Dec 5, 2019   SOURCE: BusinessWire

ICC Approves ComEd’s $17 million Rate Decrease for 2020

The Illinois Commerce Commission today approved ComEd’s rate request for 2020 calling for a $17 million decrease in delivery service charges compared to rates in effect this past January, marking the third decrease in the past five years.

Average customer bills are expected to drop by approximately 60 cents per month, resulting in a total average monthly residential bill under $83 beginning with the January billing period. This follows a decrease of $24 million last year. ComEd’s average residential rate is 20 percent below the average of the top 10 cities.

“We are on pace for our best year ever,” said Joe Dominguez, CEO, ComEd. “More than 90 percent of the energy delivered to our customers comes from clean sources, and we’ve delivered record reliability and customer service in the face of huge weather challenges. We could not be more proud of the talented men and women of ComEd and the diverse suppliers who are helping us drive innovation and meet the evolving needs of our communities.”

Since 2012, ComEd’s reliability has improved by more than 60 percent. More than 13 million customer interruptions have been avoided as a result of smart grid investments, which were authorized by the Energy Infrastructure Modernization Act (EIMA). Savings from avoided outages to date are estimated at $2.4 billion. ComEd customers have indirectly captured over $300 million in benefits related to smart meters, which provide access to money saving programs and expedite outage restoration. All told, EIMA will create $13 billion in economic benefits over 20 years for ComEd customers and the broader community, according to a valuation assessment study conducted by the utility and Accenture.

In addition, the Future Energy Jobs Act, which was enacted in 2016, is expanding support for energy efficiency and these investments are expected to create $7 billion in customer savings over time and reduce carbon emissions equal to taking 9 million cars off the road for a year.

“The improvement in reliability is the foundation for the continued innovation and expansion of the electric grid to other functions,” said Dominguez. “From increasing access to renewable energy, EVs and electrification, we’re working with stakeholders and our technology partners to ensure the northern Illinois region fully benefits from the grid of the future and a clean energy economy.”

The Smart Grid Law established a performance-based formula ratemaking model. It provides Illinois utilities greater predictability over rate recovery to make long-term investments while holding them accountable for achieving a broad range of metrics, including improved reliability, reducing estimated bills and customer costs related to unaccounted for energy consumption and theft. ComEd is exceeding expectations for metrics established for increasing spend with minority- and women-owned businesses. Beginning in 2011 and running through 2018, ComEd injected almost $14 billion of supply chain spend into the Illinois economy, including $4 billion in Illinois diverse supply chain investments. Diverse spend in 2018 reached $718 million, four times the amount spent in 2011 and an all-time high of 39 percent of total investment.

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.