Illinois Commerce Commission Approves ComEd's Refiled Multi-Year Grid Plan to Advance Region's Economic, Climate and Equity Goals
Refiled plan meets all requirements and aligns with State's Climate and Equitable Jobs Act
The Illinois Commerce Commission (ICC) yesterday approved, with modifications, ComEd's refiled grid plan presented in March of 2024 after changes to the original plan were requested by the ICC in December of 2023. It prioritizes improvements in system reliability to support the growth of renewable energy and continued economic development, as well as other goals of the Illinois Climate and Equitable Jobs Act (CEJA), which puts Illinois on a path to a fully decarbonized energy sector by 2045.
"We are grateful for the collaboration with the ICC and with other stakeholders whose input helps us align more closely with the goals of CEJA while also supporting continued regional economic development," said Gil Quiniones, ComEd President and CEO. "ComEd is focused on delivering value and achieving the goals of our approved plan while balancing the need for customer affordability."
ComEd's refiled grid plan includes investments and programs through 2027. The company's cost-effectiveness analysis assessed the value of the revised plan benefits at more than $7 billion compared to $4.4 billion in investments; plus, additional customer and community benefits, including cyber security protection, safety, and health improvements from improved air quality while contributing to economic development throughout northern Illinois. The order also recognizes the potential for additional investment to connect new businesses to the grid, which ComEd continues to see increasingly strong interest in, and allows for full recovery of all prudent and reasonable costs associated with these investments.
Continued Focus on Affordability
The approved grid plan will result in an average increase of $1.84 to monthly residential bills each year, beginning in 2025 through 2027. Total average monthly bills for ComEd residential customers are currently about $100.
ComEd's average residential rate of electricity as of July 2024 is 22% below the average residential rate charged in the nation's top 10 largest metropolitan areas, according to the most recent data from the Edison Electric Institute (EEI). ComEd's average commercial rate and average industrial rate as of July 2024 was, respectively, 21% and 38% below the average in the top 20 large metropolitan areas.
Building upon its longstanding commitment to keep bills affordable for all customers, ComEd presented to the ICC earlier this year a proposal for a Low-Income Discount (LID) program. ComEd anticipates that the ICC will issue its Final Order on the proposed LID program in the first quarter of 2025; pending ICC approval, the program will be implemented in the fourth quarter of 2025.
Critical Infrastructure Investments.
ComEd's grid modernization investments are critical to ensure the grid's reliability and resiliency in the face of more severe weather caused by climate change and as more solar and other distributed energy resources (DER) are added to the ComEd system. ComEd's investments continue to prioritize work to sustain improvements in system reliability and the integration of solar, wind and battery energy storage. It is also expanding development of distributed energy resources management systems (DERMS), which requires advanced communications capabilities to monitor, control, forecast and integrate DERS on the ComEd system. DERMS is a cost-effective alternative to traditional upgrades and especially beneficial as more DERs are connected on constrained circuits where it's necessary to guard against adverse system impacts.
In recognition of ComEd's successful efforts to achieve best-in-class reliability, PA Consulting, the global innovation, and transformation consultancy, last month presented ComEd the 2024 ReliabilityOne® award for Outstanding Reliability Performance in the Midwest Metropolitan Service Area. ComEd also received the Climate Action Leader award for advancing the planning and operations to transition into a cleaner future grid.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ:EXC), a Fortune 200 energy company serving more than 10.5 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241220364278/en/