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Refiled plan meets all requirements and aligns with State’s Climate and Equitable Jobs Act
CHICAGO, December 20, 2024--(BUSINESS WIRE)--The Illinois Commerce Commission (ICC) yesterday approved, with modifications, ComEd’s refiled grid plan presented in March of 2024 after changes to the original plan were requested by the ICC in December of 2023. It prioritizes improvements in system reliability to support the growth of renewable energy and continued economic development, as well as other goals of the Illinois Climate and Equitable Jobs Act (CEJA), which puts Illinois on a path to a fully decarbonized energy sector by 2045.
"We are grateful for the collaboration with the ICC and with other stakeholders whose input helps us align more closely with the goals of CEJA while also supporting continued regional economic development," said Gil Quiniones, ComEd President and CEO. "ComEd is focused on delivering value and achieving the goals of our approved plan while balancing the need for customer affordability."
ComEd’s refiled grid plan includes investments and programs through 2027. The company’s cost-effectiveness analysis assessed the value of the revised plan benefits at more than $7 billion compared to $4.4 billion in investments; plus, additional customer and community benefits, including cyber security protection, safety, and health improvements from improved air quality while contributing to economic development throughout northern Illinois. The order also recognizes the potential for additional investment to connect new businesses to the grid, which ComEd continues to see increasingly strong interest in, and allows for full recovery of all prudent and reasonable costs associated with these investments.
Continued Focus on Affordability
The approved grid plan will result in an average increase of $1.84 to monthly residential bills each year, beginning in 2025 through 2027. Total average monthly bills for ComEd residential customers are currently about $100.
ComEd’s average residential rate of electricity as of July 2024 is 22% below the average residential rate charged in the nation’s top 10 largest metropolitan areas, according to the most recent data from the Edison Electric Institute (EEI). ComEd’s average commercial rate and average industrial rate as of July 2024 was, respectively, 21% and 38% below the average in the top 20 large metropolitan areas.
Building upon its longstanding commitment to keep bills affordable for all customers, ComEd presented to the ICC earlier this year a proposal for a Low-Income Discount (LID) program. ComEd anticipates that the ICC will issue its Final Order on the proposed LID program in the first quarter of 2025; pending ICC approval, the program will be implemented in the fourth quarter of 2025.