ComEd seeks $1.5B rate increase over four years newstrendslive

ComEd filed for a four-year, $1.47 billion rate increase Tuesday with the Illinois Commerce Commission to bolster its grid for the demands of EVs, electrification and climate change.

If approved by state regulators, ComEd customers will pay an average of $17 per month more for delivery charges by 2027, the utility said. The ICC will review the rate and grid plans and is expected to issue a decision by December.

“ComEd has a critical role in ensuring the transition to cleaner energy is reliable and equitable for all,” ComEd CEO Gil Quiniones said in a news release.

The multi-year rate increase request is part of the state’s Climate and Equitable Jobs Act, a clean energy bill requiring Illinois utilities to get 40% of their power from renewable sources by 2030. ComEd’s grid improvement plan includes connecting to a projected fivefold increase in rooftop and community solar systems, and meeting the demands of widespread electric vehicle adoption.

Illinois Gov. J.B. Pritzker has set the goal of having 1 million electric vehicles on the road by 2030. There is still a long way to go, with 57,311 EVs registered in Illinois as of late December, or less than 1% of the state’s 10.3 million vehicles.

Last year, ComEd received a record 19,292 applications from residential and business customers looking to connect solar panels to the grid.

ComEd’s multi-year grid plan also includes girding for more severe weather events caused by climate change through upgrading and replacing outdated equipment and improved coordination with communities for faster power restoration during storms, the utility said.

The $1.47 billion rate increase request would spread the cost over four years, with the average residential monthly bill increasing by $6.72 in 2024; $5.73 in 2025; and $6.20 in 2026. ComEd projects monthly bills would decrease by $1.67 in the fourth year of the plan, bringing the total increase to about $17 per month by 2027.

Last year, ComEd filed for a proposed $199 million increase in electricity delivery charges, its largest rate hike since 2014. That was projected to add about $2.20 per month to the average residential customer bill this year.

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