Indiana Michigan Power in southwest Michigan: rates and bills

I&M's Michigan price per kWh, by period

Indiana Michigan Power (I&M), owned by American Electric Power (AEP), served 112,973 residential customers in Michigan in 2025, 2.5%¹ of the state's total and the fourth-largest number of any utility there. EIA gives three readings of what those homes paid:

All three are average revenue per kWh: what I&M billed its Michigan homes, divided by the kWh they used. The monthly customer charge, power supply cost recovery factors and surcharges are folded in; most taxes are not. A home that uses little electricity pays more than the average per kWh, because the fixed charge is spread over fewer kWh. The 12-month figure is the steadiest guide to the current level, since a single month carries that month's weather.

Below Michigan's other large utilities

In 2025 I&M ranked 8th lowest of the 19 Michigan utilities with 10,000 or more residential customers. The statewide average, all providers, was 20.03¢ per kWh⁴. The three utilities that serve more Michigan homes all averaged more per kWh: DTE Energy 20.25¢ per kWh, Consumers Energy 20.66¢ per kWh and the cooperative Great Lakes Energy 20.32¢ per kWh¹.

Indiana Michigan Power (MI)17.19¢

DTE Energy (MI)20.25¢

Great Lakes Energy (MI)20.32¢

Consumers Energy (MI)20.66¢

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.

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Utility	average residential price (bundled customers)
Indiana Michigan Power (MI)	17.19¢
DTE Energy (MI)	20.25¢
Great Lakes Energy (MI)	20.32¢
Consumers Energy (MI)	20.66¢

The ownership averages make the same point from another side. Michigan's investor-owned utilities together averaged 20.34¢ per kWh in 2025, and its public power utilities 16.46¢ per kWh; I&M, an investor-owned company, sat much nearer the public power figure. Against the whole country it was above the middle: 3.3% below the national average for investor-owned utilities, but 55th highest of 177 utilities with 100,000 or more residential customers, whose median was 15.07¢ per kWh¹.

I&M's Michigan territory also sits in a different wholesale market from most of the state. EIA's utility records place I&M in PJM, while DTE Energy, Consumers Energy and Great Lakes Energy report MISO¹. EIA's data do not say how much of the price difference, if any, comes from that.

2026: I&M's average held while Michigan's climbed

From 2024 to 2025 I&M's Michigan average rose 1.1%, from 17.00¢ per kWh⁵ to 17.19¢ per kWh. Over the same two years the state average rose 3.8%⁴ and Consumers Energy's 8.1%¹.

The monthly survey shows a sharper split since. In August 2026 I&M's Michigan homes paid 16.32¢ per kWh, −1.2% against August 2025. In the same month DTE Energy's average was +13.6%, Consumers Energy's +10.6% and Michigan's +10.9%. Over the 12 months September 2025 to August 2026, I&M averaged 16.66¢ per kWh² and the state 21.28¢ per kWh, which itself was up 8.0%³ on the 12 months before. All 2026 months are preliminary, and EIA records the change without a cause.

Indiana Michigan PowerMichigan average, all providers

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).

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Month	Indiana Michigan Power (¢/kWh)	kWh per customer	Bill per customer
January 2025	16.57¢	1,090	$180.61
February 2025	16.93¢	896	$151.68
March 2025	17.71¢	796	$140.94
April 2025	18.14¢	655	$118.76
May 2025	17.64¢	606	$106.79
June 2025	17.61¢	723	$127.44
July 2025	16.73¢	1,201	$200.88
August 2025	16.51¢	976	$161.20
September 2025	18.25¢	724	$132.09
October 2025	16.98¢	633	$107.52
November 2025	17.12¢	673	$115.25
December 2025	17.17¢	983	$168.70
January 2026	15.42¢	972	$149.84
February 2026	13.95¢	914	$127.57
March 2026	17.49¢	808	$141.32
April 2026	16.70¢	664	$110.96
May 2026	16.78¢	647	$108.63
June 2026	16.88¢	771	$130.06
July 2026	17.49¢	1,068	$186.77
August 2026	16.32¢	934	$152.45

I&M's Michigan rates are set by the Michigan Public Service Commission, separately from its Indiana rates; the commission's e-dockets hold each rate case and power supply cost recovery order. Because cost recovery factors change during the year, the average paid can move without a new base rate, as the guide to rate increases explains. EIA's next monthly release, on November 24, 2026, adds September 2026.

Lower price, higher use: how the bills compare

I&M's Michigan homes used 830 kWh a month on average in 2025, against 635 kWh for Michigan as a whole, a state with the 9th lowest use per home in the country. That extra use more than offsets the lower price. I&M's average bill was $142.67 in 2025, above the Michigan average of $127.17⁶, and a change of +2.1%¹ from $139.69 as use per home rose from 821 kWh⁵.

Figures are monthly averages from EIA-861M, 2026 months preliminary; prices are average revenue per kWh. On the calendar-2025 figures I&M's bill was above DTE's ($126.06) and Consumers Energy's ($134.01¹). Over the latest 12 months, as the other two utilities' average prices rose, the three bills drew close together.

DTE Energy (MI)623

Great Lakes Energy (MI)632

Consumers Energy (MI)649

Indiana Michigan Power (MI)830

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.

