CHICAGO, April 29, 2013 /PRNewswire/ -- ComEd today filed its annual delivery service rate update with the Illinois Commerce Commission (ICC) to reflect grid modernization and other service-enhancing investments, as required by law. Today's filing marks the third formula rate filing under the 2011 Smart Grid law, and the new rates will take effect January 2014, after approval by the ICC.
Under the filing, ComEd's delivery service charges would increase by about $5 on the average monthly residential bill starting in January 2014. This increase, however, will have already been offset by a 17 percent drop in total average bills that starts this June for customers on ComEd supply. This means that even with the proposed January increase, customers on ComEd supply will still be paying about 10 percent less on their electric bill in 2014 than they are today. Customers that have switched to alternative suppliers for their electricity supply have been realizing lower costs already.
"The investments we're making today will create long-term benefits and savings for our customers," said Anne Pramaggiore, president and CEO, ComEd. "This work is already improving system performance and customer satisfaction and creating jobs in Illinois. Making these long-term investments now, when energy supply costs are low, keeps customers' total bills stable."
ComEd also filed with the Federal Energy Regulatory Commission (FERC) for its annual adjustment in transmission rates, which would mean an increase of about $1 on the average monthly ComEd residential customer bill. This goes toward investments in high-voltage lines to improve system reliability, partly as the result of coal plant retirements and increasing wind power on the system.
While ComEd's smart meter installation is currently set to begin in 2015, it could start in 2013 if Senate Bill 9, which was passed recently by the Illinois Senate and House, is enacted this spring. The measure has been sent to Gov. Quinn for his signature.
ComEd offers payment options and assistance to customers most in need. The utility announced in March that it has dedicated $10 million in CARE customer assistance funds for the second consecutive year, as a result of the Smart Grid law. Last year through the CARE programs, ComEd was able to help more than 32,000 customers with their bills.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), the nation's leading competitive energy provider, with approximately 6.6 million customers. ComEd provides service to approximately 3.8 million customers across northern Illinois, or 70 percent of the state's population.