CHICAGO (AP) — Commonwealth Edison says a rate increase authorized by the Illinois Commerce Commission will be offset by a drop in the wholesale price of electricity.
According to ComEd, residential consumers should see an average $1.30 drop in their monthly bill.
The ICC on Tuesday ruled ComEd can raise its electric rates by $156 million. ComEd originally requested an increase of nearly $400 million. Much of that would have gone to new technology.
ComEd is pushing the Illinois Legislature to pass a rate hike to finance a $3 billion modernization project. The bill would cap electricity rate increases at 2.5 percent annually for three years. ComEd says the grid update will reduce consumer energy costs by tying energy output to demand.
ComEd provides electricity to about 3.8 million customers in northern Illinois.
Copyright 2011 The Associated Press.
According to ComEd, residential consumers should see an average $1.30 drop in their monthly bill.
The ICC on Tuesday ruled ComEd can raise its electric rates by $156 million. ComEd originally requested an increase of nearly $400 million. Much of that would have gone to new technology.
ComEd is pushing the Illinois Legislature to pass a rate hike to finance a $3 billion modernization project. The bill would cap electricity rate increases at 2.5 percent annually for three years. ComEd says the grid update will reduce consumer energy costs by tying energy output to demand.
ComEd provides electricity to about 3.8 million customers in northern Illinois.
Copyright 2011 The Associated Press.