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Utility	average monthly residential use
DTE Energy (MI)	623
Great Lakes Energy (MI)	632
Consumers Energy (MI)	649
Indiana Michigan Power (MI)	830

July is the costly month, October the cheapest

Use per I&M home in Michigan peaked in July 2026 at 1,068 kWh, for an average bill of $186.77, over the 12 months September 2025 to August 2026. The low point was October 2025: 633 kWh and $107.52². Statewide, the summer peak was lower (914 kWh per home in July 2026) and the quietest month was April 2026³, not autumn.

724Sep

633Oct

673Nov

983Dec

972Jan

914Feb

808Mar

664Apr

647May

771Jun

1,068Jul

934Aug

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.

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Month	kWh per customer	Bill per customer	¢/kWh
September 2025	724	$132.09	18.25¢
October 2025	633	$107.52	16.98¢
November 2025	673	$115.25	17.12¢
December 2025	983	$168.70	17.17¢
January 2026	972	$149.84	15.42¢
February 2026	914	$127.57	13.95¢
March 2026	808	$141.32	17.49¢
April 2026	664	$110.96	16.70¢
May 2026	647	$108.63	16.78¢
June 2026	771	$130.06	16.88¢
July 2026	1,068	$186.77	17.49¢
August 2026	934	$152.45	16.32¢

The Indiana half of the company

I&M serves customers in 2 states, and each state's commission sets its own rates, so EIA reports Michigan and Indiana separately. The Michigan side is the smaller one: 112,973 residential customers here, 425,007 in Indiana. The two averaged almost the same in 2025 (17.16¢ per kWh in Indiana) and over the last 12 months (16.78¢ per kWh), but the latest month differed: Indiana's I&M average was −14.6%² against August 2025. The same price level that put I&M well below Michigan's average put it 7.5% above the Indiana average. Across AEP's 12 operating utilities with pages here, the AEP comparison runs from 12.14¢ per kWh (SWEPCO (Arkansas)) to 18.97¢ per kWh¹ (AEP Ohio) in 2025.

Outages: storm days set the total

In 2025 an I&M customer in Michigan was without power for 932 minutes on average when every event is counted, more than the Michigan average of 672 minutes, with 1.83 interruptions per customer against 1.42 statewide. Michigan's own total was the 2nd highest⁷ among the states.

Remove major event days, the days of unusually widespread outages that IEEE 1366 lets utilities report separately, and I&M's figure falls to 142 minutes. That is less than the state's 160 minutes and close to DTE Energy (151 minutes) and Consumers Energy (163 minutes⁷). Most of the 2025 total therefore came from major events rather than ordinary days; one stormy year can move this figure a long way.

Meters, time-of-use and rooftop solar

Advanced meters were installed at 99.6% of I&M's Michigan residential meters in 2025 (97.2% statewide). I&M reported a residential time-of-use program with 5,444 Michigan customers enrolled, 4.8% of the total. That share is small beside Consumers Energy's 99.0% and the state's 39.0%, but above DTE Energy's 1.1%⁸. The hours and prices of the plan are in I&M's Michigan tariff; EIA collects only enrollment. The time-of-use guide shows how shifting use changes a bill.

I&M counted 616 net-metered residential solar installations in Michigan, 5.1 megawatts in all, or 5.5 per 1,000 customers against 5.9⁸ statewide.

The southwest corner, county lines shared

EIA's service-territory records list I&M in 6 Michigan counties: Allegan County, Berrien County, Cass County, Kalamazoo County, St. Joseph County and Van Buren County. In all 6⁹, at least one other distribution utility also reports customers, so the county does not settle which utility serves a home. EIA publishes no prices by town; I&M's service-area map answers by address.

Indiana Michigan Power onlyIndiana Michigan Power and other utilitiesOther utilities

Source: EIA-861 2025, service territory; Census Bureau, Cartographic boundary file, counties. EIA-861 2025 service territory: 6 counties. Counts whole counties even where the utility serves only part of one; check the utility's own service-area map for an address.

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County	Other utilities reporting service
Allegan County	Consumers Energy, Great Lakes Energy, City of Holland, City of South Haven
Berrien County	Midwest Energy Cooperative, City of Niles
Cass County	Midwest Energy Cooperative, City of Dowagiac
Kalamazoo County	Consumers Energy, Midwest Energy Cooperative
St. Joseph County	Consumers Energy, Midwest Energy Cooperative, City of Sturgis
Van Buren County	Consumers Energy, Midwest Energy Cooperative, City of South Haven, Village of Paw Paw

EIA's data list Michigan among the retail-choice states, but in EIA's 2025 figures almost no Michigan homes buy from a supplier (0.0%¹ of residential customers). For I&M's homes, the bundled averages on this page are the whole bill's price.

Businesses, and help with bills

I&M's 18,892 commercial customers in Michigan paid 12.34¢ per kWh on average in 2025, with an average monthly bill of $534.94 against $794.46⁶ for the state's commercial customers. Its 723 industrial accounts paid 11.41¢ per kWh, and across all 132,588 Michigan customers the average was 14.24¢ per kWh¹.

Michigan received $183.3 million¹¹ in federal LIHEAP funds for fiscal year 2026 to help households with energy costs; the guide to help paying an electric bill lists how to apply. The Michigan electricity page covers the rest of the state.