GREENWOOD, Ind.--(BUSINESS WIRE)--Indiana American Water today announced that the Indiana Utility Regulatory Commission has approved a stipulation and settlement agreement with the Office of the Utility Consumer Counselor and several other interested parties regarding the company’s rate request filed in January 2014. Details of the increase are contained in an order issued this afternoon by the IURC.
“We appreciate the cooperation of the interested parties in this proceeding to work toward and reach a negotiated settlement in this case,” said Indiana American Water President Alan DeBoy. “We believe the compromises embodied in this agreement and the IURC’s order are both reasonable and fair and in the best interests of our customers across the state.
“Over the last several years, we have worked diligently to continue to provide excellent customer service while reducing our operating and maintenance expenses by implementing efficiencies and best practices throughout our business,” said DeBoy. “We continue to make productivity gains through process improvements and new technology."
During the period covered by the company’s rate request, Indiana American Water has invested more than $220 million in its water and wastewater systems across the state to ensure quality, reliable service to its customers. The agreement includes a 2.55% overall increase in operating revenues, primarily based on that investment. For most of the company’s residential customers around the state, the increase in water rates is less than one percent of the current bill, or less than a penny per day.
In the company’s Wabash District, where significant infrastructure investments have been made, the new rates will be phased in over a 24-month period.
The Commission’s order also authorizes the company to move from bimonthly to monthly billing in its Northwest Indiana District in 2015. The transition, which will take place in April, will help customers to conserve water by adjusting their usage habits and to detect household plumbing leaks sooner by providing more frequent information on their water usage.
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to more than 1.2 million people. Founded in 1886, American Water (NYSE: AWK) is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,600 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 40 states and parts of Canada. More information can be found at www.amwater.com.