Indiana Michigan Power wants to invest nearly $800 million in its Indiana infrastructure.
I&M is seeking approval for its investments from the Indiana Regulatory Commission. The company wants to increase the reliability of power to its customers by making improvements over a period of seven years.
That includes replacing cables and poles, some technology upgrades, and creating new substations throughout the state, including two in Fort Wayne.
The company would replace aging equipment at the substation south of downtown Fort Wayne, and create a new substation off Ardmore Avenue near the Fort Wayne Airport.
That’s a targeted area for development, according to Marla Schneider from Greater Fort Wayne Inc.
“That airport corridor that they have over there, there’s plenty of available land that’s served with additional infrastructure, as far as sewer and water," says Schneider, "and having the additional substation there will help existing companies like Fort Wayne Metals, BAE Systems, it will also help attract new companies into that area.”
I&M says the improvements would start in 2015, and customers could expect an increase of less than one percent on average on their annual bills.