SPRINGFIELD, Ill.--(BUSINESS WIRE)--Exelon Generation and ComEd today commended Illinois lawmakers on the passage of the Future Energy Jobs Bill, which will maintain Illinois’ competitive electric rates, preserve and create tens of thousands of jobs and expand clean energy at a cost capped at 25 cents per month for the average ComEd residential customer. Both the House and Senate approved the bill, and it now heads to Governor Rauner. Once signed, the bill will take effect June 1, 2017.
The bill levels the playing field with solar and wind energy by valuing the zero-carbon energy produced by the nuclear facilities. Ninety percent of the zero-carbon energy produced in Illinois comes from the state’s nuclear facilities.
The groundbreaking bill will help secure competitive electric rates for Illinois homes and businesses, preserve and create good-paying jobs and spur billions of dollars in investment in clean energy and energy efficiency across the state.
The Future Energy Jobs Bill includes protections that limit the impact of the legislation to all business classes at 1.3 percent compared to their 2015 rates. It also will provide businesses flexible options for capturing savings through expanded energy efficiency initiatives. In addition, it maintains the $1.2 billion in economic activity generated by the plants and prevents an estimated $10 billion in increased costs associated with higher carbon emissions had the plants closed.
“This forward-looking energy policy levels the playing field and values all carbon-free energy equally, positions Illinois as a national leader in advancing clean energy, and will provide a major boost to the Illinois economy,” said Chris Crane, president and CEO of Exelon. “This has always been first and foremost about doing the right thing for our customers, the talented men and women who operate the plants, and the communities we serve. Today marks a significant victory for the state of Illinois, the families and businesses that live and work here, and the health of our environment. We encourage the Governor to swiftly sign the legislation into law.”
The bill received broad support from more than 200 business, labor, environmental, faith-based and other groups, including the AFL-CIO, IBEW, Chicagoland Chamber of Commerce and Illinois Retail Merchants Association. It also had support from members of the Clean Jobs Coalition, including the Citizens Utility Board, Natural Resources Defense Council, Sierra Club, Environmental Defense Fund and others.
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.