ComEd’s requested $1.5 billion rate increase over the next four years would increase its profits more than improve its stated clean-energy priorities, the Citizens Utility Board says.
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The record-high $1.5 billion rate increase that ComEd is asking state regulators to approve should be slashed by more than 60%, according to consumer advocates who say the unprecedented hike would amount to a “blank check” for a utility that previously admitted its role in a Springfield bribery scheme.
The Citizens Utility Board filed testimony Monday with the Illinois Commerce Commission challenging the increase request filed in January by ComEd, whose hefty ask would bolster its bottom line more than the clean-energy priorities it’s claimed, according to the utility watchdog group.
“It’s immediately apparent that the company is pushing for an excessive profit rate for its shareholders,” CUB Executive Director David Kolata said in a written statement. “ComEd has to maintain its system, but it never deserves a blank check.” Read more of the story here
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