ComEd Announces Intent to File Multi-Year Plan to Promote Equitable, Reliable Clean Energy Transformation

Rhea-AI Summary

ComEd announced its intent to file a comprehensive multi-year grid plan and a four-year rate plan with the Illinois Commerce Commission in January 2023. This initiative aligns with the Climate and Equitable Jobs Act's goals for clean energy and job creation. CEO Gil Quiniones emphasized that a resilient grid is essential for decarbonization and local environmental improvement. Notably, ComEd achieved record reliability in 2022, with rates significantly lower than national averages, enhancing service for over 4 million customers in Illinois.

Positive

• Achieved record reliability performance in 2022, the highest in company history.
• Rates are 21% below the average for the nation's top 10 metro areas.
• Plans to enhance clean energy delivery aligns with state decarbonization goals.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- The Climate and Equitable Jobs Act (CEJA) sets ambitious goals for a cleaner and more equitable energy future that also creates jobs and contributes to a strong economy. To help achieve those goals, CEJA calls on ComEd to file a multi-year grid plan and to file new rates. ComEd today announced its intent to file, along with its grid plan, a four-year rate plan that closely aligns with the state’s goal of long-term investments to support clean energy and decarbonization in Illinois. ComEd intends to file these plans with the Illinois Commerce Commission (ICC) in January 2023.

“A strong, dynamic grid is essential to meeting the state’s ambitious clean energy and decarbonization goals to combat climate change, improve local air quality and lift up the communities that need it most,” said ComEd CEO Gil Quiniones. “These plans will provide the foundation for a grid that is resilient, flexible, and intelligent to withstand more frequent and severe weather due to climate change and enable technologies like solar, battery storage and fleets of electric vehicles.”

These plans will provide the ICC, customers and stakeholders insight and an opportunity to provide input into the delivery service investments and rates required over the period from 2024 through 2027 to support the delivery of clean, reliable and resilient electricity to its customers.

ComEd is delivering the highest levels of service in its history, providing families and businesses the reliable and resilient clean energy they need and deserve. In fact, ComEd’s reliability performance for the first nine months of 2022 was highest on record for any year in company history. This strong performance would not be possible if not for smart grid improvements that began in 2011. At the same time, ComEd’s rates are among the lowest in America. As of December 2021, the average residential rate was 21 percent below the average for the nation’s top 10 metro areas, and as a percentage of median income, ComEd’s residential electricity charges rank among the lowest in the nation.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 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, Instagram and YouTube

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005940/en/

ComEd Media Relations

312-394-3500

Source: ComEd

FAQ

What is ComEd's plan for clean energy and rates?

ComEd intends to file a multi-year grid plan and a four-year rate plan with the Illinois Commerce Commission in January 2023, aligning with the Climate and Equitable Jobs Act.

How did ComEd perform in terms of reliability in 2022?

ComEd reported the highest reliability performance in its history for the first nine months of 2022.

What are ComEd's electricity rates compared to other metro areas?

As of December 2021, ComEd's average residential rates were 21% below the average for the top 10 metro areas in the U.S.

How many customers does ComEd serve?

ComEd serves over 4 million customers across northern Illinois, covering 70% of the state's population.