ComEd Targets Reliability and Clean Energy Transition for 2022

Rhea-AI Summary

The Illinois Commerce Commission approved ComEd's investment plan aimed at enhancing grid reliability and facilitating the transition to renewable energy. This decision follows an eight-month review and will result in a $46 million rate increase, adding 16 cents to the average residential bill starting January. Despite this, ComEd maintains competitive rates, being 17% lower than major U.S. metropolitan areas. The company also supports low-income customers with over $138 million in assistance amid rising energy efficiency fees.

Positive

• ComEd's average residential rates are 17% lower than rates in the 10 largest U.S. metropolitan areas.
• The rate increase will help ComEd enhance reliability and support the transition to clean energy.

Negative

• A $46 million rate increase will raise the average residential bill by 16 cents monthly, the first increase in four years.
• Additional 29 cents per month will be added to bills for energy efficiency programs.

Focus on continuous progress, value and affordability

CHICAGO--(BUSINESS WIRE)-- The Illinois Commerce Commission (ICC), which regulates the state’s public utilities, today approved ComEd investments that enhance reliability and enable the transition to clean and renewable energy. The decision concludes an eight-month process in which the ICC, Illinois Attorney General and consumer groups reviewed ComEd’s actual costs for 2020 and power grid investments this year. The investment approval will result in an overall $46 million increase in rates that will add 16 cents to the average monthly bill for residential customers beginning in January and will be the first electric delivery rate increase in four years.

“ComEd is providing families and businesses industry-leading performance and smart investments will be key to meeting new customer expectations,” said Gil Quiniones, CEO of ComEd. “The power grid must be strong and resilient to withstand more frequent and severe weather events from climate change. We’ve received nearly 10,000 applications from customers this year to connect rooftop and community solar to our grid, at the same time demand for electric vehicles is growing. Our continuous improvement in performance and our smart investments means we can meet the needs of our customers while helping the state achieve its clean energy goals.”

ComEd’s average residential rates are among the most competitive in the nation. They are 17 percent lower than rates in the 10 largest U.S. metropolitan areas according to the most recent survey by the Edison Electric Institute. ComEd’s average commercial rates are 18 percent lower than rates in the top 20 largest U.S. metropolitan areas.

In January, ComEd residential customer bills will include an additional 29 cents per month on average for energy efficiency programs. ComEd’s average total residential customer bill will be about equal to what it was in 2008, in part because these successful energy efficiency programs have helped customers use less energy and produced $5.7 billion in total customer savings.

As a critical service provider, ComEd has programs and funding to support those who struggle to pay their bills. At the height of the pandemic, ComEd increased financial assistance funding by $9 million with the approval of the ICC, and as of November, ComEd has connected customers with over $138 million in assistance through state and federal programs. It also has provided hardship grants and assistance grants to small businesses.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 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/20211201006208/en/

ComEd Media Relations

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Source: ComEd

FAQ

What is the recent rate increase for ComEd customers?

ComEd's recent rate increase approved by the Illinois Commerce Commission will add 16 cents to the average residential bill.

When will the new rates for ComEd take effect?

The new rates will take effect in January.

How much will the rate increase add to ComEd customer bills?

The rate increase will add 16 cents to the average monthly bill for residential customers.

What percentage lower are ComEd's rates compared to other U.S. metropolitan areas?

ComEd's average residential rates are 17% lower than those in the 10 largest U.S. metropolitan areas.

What does the $46 million ComEd investment aim to achieve?

The investment aims to enhance grid reliability and support the transition to renewable energy.