CHICAGO — State regulators have approved an amended version of ComEd’s multi-year grid plan, which will increase customers’ electricity rates by $606 million over the next four years.
On Thursday, the Illinois Commerce Commission approved $1.5 billion in investments and system improvements “needed to strengthen power grid reliability and support the ongoing electrification of the state’s power system,” according to an ICC news release.
ComEd had proposed $2 billion in spending through 2027, however, so the ICC’s decision cut that by about 25%. The ICC’s decision also reduced ComEd’s rate increase request for the next four years by 11%, according to the release.
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The impact of the decision on individual customers will vary based on service class and energy usage, the release says.
The ICC approved the $1.5 billion spending plan as utilities try to meets the goals of the Climate and Equitable Jobs Act (CEJA), signed by Gov. JB Pritzker in 2021. The CEJA requires the state’s largest investor-owned electric utilities to file grid plans designed to accelerate progress toward Illinois’ clean energy goals and aims to hold electric companies accountable for their performance.