I&M is Future Ready with Plans to Enhance Diverse Energy Mix

Rhea-AI Summary

Indiana Michigan Power (I&M), an American Electric Power (AEP) company, has submitted its 2024 Integrated Resource Plan (IRP) to the Indiana Utility Regulatory Commission, outlining its energy transformation strategy through 2044. The Future Ready Plan focuses on diversifying generation resources and maintaining grid resilience.

Key highlights include:

• Plans to relicense both units at D.C. Cook Nuclear Plant, extending operations to 2054 and 2057
• Development of Small Modular Reactor (SMR) technology at Rockport site, adding 600 MW capacity by 2037
• Addition of solar, storage, wind, and natural gas resources
• Relicensing of Elkhart and Mottville hydroelectric facilities in 2030 and 2033
• Planned retirement of coal-fueled Rockport Plant by end of 2028

I&M currently serves over 600,000 customers with 85% emission-free energy delivery in 2023, utilizing a mix of nuclear (2,278 MW), wind (450 MW), hydro (22+ MW), solar (35 MW), and coal (1,497 MW) generation.

Positive

• 85% emission-free energy delivery achieved in 2023
• Significant nuclear capacity of 2,278 MW provides stable base load
• Planned 600 MW capacity addition through SMR technology by 2037
• Nuclear plant license extensions secure long-term clean energy generation
• Diverse energy portfolio including nuclear, wind, hydro, and solar resources

Negative

• Substantial capital investment required for SMR technology implementation
• Pending regulatory approvals create execution uncertainty
• 1,497 MW of coal generation still in portfolio
• Multiple facility relicensing requirements in 2030-2033 period

FORT WAYNE, Ind., April 1, 2025 /PRNewswire/ -- Indiana Michigan Power (I&M), an American Electric Power (Nasdaq: AEP) company, recently submitted its 2024 Integrated Resource Plan (IRP) to the Indiana Utility Regulatory Commission (IURC). I&M's plan outlines the transformation the company is undergoing to meet the evolving energy needs of customers while maintaining reliable and consistent power.

The Future Ready Plan supports a resilient grid using a diverse portfolio of generation resources, energy efficiency and demand response programs to provide reliable, affordable energy for I&M customers today and into the future.

The plan, which is specific to the state of Indiana, provides a detailed breakdown of future energy needs and how the company will meet customer demand through the 2044 IRP planning period.

I&M is required to submit this 20-year IRP every three years to the IURC. I&M will conduct a similar process next year for the company's Michigan service area.  

The foundation of this plan is based on the evolving energy needs of existing customers. It also takes into account how I&M will serve future customers in a reliable, cost-effective manner. Additional input was considered throughout the IRP process through a Public Advisory Process, which provided opportunities for stakeholders to engage in the process through a series of five workshops. These workshops began in June 2024 and concluded in March 2025. 

"I&M has an opportunity to make a significant impact on the communities we serve by adapting to meet customers' evolving energy needs now and into the future," said Steve Baker, I&M president and chief operating officer. "By diversifying our generation mix with a portfolio of resources that can be available around the clock, our customers can trust that we are Future Ready to serve their homes, businesses and factories 24/7."

Enhancing Generation Diversity  

I&M currently supports a diverse mix of generation resources to power customers' homes and businesses. This mix includes solar, wind, nuclear, coal and hydroelectric resources. As the trend for energy and demand continues to increase within I&M's territory, identifying resources to support future need is critical. The Indiana IRP targets additional renewable and natural gas resources to meet projected energy needs. These include the incorporation of solar, storage, wind and natural gas combined cycle and combustion turbine resources, as well as relicensing the Elkhart and Mottville hydroelectric facilities in 2030 and 2033, respectively.

The resources identified in the IRP are in addition to the solar, wind and natural gas capacity resources recently approved by the IURC as the company prepares for the planned retirement of the coal-fueled Rockport Plant by the end of 2028.

Focus on Nuclear Resources

The 2024 Indiana IRP recommends the relicensing for both units at the D.C. Cook Nuclear Plant, located in Bridgman, Mich. The current licensing for Unit 1 and Unit 2 continues through 2034 and 2037, respectively, and would be extended to 2054 and 2057 under the new licensing period. Cook Nuclear serves as the anchor of I&M's energy resources, generating carbon-emission free energy 24/7.

The plan also references opportunities and benefits surrounding the development of Small Modular Reactor (SMR) technology at I&M's current Rockport site in Spencer County. This advanced nuclear generation resource would provide approximately 600 MW of capacity by 2037. I&M took the initial step in January 2025, applying for a grant funding opportunity through the U.S. Department of Energy (DOE). If successful, funds from the DOE would partially offset the cost of the early site permit process required for SMR technology.

Additional Details

The IRP also includes the amount of energy and demand that can be offset by energy efficiency and demand response programs. These opportunities provide customers the ability to participate in programs that fit their unique needs, lower their energy usage and contribute to a sustainable energy future. Customers can find out more about these programs at the company's website.

To meet the energy needs of I&M customers, the company will be making filings with the IURC throughout 2025 to request approval for specific resources that are consistent with the Future Ready Plan. I&M expects new resources will start to be available to serve customers in 2026.

For more information on I&M's Future Ready Plan, visit our website.

Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its approximately 2,000 employees serve more than 600,000 customers. More than 85% of its energy delivered in 2023 was emission-free. I&M has at its availability various sources of generation including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, more than 22 MW of hydro generation in both states and approximately 35 MW of large-scale solar generation in both states. The company's generation portfolio also includes 1,497 MW of coal fueled generation.

About American Electric Power (AEP)
Our team at American Electric Power is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

News releases and other information about I&M are available at IndianaMichiganPower.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/im-is-future-ready-with-plans-to-enhance-diverse-energy-mix-302417156.html

SOURCE Indiana Michigan Power

FAQ

What are the key components of I&M's 2024 Integrated Resource Plan submitted to IURC?

The plan includes nuclear plant relicensing, SMR technology development, renewable energy expansion, and retirement of the Rockport coal plant by 2028, targeting reliable and diverse energy generation through 2044.

How much capacity will the new Small Modular Reactor (SMR) add to AEP's generation portfolio?

The planned SMR technology at the Rockport site will provide approximately 600 MW of capacity by 2037.

What is the timeline for D.C. Cook Nuclear Plant's license extension under AEP's new plan?

The plan proposes extending Unit 1's license from 2034 to 2054 and Unit 2's license from 2037 to 2057.

What percentage of I&M's energy delivery was emission-free in 2023?

More than 85% of I&M's energy delivered in 2023 was emission-free.

When will AEP's I&M division begin implementing new resources from the Future Ready Plan?

I&M expects new resources to start serving customers in 2026, following IURC approval processes throughout 2025.