ICC authorizes more than $24M electric rate decrease for ComEd
The Commonwealth Edison Company (ComEd) will cut electric service rates by $24.085 million beginning January 2019, with the approval of the Illinois Commerce Commission (ICC).
The average residential customers, who use around 9000 kilowatt-hours per year, would be charged about $4.14 less annually. The new rate was set through a mix of evidence-based reporting that has been underway since April. ComEd has sought updated inputs for its performance-based formula rate for the 2019 rate year and to reconcile the 2017 revenue requirement with the actual revenue requirement for the prior rate year.
Electric distribution rates for ComEd are set annually, due to an Illinois law that established a prescribed formula rate procedure for the company to recover actual incurred costs for their services. The net effect of the new changes will be reflected in the 2019 rates.
