Indiana Michigan Power Company

What Indiana Michigan Power Company does

Indiana Michigan Power Company (I&M) is a regulated electric utility that generates, transmits, and distributes electricity to retail, commercial, and industrial customers in northern Indiana and Michigan's Lower Peninsula. It operates as a wholly owned subsidiary of American Electric Power (NYSE: AEP), one of the largest investor-owned utilities in the United States with a $73.4 billion market capitalization, 5.6 million customers across 11 states, and a planned $72 billion capital investment program from 2026 through 2030. I&M is overseen by the Indiana Utility Regulatory Commission and the Michigan Public Service Commission, which set rates, approve tariffs, and authorize capital recovery against the company's rate base.

I&M's core technology is electric utility grid infrastructure comprising generation assets, high-voltage transmission, distribution substations, local distribution lines, and advanced metering infrastructure including smart meters with 15-minute interval telemetry and remote connect/disconnect. Owned generation includes the D.C. Cook Nuclear Plant and a portfolio that is being expanded through the acquisition of the 870 MW Oregon Clean Energy Center (March 2026) and the planned 918 MW Sycamore Riverside Energy Center (by March 2029), supplemented by 15-year renewable power purchase agreements such as the 200 MW RWE Prairie Creek project (operations beginning 2028) and 100 MW from the Elkhart County solar project.

I&M earns revenue through regulated electricity distribution tariffs approved by the Indiana Utility Regulatory Commission, earning an authorized return on its rate base. Pricing is structured by customer class, with residential customers subject to smart meter opt-out fees of $16.48/month in Indiana and $9.75/month in Michigan, and large-load customers exceeding 70 MW subject to a February 2025 IURC-approved industrial tariff requiring 12-year contracts, 80% minimum demand charges, and exit fees. Customer acquisition is structurally driven by the default-provider status of a regulated franchise monopoly, while growth is commercially driven by hyperscale data center tenants including Google, Amazon AWS, Microsoft, and Meta, whose demand response partnerships allow I&M to deploy large loads without triggering grid upgrades for residential ratepayers.

Name

Indiana Michigan Power Company

Legal name

Indiana Michigan Power Company

Website

https://indianamichiganpower.com

Company type

Private

Founded year

2026

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Indiana Michigan Power Company is a regulated electric utility subsidiary of American Electric Power that generates, transmits, and distributes electricity to residential, commercial, and industrial customers across northern Indiana and Michigan's Lower Peninsula, with growing hyperscale data center load from Google, Amazon, Microsoft, and Meta.

Ownership category

akta.pro rank

Product category

Regulated Electric Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

akta.pro secondary industries

HV Transmission Asset Owners (Transmission Companies/Transcos) (EUADAAAC), Meter Installation, Exchange & Field Services (EUADAFAF)

Keywords

• Regulated electric utility
• Electricity distribution
• Power generation
• Smart meter services
• Demand response programs

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Electricity Distribution: I&M generates revenue through regulated electricity distribution rates approved by the Indiana Utility Regulatory Commission. The utility serves customers in its franchised territories and earns a return on its rate base through infrastructure investments.
2. Senior Notes Offering: I&M issued $650 million in senior notes due 2056 as part of its capital financing strategy to fund infrastructure investments and acquisitions

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Indiana Michigan Power Company is a regulated electric utility that generates, transmits, and distributes electricity to retail, commercial, industrial, and large-load data center customers across northern Indiana and Michigan's Lower Peninsula. The company sells electricity through state-regulated rates, manages a diverse generation portfolio (nuclear, natural gas, renewables via PPA), and offers customer-facing programs including smart meters, demand response, paperless billing, AutoPay, and economic development services for businesses.

Product overview

Indiana Michigan Power (I&M) is a regulated electric utility providing electricity generation, transmission, and distribution services to customers across Indiana and Michigan. The company operates as a subsidiary of American Electric Power and offers a platform of customer-facing products and services including Smart Meters (part of grid modernization), an I&M Customer Mobile App (available for iPhone and Android), and online account management through its website. Additional services include Paperless Billing, AutoPay, Average Monthly Payments (AMP), and Power Rewards demand response programs. I&M generates electricity through natural gas facilities (including the 870 MW Oregon Clean Energy Center and planned 918 MW Sycamore Riverside Energy Center) and renewable energy projects (such as the 200 MW Prairie Creek project). The company also provides Power Reliability & Forestry vegetation management services and Economic Development Services for business customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Generation & Distribution Regulated generation, transmission, and distribution of electricity to residential, commercial, industrial, and large-load data center customers across northern Indiana and Michigan's Lower Peninsula, utilizing a portfolio of nuclear, natural gas, and renewable generation assets.
• Smart Meters Advanced metering infrastructure providing 15-minute interval energy usage data, remote connect/disconnect capability, automatic outage detection, and real-time customer service improvements for residential and commercial customers.
• I&M Customer Mobile App Mobile application for iOS and Android enabling customers to securely login, view and pay bills, report outages, check outage status, manage accounts, and enroll in paperless billing.
• Online Account Management Web-based portal enabling customers to view bills, make payments, analyze energy usage, manage account settings, set up notifications, and access various billing and payment programs.
• Power Rewards Demand response programs (Smart Thermostat and iControl) allowing residential and small commercial customers to earn bill credits by shifting energy usage away from peak times during summer months.
• Clean Energy Programs (GoGreen) Renewable energy choices including solar power, wind energy, hydroelectric power, and GoGreen programs for customers to support clean energy generation, including the St. Joseph Solar Farm.
• Power Reliability & Forestry Vegetation management program to trim or remove trees and brush around power lines to minimize outages; since 2021, efforts have reduced tree-related outages by 29%.
• Economic Development Services Site selection services and energy solutions for businesses looking to locate or expand operations in I&M's service territory across Indiana and Michigan.

