(WBBM NEWSRADIO) - ComEd customers will soon see an increase in their electric bills.
The Illinois Commerce Commission (ICC) has approved a $606 million ComEd rate increase.
“A year ago, the ICC rejected their grid plan,” says Citizens Utility Board (CUB) spokesman Jim Chilsen. “They came out with this bloated grid plan that had a profit rate for shareholders of about 10.65%. The ICC said, ‘absolutely not.’ They said,’go back to the drawing board.’”
Chilsen says state regulators ultimately allowed ComEd to have a profit margin of 8.9%. He said CUB is still concerned too many people will be struggling to pay their electricity bills.
But, he does believe progress was made.
“State regulators took a step in the right direction in that they cut hundreds of millions of dollars in wasteful spending. They lowered the rate hike by about $70 million,” Chilsen adds.
CUB says you should start seeing the rate increase in your electric bills in the coming weeks.
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