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April 21, 2015 3:48 PM ET

Electric Utilities

Company Overview of Indiana Michigan Power Company

Company Overview

Indiana Michigan Power Company generates, transmits, and distributes electric power to retail and other customers in Northern and Eastern Indiana and Southwestern Michigan. The company is also involved in the supply and marketing of 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. Indiana Michigan Power Company owns or leases approximately 4,518 megawatts of generating capacity; and serves approximately 587,000 retail customers. It principally serves primary metals, electrical and electronic machinery, fabricated metal products, rubber...

1 Riverside Plaza

Columbus, OH 43215

United States

Founded in 1925

2,551 Employees

Phone:

614-716-1000

Key Executives for Indiana Michigan Power Company

Chairman of the Board, Chief Executive Officer and President
Age: 54
Chief Financial Officer, Executive Vice President and Director
Age: 46
Chief Accounting Officer and Controller
Assistant Secretary
Vice President of External Affairs and Director
Age: 59
Compensation as of Fiscal Year 2014.

Indiana Michigan Power Company Key Developments

Indiana Michigan Power to Build Five Solar Power Facilities

Indiana Michigan Power will add solar energy to its generation fleet following the Indiana Utility Regulatory Commission's approval of I&M's plans for five solar facilities with a combined capacity of nearly 16 megawatts. Three of the facilities will be in the Michiana area, including two in St. Joseph County and one near Watervliet, Mich. A fourth will be in Marion, Ind., and a fifth location has not yet been determined. Approval of I&M's Clean Energy Solar Pilot Project plans comes at a time when solar technology is becoming increasingly efficient. The costs of solar resources are declining, and utility-scale solar is more cost-effective than rooftop systems. The addition of zero-carbon solar also meets the increasing interest of customers who want to use more renewable energy to meet their needs. The four facilities where locations are final will be on property owned by I&M near existing and future I&M substations, which helps minimize the cost of delivering the energy to the transmission grid. The estimated cost of the project is $38 million. The overall impact on customer rates is expected to be about three-tenths of 1%, but the specific effect on individual rate classes such as residential or commercial will be determined once the actual costs are known.

Indiana Michigan Power Plans to Build and Operate Five Solar Generation Facilities

Indiana Michigan Power plans to build and operate five solar generation facilities, adding another emission-free source of power to the company's generation portfolio, which already includes nuclear, wind and hydro. If approved by the Indiana Utility Regulatory Commission, the Clean Energy Solar Pilot Project will have a combined generation capacity of about 16 megawatts, producing energy equivalent to powering more than 2,500 homes for a year. I&M's Clean Energy Solar generation facilities will be located in different areas of the company's service territory in the two states. Facilities are tentatively expected to be located in the Muncie-Marion area, South Bend area and in Michigan, but locations of all five facilities have yet to be finalized. Construction is tentatively scheduled to begin in early 2016, with completion expected in late 2016. In addition to the new source of clean energy, I&M will use the Clean Energy Solar Pilot Project as an opportunity to study first-hand the various facets of designing, constructing and operating a utility-scale solar facility. Being owner and operator of the Clean Energy Solar Pilot Project facilities will enable I&M to become proficient in operating solar generation and integrating it reliably into the transmission grid.

The University of Notre Dame Collaborates with General Electric Co., The City of South Bend, Indiana Economic Development Corp., Great Lakes Capital and Indiana Michigan Power to Build Nations Top Turbine Engine Component Research and Testing Facility

The University of Notre Dame and five public and private partners announced a $36 million project that will be the nations foremost research and test facility for advancing the technology used in the massive gas turbine engines used by commercial and military aircraft, power plants and the oil and gas industry. Construction in South Bends Ignition Park on a 43,000-square-foot building of which 25,000 square feet will be for the Notre Dame Turbomachinery Facility will begin this summer and be completed by March. The facility will be fully operational in July 2016. This venture will be a cutting-edge research and testing facility for the turbine engine industry as well as a tremendous economic driver for the region. Notre Dame will contribute $7.5 million to the project. Other partners are the General Electric Co., which has committed $13.5 million to fund research and testing for five years; the city of South Bend, which is contributing $4.4 million inclusive of equipment, land for a new power substation and tax abatements; the state of Indiana, through the Indiana Economic Development Corp., which is providing up to $600,000 in training grants and up to $2 million in infrastructure assistance; Great Lakes Capital, which is providing upfront capital of approximately $6 million to construct the facility; and Indiana Michigan Power, which will be investing $2 million in a new substation to provide the considerable power needed to operate the facility's multiple test cells.

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