while AES Indiana, Duke Energy Indiana, NIPSCO and CenterPoint report MISO1.
Time-of-use is more common here than at Indiana's other large utilities
Advanced meters covered 99.7% of I&M's Indiana residential meters in 2025, against 81.6% statewide. Far more of I&M's customers are on a rate that uses them: 13,171 residential customers were enrolled in time-of-use pricing (3.1%), against 184 at AES Indiana and 738 at Duke Energy Indiana. Which hours count as peak, and how much more they cost, is written in I&M's tariff rather than reported to EIA; the time-of-use guide works through who comes out ahead on such a plan.
Rooftop solar is close to the state norm: 1,730 residential net-metered installations with 15.1 megawatts of capacity, 4.1 per 1,000 customers, against 3.78 per 1,000 across Indiana.
Outages below the Indiana average
In 2025 the typical I&M customer in Indiana went 283 minutes without power when every event is counted, fewer than the Indiana average of 345 minutes. Leave out major event days and the total drops to 83 minutes, against 125 minutes statewide. Interruptions averaged 0.97 per customer, against 1.38 for Indiana. EIA collects these under IEEE 1366, and the all-events column swings with each year's storms. On the Michigan side the gap between the two measures was wider: 932 minutes with major events and 142 minutes7 without.
Commercial and industrial customers
I&M's 56,588 Indiana commercial customers paid 13.03¢ per kWh on average in 2025, less per kWh than homes, with an average monthly bill of $1,071.05 (Indiana: $774.946). Its 3,948 industrial accounts paid 8.89¢ per kWh, and across all 485,543 accounts the average was 12.49¢ per kWh1.
Where I&M serves in Indiana
EIA's service-territory records place I&M in 25 Indiana counties, from Allen County around Fort Wayne to Delaware County around Muncie and north to Elkhart. None of the 259 is I&M's alone: another distribution utility reports customers in each one. A town name or ZIP code therefore does not identify the supplier, and EIA has no prices by city; I&M's service-area lookup answers it for a specific address.
Source: EIA-861 2025, service territory; Census Bureau, Cartographic boundary file, counties. EIA-861 2025 service territory: 25 counties. Counts whole counties even where the utility serves only part of one; check the utility's own service-area map for an address.
Show the numbers
| County | Other utilities reporting service |
|---|---|
| Adams County | Heartland REMC, Jay County Rural EMC, Paulding-Putman Electric Cooperative |
| Allen County | Northeastern Rural EMC, Heartland REMC, Noble County R EMC, Paulding-Putman Electric Cooperative |
| Blackford County | Jay County Rural EMC |
| DeKalb County | NIPSCO, Noble County R EMC, Steuben County Rural EMC, City of Auburn, City of Garrett |
| Delaware County | Duke Energy Indiana, Henry County Rural EMC, Jay County Rural EMC |
| Elkhart County | NIPSCO, Noble County R EMC, Marshall County Rural EMC, Lagrange County Rural EMC, Midwest Energy Cooperative |
| Grant County | Duke Energy Indiana, Heartland REMC, City of Gas City |
| Hamilton County | Duke Energy Indiana, AES Indiana, Boone County Rural EMC, NineStar Connect, City of Frankfort |
| Henry County | Duke Energy Indiana, RushShelby Energy, Henry County Rural EMC, Town of Knightstown, Town of Middletown, Town of Spiceland, City of Lewisville, Town of Straughn, Town of Dunreith |
| Howard County | Duke Energy Indiana, Carroll-White REMC |
| Huntington County | Duke Energy Indiana, Northeastern Rural EMC, Heartland REMC, Town of Warren |
| Jay County | Jay County Rural EMC |
| LaGrange County | NIPSCO, Noble County R EMC, Steuben County Rural EMC, Lagrange County Rural EMC, Midwest Energy Cooperative |
| LaPorte County | NIPSCO, Kankakee Valley Rural EMC, Town of Kingsford Heights |
| Madison County | Duke Energy Indiana, AES Indiana, City of Anderson, NineStar Connect, Henry County Rural EMC, Town of Pendleton, Town of Frankton |
| Marshall County | NIPSCO, Kankakee Valley Rural EMC, Marshall County Rural EMC, Fulton County Rural EMC, Bremen Electric Light & Power Co, Town of Argos |
| Miami County | Duke Energy Indiana, Heartland REMC, City of Peru, Fulton County Rural EMC, Miami-Cass County Rural EMC |
| Noble County | NIPSCO, Northeastern Rural EMC, Noble County R EMC, Lagrange County Rural EMC, City of Columbia City, Town of Avilla |
| Randolph County | Duke Energy Indiana, Whitewater Valley Rural EMC, Henry County Rural EMC, Jay County Rural EMC |