Quantifiable outcome

• Demand response agreements with Google totaling 1 GW capacity across utility partnerships, allowing data centers to function as flexible grid assets
• +1 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• RWEcoreStrategic or Co-development Partner · 19 December 2025RWE and Indiana Michigan Power signed a 15-year power purchase agreement for the 200 MW Prairie Creek renewable energy project in Blackford County, Indiana. Operations scheduled to begin in 2028. The project will generate enough electricity to power the equivalent of 42,000 homes and deliver approximately $70 million in economic benefits to the county over 30 years.
• Tennessee Valley Authority (TVA)coreStrategic or Co-development Partner · 4 December 2025TVA leading GE Vernova Hitachi BWRX-300 small modular reactor deployment at Clinch River site in Tennessee with partners including Indiana Michigan Power and Elementl, receiving $400 million DOE funding for early SMR deployment as part of TVA's Clinch River nuclear development.
• Holtec InternationalcoreStrategic or Co-development Partner · 4 December 2025Holtec deploying two SMR-300 reactors called Pioneer 1 and Pioneer 2 at the former Palisades nuclear station site in Michigan in partnership with Hyundai Engineering & Construction. Holtec received $400 million DOE funding for early SMR deployment, with I&M potentially involved as TVA partner for Clinch River SMR development.
• GooglecoreStrategic or Co-development Partner · 1 August 2025Google and I&M received approval from the Indiana Utility Regulatory Commission for a demand response system at Google's Fort Wayne data center. Google agrees to reduce energy usage during grid stress periods while receiving discounted electricity rates. The arrangement is designed to avoid costly grid upgrades that would otherwise be passed on to regular ratepayers, with Google offsetting costs and I&M claiming the deal will lower electricity rates for smaller customers.
• Tennessee Valley AuthoritycoreStrategic or Co-development Partner · 1 August 2025TVA partnered with I&M and Google in initial demand response agreements beginning in 2025 as part of Google's broader strategy to integrate flexible demand capabilities across its data center fleet.
• Tango Holdings (Shell subsidiary Savion Equity and Ares Infrastructure Opportunities)coreStrategic or Co-development PartnerTango Holdings joint venture bringing online 100 MW Elkhart County solar project in Indiana with a power purchase agreement with Indiana Michigan Power. The project is part of a five-project portfolio totaling 496 MW, with four now operational and the fifth under construction.
• American Electric Power (AEP)coreStrategic or Co-development PartnerI&M is a subsidiary of American Electric Power, one of America's largest electric utilities with market cap of $73.4 billion serving 5.6 million customers across 11 states. AEP appointed Maryam S. Brown as I&M president and COO effective April 2026. AEP plans to invest $72 billion from 2026 through 2030 to enhance service across its territory.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• AEP Ohio: Sister AEP subsidiary serving approximately 1.5 million customers across Ohio. Operates under the same vertically-integrated regulated utility model, shares AEP corporate services and capital allocation, and faces analogous data-center load-growth dynamics in its territory.
• AES Indiana: Investor-owned electric utility serving Indianapolis and central Indiana (formerly Indianapolis Power & Light, an AES Corporation subsidiary). Directly competes with I&M for Indiana customers, operates under the same Indiana Utility Regulatory Commission oversight, and is pursuing similar data-center-driven load growth.
• Duke Energy Indiana: Duke Energy's Indiana operating unit, serving approximately 800,000 customers across central, northern, and southern Indiana. A direct peer in the Indiana retail electric market under the same IURC regulatory framework, with similar generation mix and customer-base composition.
• NIPSCO (Northern Indiana Public Service Company): NiSource's Indiana operating unit providing electric and natural gas service across northern Indiana — directly overlapping with I&M's service territory. Operates under the same IURC and faces identical hyperscaler load-growth and affordability-investigation dynamics.
• DTE Energy: Investor-owned electric and gas utility serving southeast Michigan under MPSC oversight. Directly comparable as the other major vertically-integrated electric utility serving Michigan's Lower Peninsula, with overlapping generation portfolio and regulatory environment.
• Consumers Energy: CMS Energy's Michigan operating unit, the state's largest electric and natural gas utility serving central and western Michigan. Operates under MPSC alongside I&M and is pursuing similar generation-transition and demand-growth strategies.
• AEP Texas: Sister AEP subsidiary serving approximately 1 million customers across Texas. Shares AEP's corporate parent, capital allocation framework, and operational standards; comparable as a regulated electric utility within the same holding-company structure as I&M.

Regional players

• CenterPoint Energy Indiana (formerly Vectren): CenterPoint Energy's Indiana electric and natural gas utility serving southwestern Indiana. Comparable as a state-regulated combination utility under IURC oversight, though it operates in a different sub-region of Indiana than I&M.

Broad incumbents

• Commonwealth Edison (ComEd, Exelon): Exelon subsidiary serving northern Illinois — adjacent Midwest electric utility with a comparable urban/industrial customer base and similar regulatory environment. Operates as part of a larger multi-state utility holding company.
• Xcel Energy: Multi-state regulated electric and gas utility serving the Upper Midwest, Plains, and Mountain West. Comparable as a vertically-integrated IOU pursuing data-center load growth (notably in Minnesota) and large-scale generation transition within a multi-state framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• XX.com/intent/user?screen_name=IN_MI_Power
• Facebookfacebook.com/indianamichiganpower
• LinkedInlinkedin.com/company/indiana-michigan-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indiana Michigan Power Company