Study Finds Exelon’s Future Energy Jobs Bill (SB 2814) Kills At Least 43,000 Jobs; Expected to Cost Area Ratepayers Billions

CHICAGO--()--According to an analysis using the industry standard economic modeling tool, IMPLAN, Exelon’s Future Energy Jobs Bill (FEJB) will result in at least 43,000 jobs being lost through 2030, while slashing economic output in Illinois by $14.4 billion. In addition, it will reduce state and local government tax revenue by $419.6 million. While Exelon has made changes to the legislation, analysis of the legislation finds it would still be the largest rate hike in US history at $16.4 Billion.

Nuclear Bailout for Exelon Nuclear Fleet   $5.3 Billion
Energy Efficiency Expansion $7.6 Billion
Voltage Optimization $0.9 Billion
Solar Rebates $0.3 Billion
RPS Expansion $1.9 Billion
Microgrids $0.4 Billion
Total Cost to Illinois Consumers: $16.4 BILLION

It is important to note that while the FEJB costs are incurred through 2040, the IMPLAN analysis is only available through 2030 so actual job, tax and economic activity losses will be higher than this analysis finds. Through 2030, the IMPLAN analysis finds the following:

Illinois Economic Losses From Future Energy Jobs Bill

  • 43,255 Illinois jobs
  • $14.4 billion in economic activity
  • $419.6 million in state and local tax revenues.

Following are examples of FEJB cost increases on residents and businesses in the Chicago region.

Business and Residents of County  

Est. Annual
Consumption
(MWh)*

  Cost Impact of FEJB

Average
Annual

 

Total

2017-2040

Cook County 51,000,096 $306,640,591 $7,359,374,183
DuPage County 11,642,109 $69,665,763 $1,671,978,302
Lake County 7,573,847 $45,818,157 $1,099,635,772
Kane County 4,936,700 $29,659,036 $711,816,853
McHenry County 2,783,917 $16,980,112 $407,522,677
Kendall County 723,687 $4,393,480 $105,443,513
Will County 6,837,875 $41,254,765 $990,114,355
Total Seven County Metro Area FEJB Costs $514,411,904 $12,345,885,655

Following are examples of FEJB cost increases on financially struggling Chicago area government units:

Examples of Government Cost Impact:

Unit of Government  

Est. Annual
Consumption
(MWh)**

  Cost Impact of FEJB

Average
Annual

 

Total

2017-2040

City of Chicago (does not include schools, CTA, CHA or similar agencies) 1,100,000 $6,390,304 $153,367,288
Chicago Public Schools 527,755 $3,027,475 $72,659,389
Chicago Transit Authority 504,000 $2,982,199 $71,572,771
Metropolitan Water Reclamation District 645,692 $3,888,091 $93,314,184
Chicago Park District 160,000 $915,308 $21,967,403
Chicago Housing Authority 53,000 $304,035 $7,296,847
City Colleges of Chicago 62,600 $363,666 $8,727,993

“The IMPLAN analysis shows why the Exelon bailout is so bad for Illinois,” said BEST Coalition Director Dave Lundy. “If this bill were to pass, the costs to Chicago taxpayers just for the City, CPS and CTA would be in excess of $12 million a year. For residents throughout the state the costs are excessive. For businesses and governments, the costs are crippling. With budgets stretched to the breaking point, it’s hard to imagine a worse demand to make of struggling Illinoisans than to bail out this highly profitable company.”

IMPLAN analysis sources:

Total economic impacts, including total spending, job and tax impacts, were calculated using the industry standard economic modeling tool IMPLAN with the IMPLAN model base for 2015 state of Illinois economic data and comprehensive FEJB cost data provided by The Power Bureau, Illinois’ leading energy consultant, from their modeling of FEJB for BOMA/Chicago.

Consumption data sources:

* County consumption data provided in Elevate Energy’s "Chicago Regional Energy Snapshot" (www.elevateenergy.org/wp/wp-content/uploads/2014/01/Chicago_Regional_Energy_Snapshot.pdf)

** Government consumption data derived from publicly available information including RFPs, annual reports, agency reports and other similar sources.

BEST Coalition is a 501C4 nonprofit group of dozens of business, consumer and government groups, as well as large and small businesses. Visit www.noexelonbailout.com.

Contacts

Dave Lundy, BEST Coalition,
dlundy@aileroninc.com, 312.953.1122

Release Summary

Exelon’s Future Energy Jobs Bill (FEJB) will result in at least 43,000 jobs being lost through 2030, while slashing economic output in Illinois by $14.4 billion.

Contacts

Dave Lundy, BEST Coalition,
dlundy@aileroninc.com, 312.953.1122