| St. Joseph County | NIPSCO, City of Mishawaka, Kankakee Valley Rural EMC, Marshall County Rural EMC, Town of Walkerton, Town of New Carlisle, Midwest Energy Cooperative |
| Steuben County | NIPSCO, Noble County R EMC, Steuben County Rural EMC, Lagrange County Rural EMC |
| Tipton County | Duke Energy Indiana, City of Frankfort, Tipton Municipal Electric Util |
| Wabash County | Duke Energy Indiana, Northeastern Rural EMC, Heartland REMC, Kosciusko County Rural EMC, Miami-Cass County Rural EMC |
| Wells County | Duke Energy Indiana, Jay County Rural EMC, City of Bluffton |
| Whitley County | Duke Energy Indiana, Northeastern Rural EMC, Heartland REMC, Kosciusko County Rural EMC, Noble County R EMC, City of Columbia City, Town of South Whitley |
The neighbouring suppliers are mostly rural electric membership corporations and municipal utilities. Across Indiana in 2025, homes on cooperative lines paid an average of 14.98¢ per kWh and homes served by public power 11.96¢ per kWh1. Indiana received $87.1 million11 in federal LIHEAP funds for fiscal year 2026 to help households with energy bills; the guide to help paying an electric bill lists the programs, and electricity in Indiana covers the state as a whole.
Questions and answers
What are Indiana Michigan Power's rates per kWh in Indiana?
I&M's Indiana residential customers paid an average of 16.78¢ per kWh2 over the last 12 months (September 2025 to August 2026, 2026 months preliminary) and 17.16¢ per kWh1 in calendar 2025. Each is residential revenue over residential kWh, which folds the service charge, fuel adjustment and riders into one figure; the per-kWh energy charges in I&M's tariff exclude them and look lower.
Did I&M raise rates in Indiana in 2026?
The average price customers paid fell in EIA's preliminary monthly data: 14.63¢ per kWh in August 20265, −14.6% against August 2025, and the 12 months to August 2026 averaged 16.78¢ per kWh2, below the 2025 figure. Approved charges are set by the Indiana Utility Regulatory Commission; EIA's averages show what was billed, not the tariff.
What is the average I&M electric bill in Indiana?
$146.33 a month in 2025 for 853 kWh1, and $138.88 over the last 12 months (September 2025 to August 2026). The highest monthly average in that period was $175.23, in January 2026; the lowest, $98.97, in April 20262.
Does Indiana Michigan Power have time-of-use rates?
Yes. It reported a residential time-of-use program to EIA for 2025, with 13,171 Indiana customers enrolled, 3.1%8 of its residential customers in the state. Peak hours and prices are in I&M's tariff, not in EIA data.
Can I choose a different electricity supplier in I&M's area?
No. Indiana does not let households pick a competitive supplier, and EIA counted 0.0%1 of Indiana homes buying from one in 2025. I&M both delivers and sells the electricity on its lines.
Related pages
Sources
- EIA-861 annual electric power industry report, 2025 final; table Sales_Ult_Cust_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861M monthly sales and revenue by utility; table sales_ult_cust_2025 and _2026; released October 23, 2026. www.eia.gov
- EIA, Historical state data, annual sales, revenue and customers; table HS861 2010-.xlsx; 2010-2025, final; released October 7, 2026. www.eia.gov
- EIA-861 annual electric power industry report, 2024 final; table Sales_Ult_Cust_2024; 2024, final (file updated December 3, 2025); released December 3, 2025. www.eia.gov
- EIA, Electric Power Monthly / EIA-861M sales and revenue by state; table sales_revenue.xlsx (EPM Table 5.6.A); January 2001 to 2026-08; months since January 2026 preliminary; released October 23, 2026. www.eia.gov
- EIA-861 2025, average monthly bill by state; table Average_Bill_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, reliability; table Reliability_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, advanced meters, dynamic pricing and net metering; table Advanced_Meters, Dynamic_Pricing, Net_Metering 2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, service territory; table Service_Territory_2025; 2025, final; released October 7, 2026. www.eia.gov
- Census Bureau, Cartographic boundary file, counties; table cb_2025_us_county_5m; cb_2021_us_county_5m; 2025 (2021 for Connecticut). www.census.gov
- HHS, LIHEAP funding releases to states; table FY2027 first release; FY2026 final; FY2027 first release (October 9, 2026); FY2026 total; released October 9, 2026. acf.gov
How every figure is built: methodology. Found an error? Write to [email protected]; corrections are listed on the updates page.