SPRINGFIELD, Ill.--(BUSINESS WIRE)--Exelon Generation and ComEd today announced they have reached an agreement with Governor Rauner on the Future Energy Jobs Bill, which has been further enhanced with additional customer protections, based on input from Governor Rauner’s office. The amendment, filed today, provides for an overall cost cap on all measures within the bill that will limit rate increases to all residential and business customers.
The bill has gained broad support from more than 200 business, labor, environmental, faith-based and other groups, including the Chicagoland Chamber of Commerce and Illinois Retail Merchants Association. It also has support from members of the Clean Jobs Coalition, which includes the Citizens Utility Board, Natural Resources Defense Council, Sierra Club, Environmental Defense Fund and others.
“We thank and commend Governor Rauner and his professional staff for their focus on increasing robust customer rate protections, while maintaining the many benefits of this bill, including preserving and creating jobs and providing a shot in the arm to Illinois’ economy,” said Joe Dominguez, Exelon’s executive vice president, Governmental and Regulatory Affairs and Public Policy. “We will continue to work with legislative leaders and all policymakers today and tomorrow to enact this urgently needed legislation.”
“We have worked with many stakeholders including consumer advocates, environmentalists, community leaders, among others to ensure this bill has the best outcome for customers, our economy and our environment and the communities we serve,” said Anne Pramaggiore, president and CEO, ComEd. “We appreciate the strong bipartisan support of members of the General Assembly, the four caucus’ professional staff, the labor unions, members of the Clean Jobs Coalition and other stakeholders who have helped us shape this comprehensive energy package that will bring tremendous value to our state and our customers.”
“We also want to commend Rob Karr, president and CEO of the Illinois Retail Merchants Association, for negotiating a strong package for his members,” Dominguez said.
The amendment includes protections that limit the impact of the legislation to all business classes at 1.3 percent compared to their 2015 rates and to cap the impact to residential customers at 25 cents per month for the average ComEd residential customer. Ameren business and residential customers received similar protections. The amendment already contained cost caps on key components of the legislation, including energy efficiency, the Renewable Portfolio Standard and the Zero Emission Standard. The Senate Energy and Public Utilities Committee held a subject matter hearing on the latest version of the bill earlier today.
The Future Energy Jobs Bill that will maintain Illinois’ competitive electric rates, preserve and create thousands of jobs and expand clean energy at a cost substantially below 25 cents per month for the average ComEd residential customer. In addition to lowering costs, the legislation will jumpstart renewable energy development, expand aid and job training to low-income residents and support high-paying jobs.
The revised proposal retains important provisions to preserve 4,200 jobs at Exelon’s Clinton and Quad Cities nuclear plants, support cleaner air, create thousands of new clean energy jobs by advancing renewable energy development and providing businesses flexible options for capturing savings through expanded energy efficiency initiatives. It also prevents the loss of $1.2 billion in economic activity generated by the plants and an estimated $10 billion in increased costs associated with higher carbon emissions that would occur if the plants close. When all of the economic impacts are calculated, benefits of the legislation far outweigh costs.
For more information, visit futureenergyjobsbill.com.
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of utility customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2015 revenue of $34.5 billion. Exelon’s six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 32,700 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with approximately 10 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.