ComEd Hails General Assembly Passage of Historic Energy Infrastructure Modernization Bill

SPRINGFIELD, Ill., May 31, 2011 /PRNewswire/ -- ComEd and other proponents of grid modernization applauded the General Assembly's passage of SB 1652. The bill now goes to Gov. Pat Quinn, who can enact the most comprehensive electric utility-based job creation and capital investment program in generations.

"We are enormously encouraged by the support of the General Assembly this week as it shows the deep commitment of legislators to create jobs and make the investment necessary to propel Illinois' economic future," said Anne Pramaggiore, president and chief operating officer, ComEd. "Today, Illinois is emerging as a leader in creating a modern grid that can compete in the 21st century digital economy."

"The entire state owes a debt of gratitude to the bill's sponsors and legislative supporters who took the time to recognize the importance of the issues and work tirelessly to improve the bill at every stage," said Pramaggiore.

"Passage of this bill proves once again that when we work together, we can do great things for the people we serve," Rep Kevin McCarthy (D-37), the chief sponsor of the bill. "My fellow legislators took the time to understand the bill, and made the right call to move these much needed investments forward."

During the floor debate, Senator Michael Jacobs (D-36) said, "This is the right bill to move Illinois forward."

First introduced in January, the bill was significantly modified over the months leading up to the vote, with a number of added consumer protections and benefits. Among the more than 20 modifications was a profitability ceiling, spending ceiling, a rate test in 2014 and a complete sunset of the legislation in 2017. The legislation also includes strong utility performance standards on reliability, customer service and job creation with penalties to utilities that fail to meet them. It retains ICC authority to review and set rates. The utility's burden to justify rates does not change.

The bill's comprehensive approach attracted supporters from a cross-section of business, labor and environmental groups. "This bill includes landmark clean energy provisions," Jack Darin, Director of the Illinois Sierra Club. "It removes barriers and opens new markets for renewable energy, saves energy and cuts pollution with major new energy efficiency programs."

SB 1652, if enacted into law, would authorize ComEd to invest approximately $2.6 billion to modernize the electric infrastructure and provide a digital smart meter for every residential customer. The program would create thousands of jobs, and give every customer access to money-saving programs and technologies. A peak-time rebate program, enabled by smart meters, would give customers a rebate on their bill for reducing usage during high demand hours. The bill also directs the utilities to provide $20 million to establish a Science and Energy Innovation Trust to support innovative high-growth, energy related Illinois companies.

Pramaggiore said grid modernization is urgent and should not be delayed. "Other states are modernizing their electric grid right now. It is vital to Illinois' economic competitiveness to get going now."

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