The recent sale of the Upper Peninsula Power Company should not lead to higher energy costs.
Axium U.P. holding got final approval from the Michigan Public Service Commission last week. The M–P–S–C settlement means electric rates will not be impacted and no jobs will be cut as a result of the acquisition
Michigan Attorney General Dana Nessel, who intervened in the case, said the company would not increase base rates until 2023.
The company’s shareholders would also forgive 20 percent of bad debt, which they say has risen during the Covid–19 pandemic.
Axium has also agreed to work with the U.P. Energy Task Force on recommendations such as low–income programs for customers.