Illinois regulators reject ComEd's $1.5B rate hike proposal
Illinois regulators reject ComEds $1.5 billion rate hike proposal
State regulators have rejected a proposed rate hike of one-and-a-half billion dollars for ComEd, citing concerns that the associated electrical grid plan did not align with the requirements outlined in the new Clean Energy Law signed by Governor JB Pritzker.
CHICAGO - State regulators have rejected ComEd's proposed rate hike of one-and-a-half billion dollars, citing concerns that the associated electrical grid plan did not align with the requirements outlined in a new law signed by Governor JB Pritzker.
ComEd had sought the rate increase tied to its new grid plan. However, the Illinois Commerce Commission, responsible for overseeing utility matters in the state, determined that the proposed plan did not meet the standards set forth in the recently enacted "clean energy" law.
Governor Pritzker addressed the rejection on Thursday, expressing his reservations about how funds from previous rate hikes were utilized.
"The problem is that a lot of the time over the past, many of the utilities put in multi-billion-dollar plans that rate-payers have to pay for that really end up in the pockets of investors and owners of the utilities," he said.
The rejection of the rate hike proposal not only impacts ComEd but also has implications for downstate energy company "Ameren."