ROCKFORD, Ill. (WTVO) — ComEd’s new summer rate takes effect June 1, with an anticipated $11 a month increase for homes using an average of 700 kWh a month.
The cost is 14% higher than last summer.
Wholesale energy prices are down 50% from 2022, but ComEd says the increase is due to infrastructure improvements needed to meet the state’s Climate and Equitable Jobs Act timetable.
The Climate and Equitable Jobs Act require that major coal and natural gas plants in Illinois close in 2045.
The utility watchdog, the Citizens Utility Board, is challenging the need for a record-setting electric rate hike, asking regulators with the Illinois Commerce Commission to slash the amount it approves.
CUB says ComEd is asking for $914 million more than it needs, and the excess would boost shareholder profits by 3%.
ComEd officials became embroiled in a scandal tied to former House Speaker Mike Madigan (D). The ICC said it is considering a proposal to pay more than $38 million in refunds, in the form of electric bill credits.
In 2020, ComEd admitted it sought to curry favor with Madigan by placing his political cronies in jobs with the company that required little to no work.