Central Illinois power consumers are set to get hit with a major price spike in June.
Yesterday, the Chicago-based utility Commonwealth Edison filed new rates with the Illinois Commerce Commission that will provide direct credits of more than $1 billion to customers as a result of the Climate and Equitable Jobs Act that was signed last Fall. The credit for ComEd residential customers will be an average of $18/month starting in June through next May.
The company is taking advantage of the Carbon Mitigation Credit program that was part of the bill known as CEJA. The program was originally set to cost ComEd customers $700 million over the 5-year span of the program, according to Crain’s Chicago Business. However, the deal was structured so that if wholesale electricity prices increased above a certain level, the nuclear plants would owe money instead. Since the Russian invasion of Ukraine, electricity prices have risen dramatically across the country.
Ameren-Illinois opted out of the Carbon Mitigation Credit program and now its customers may bare the brunt of an even more dramatic power-price spike. According to Chicago Business, energy prices in Central Illinois will roughly double beginning June 1st on both the supply side. Delivery rate increases were already previously announced by Ameren-Illinois earlier this year.
This story will be updated.