According to a statement released by ComEd, the administrative law judge assigned to review a their proposal to help customers manage increasing electricity costs has endorsed the plan and has recommended full Illinois Commerce Commission (ICC) approval.
Under the plan, ComEd residential customers would have the option to have rate increases capped at 10 percent in 2007, 2008 and 2009, with the deferred balance plus financing costs collected over the three following years, 2010-2012. ComEd has proposed a 6.5 percent annual carrying charge to finance the deferral plan. Without a phase-in, residential customers' bills are expected to increase by an average of 22 percent beginning in January when ComEd's costs to buy power increase.
"We are pleased with the judge's recommendation as it is an important step forward in providing Illinois residential customers with options to manage increasing energy costs," said J. Barry Mitchell, president of ComEd. "Since the very beginning, ComEd has been concerned about the impact of rate increases on our customers, especially low-income customers. We developed this phase-in approach to give customers flexibility to adjust to the increase over time."
The proposal was first submitted to the ICC by ComEd in May. Modifications to the proposal were submitted in August to respond to concerns expressed by stakeholders, such as the ICC staff and the Citizens Utility Board, in rebuttal testimony. ComEd has asked the commission to act by late November or early December.
