It's a reduction of more than 40% from the $622 million rate increase the company first requested to fund its planned infrastructure investments.
The investment was to boost reliability and speed up the deployment of clean energy generation, according to a press release.
With the approval of the $368,115,000 rate increase, a regular residential customer who uses 500-kilowatt hours of electricity per month will see an increase of $6.51, or 6.38%, on their monthly bill, according to the Michigan Public Service Commission.
The new rates are scheduled to take effect on Dec. 15.
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