ComEd rate hike to cost customers about $37.80 more a year
BY SANDRA GUY Business Reporterfirstname.lastname@example.org May 24, 2011 12:06PM
ComEd Energy Technician Phil Calderon installs a Smart Meter last month at a home in Forest Park in this Jan. 8, 2010 photo.
Updated: August 31, 2011 12:38AM
The Illinois Commerce Commission Tuesday unanimously approved a $155.6 million rate hike for Commonwealth Edison Co., or about half of the utility’s revised request.
The increase is estimated to cost single-family households an extra $3.15 a month, or $37.80 a year. ComEd’s revised request was for an additional $326.3 million, which would have added about $5 to an average resident’s monthly electric bill. ComEd initially sought a $396-million increase, which would have added $6 to an average monthly electric bill, in June 2010. ComEd revised that request in January.
New rates are to take effect June 1.
The Citizens Utility Board said Tuesday it will petition the ICC to rehear the case, claiming that ComEd owes customers a $40 million rate cut.
The ICC also rejected ComEd’s additional request for a surcharge to fund an urban reinvestment program, a low-income energy assistance program and a test of electric vehicles’ impact on the electric grid. The ICC took the advice of its law judge to deny the request because its cost could not be determined and it failed to meet certain legal standards.
In a separate effort, ComEd is seeking the Illinois Legislature’s approval of a plan in which ComEd could set rates based on a return-on-equity under a shortened review timetable.
ComEd says the proposal will help it modernize the electric grid, improve service reliability and give consumers new ways to manage their energy costs.