Company Overview of Indiana Michigan Power Company
Indiana Michigan Power Company engages in the generation, transmission, and distribution of electric power in Northern and Eastern Indiana and Southwestern Michigan. The company is also involved in supplying and marketing electric power at wholesale to other electric utility companies, rural electric cooperatives, municipalities, and other market participants. It generates electric power from hydro, coal, and nuclear sources. The company principally serves primary metals, transportation equipment, electrical and electronic machinery, fabricated metal products, rubber and chemicals and allied products, rubber products, and transportation equipment industries. Indiana Michigan Power Company ha...
1 Riverside Plaza
Columbus, OH 43215-2373
Founded in 1925
Key Executives for Indiana Michigan Power Company
Vice President of External Affairs and Director
Compensation as of Fiscal Year 2013.
Indiana Michigan Power Company Key Developments
Michigan Public Service Commission Issues Order Regarding Application of Indiana Michigan Power Company for Approval of a Power Supply Cost Recovery
Oct 4 13
Michigan Public Service Commission issued order regarding application of Indiana Michigan Power Company for approval of a power supply cost recovery. In the matter of the application of Indiana Michigan Power Company for approval of a power supply cost recovery Case No. U-16891-R reconciliation proceeding for the 12-month period ended December 31, 2012. On March 28, 2013, Indiana Michigan Power Company (I&M) filed an application, with supporting testimony and exhibits, requesting approval of its power supply cost recovery (PSCR) reconciliation for the 12-month period ended December 31, 2012. A prehearing conference was held June 4, 2013, before Administrative Law Judge Sharon L. Feldman (ALJ). I&M and the Commission Staff participated in the proceedings. The ALJ granted intervenor status to Citizens Against Rate Excess. Subsequently, the parties submitted a settlement agreement resolving all issues in the case. According to the terms of the settlement agreement, attached as Exhibit A, I&M experienced a net underrecovery of $3,153,543, including interest, during 2012. I&M shall reflect the $3,153,543 underrecovery as the 2013 PSCR reconciliation beginning balance. The Commission finds that the settlement agreement is reasonable and in the public interest, and should be approved.
Indiana Michigan Power to Retire Tanners Creek Generating Unit in Lawrenceburg
Sep 19 13
Indiana Michigan Power Co. has announced that it will retire the 500MW coal-fueled Tanners Creek 4 generating unit in Lawrenceburg, Indiana, along with the other generating units at the plant. The decision to retire Tanners Creek Units 1 - 3 (495 MW) by mid-2015 was announced in June 2011. An agreement reached in February 2013 provided the option of refueling or retiring Tanners Creek 4. Extensive analysis determined that projections for limited electricity demand growth, combined with the amount of generation currently available to serve Indiana Michigan customers, make it financially unfeasible to refuel Tanners Creek 4. All four generating units at Tanners Creek will be retired by mid-2015. Approximately 115 employees working at Tanners Creek Plant will be impacted by the plant closure.
Indiana Michigan Power Company Sells $250 Million of Senior Notes
Mar 18 13
Indiana Michigan Power Company is selling $250 million of 3.20% senior notes, series J, due March 15, 2023. Interest on the notes is payable semiannually in arrears March 15 and Sept. 15 each year, commencing Sept. 15, according to a March 13 free writing prospectus. The transaction is expected to settle March 18. The company expects to use the net proceeds from the sale of the notes for general corporate purposes relating to its utility business. These purposes may include funding construction program and replenishing working capital. If the company does not use the net proceeds immediately, it intends to temporarily invest them in short-term, interest-bearing obligations.
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