Commonwealth Edison (ComEd) has announced that the Illinois State Senate passed a resolution Thursday that calls on the Illinois Commerce Commission (ICC) to reverse its decision to reduce funding in the utility's first formula rate filing under the Energy Infrastructure Modernization Act (EIMA).
In May, the ICC denied ComEd cost recovery on 13 issues that the utility said had a significant impact on its finances, and the company sought a rehearing. However, the ICC reversed its decision on only one issue in October. As a result, ComEd said it faced a reduction in funding of nearly $100 million per year in 2014 and beyond, and the utility revealed it is was delaying elements of its smart grid program, including the installation of additional smart meters, until 2015.
Thursday's Senate resolution, which passed by a vote of 47 to 4, urges the ICC to allow ComEd to recover its costs.
"The General Assembly last year voted overwhelmingly in favor of the grid modernization law, because it will create more than 2,000 jobs, help reduce power outages, and hold utilities to first-of-a-kind performance standards to ensure that Illinois residents get better service and cost-saving opportunities," said Illinois Senate President John J. Cullerton. "The law also very clearly recognized this program requires a significant amount of investment, and to do this, utilities need reasonable certainty to recover their actual costs. Today's resolution sends a strong message that the legislature wants the ICC to adhere to the law and ensure all benefits are achieved."
