ComEd Customer Bills Expected to Decline in June

CHICAGO, Nov. 8, 2011 /PRNewswire/ -- In accordance with the recently enacted Energy Infrastructure Modernization Act, ComEd today submitted its first filing with the Illinois Commerce Commission (ICC) that will trigger a process to establish the model to govern delivery service rate-setting and set new rates.  

The filing reflects a $44 million reduction in ComEd's current rates that, if approved by the ICC, will reduce the utility's average customer delivery service rates by .2 percent. The reduction is a reflection of lower utility return on equity (ROE) and lower interest rates. The filing does not include costs relating to Modernization Act investments, which will begin by January 2012.

If approved by the ICC, the new delivery service rates will be in effect from next June through the end of 2012. ComEd will file its plan and costs with the ICC each year.  

"This filing is an important first step in making the state's new policy a reality and transforming Illinois' electric infrastructure," said Anne Pramaggiore, president and chief operating officer, ComEd.  "We are pleased to be able to provide our customers with a rate reduction in this first filing."

The Energy Infrastructure Modernization Act was passed with a super majority vote by the General Assembly on Oct. 26.  A companion bill, House Bill 3036, which would lower utilities' target ROE even further, passed both legislative chambers but has yet to be signed by Gov. Pat Quinn. If the Governor signs HB 3036, ComEd's customer rates will be further reduced.

The ICC and intervening parties, such as consumer advocates, may request further information from the company regarding the filing and may file testimony addressing the formula and the appropriateness of the company's costs. The ICC will hold hearings, receive, legal briefs and must enter a final order by May 31, 2012.  

The Energy Infrastructure Modernization Act authorizes implementation of a 10-year, $2.6 billion investment program by ComEd to strengthen the existing electric system, while adding new digital "smart" technologies. The modernization program will improve overall system reliability, reduce outages, improve power restoration and empower customers to save money. Smart meters will help consumers save energy costs by providing options for new pricing plans, by helping them better manage energy use and by allowing them to take advantage of new rebates if they reduce power usage during peak hours.

If HB 3036 is signed into law by Gov. Quinn, ComEd would provide $50 million in programs designed to help customers that need it most. The fund continues customer assistance programs that provide aid to eligible senior citizens, low-income residents, active members of the armed services and reserve forces and disabled veterans.  Information regarding current assistance programs is available at ComEd.com or by calling 1-888-806-2273.  

Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), one of the nation's largest electric utilities with approximately 5.4 million customers. ComEd provides service to approximately 3.8 million customers across northern Illinois, or 70 percent of the state's population. 

SOURCE ComEd