CHICAGO--(BUSINESS WIRE)--In a move that is intended to make northern Illinois more attractive to expanding and prospective businesses, ComEd has modified a policy that requires some business customers seeking new or expanded electric service to provide an upfront deposit.
Prior to the policy change, under certain circumstances, businesses needing to increase their electric capacity had to pay an upfront deposit to cover costs to install or extend power lines. The revised policy reduces the amount of that deposit and in some cases, eliminates it altogether. In addition, the change allows for a faster refund of deposited funds when the business achieves its anticipated energy usage. Now instead of waiting up to 10 years for a deposit refund, business customers can be refunded in half that time as long as certain requirements are met. While this change provides benefits to business customers, continuing to collect these deposits from them maintains protections for the rest of ComEd’s customers.
“ComEd is helping to drive greater economic development in Illinois through our smart grid program, and we believe this change also will help to further the state’s competitive edge and bring more business to our region,” said Anne Pramaggiore, president and CEO, ComEd. “The ability to attract major companies, including manufacturers and data centers, will result in the addition of high-paying jobs, a talented labor force and increased tax revenue generation for Illinois and our municipalities.”
“This is a great day for business in Illinois,” said Mike Lane, executive director of the Illinois Economic Development Association. “By taking this step, ComEd is demonstrating its full commitment to economic expansion in the region by reducing a potential barrier to new investment and new jobs and making economic development more affordable for all small and large businesses.”
These policy changes will help to stimulate economic growth and development in northern Illinois and put it on equal footing with surrounding states that have similar policies.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with approximately 7.8 million customers. ComEd provides service to approximately 3.8 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter and YouTube.
