Several business groups have panned an energy bill expected to be voted on by the Illinois General Assembly this week.
Leaders of the Illinois Retail Merchants Association, Illinois Manufacturers’ Association, BOMA, Illinois Municipal League, Illinois Chamber of Commerce, Chemical Industry Council of Illinois and several others have characterized the clean energy bill as the largest electric rate hike in state history.
The group projects the clean energy bill with regulations to close coal-fired power plants by 2035 will create a cost increase of $700 million annually on businesses and municipalities; including an additional $215 million to pay for new programs paid for by ratepayers.
The Illinois Public Interest Research Group says the bill maintains key formula rate policies that guarantees utilities profits while also increasing utility profit margins, providing what could be a significant windfall for two of the state’s largest power suppliers – Ameren and ComEd.
In an editorial with the Journal Courier yesterday morning, 47th District State Senator Jil Tracy says it will account for a massive rate hike on the entire state
Governor J.B. Pritzker’s Office says that they involved input from more than 30 group meetings on the bill’s draft to maintain transparency. Pritzker’s Office says that the bill contains suggestions by both IMA and IRMA. The Senate and House return to Springfield today to vote on the bill.