Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,402.82 -22.03 -0.13%
S&P 500 1,861.79 -0.52 -0.03%
NASDAQ 4,086.75 0.53 0.01%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Senate Executive Committee Passes Bill to Get the Smart Grid and Job Creation Back on Track



Senate Executive Committee Passes Bill to Get the Smart Grid and Job Creation
                                Back on Track

PR Newswire

SPRINGFIELD, Ill., Feb. 13, 2013

Bill maintains strong consumer protections, restores funding for grid
modernization program that will  improve reliability, create 2,000 full-time
equivalent jobs

SPRINGFIELD, Ill., Feb. 13, 2013 /PRNewswire-USNewswire/ -- Today, the
Illinois Senate Executive Committee passed Senate Bill 9 out of committee by a
vote of 14 to 0. SB 9 clarifies existing language in the Smart Grid law
enacted in 2011 to get the Smart Grid program back on track, and ensures the
state's economy and consumers reap the full benefits of improved reliability,
job creation and investment in the state's infrastructure, while maintaining
strong consumer protections.

"We commend Senate President Cullerton for making jobs and grid modernization
for the 21^st century a key priority and moving this legislation early in the
new session," said Anne Pramaggiore, ComEd president and CEO. "ComEd is
proceeding with a portion of the core grid modernization programs, while
postponing the deployment of the remainder and all smart meters until 2015. SB
9 would allow us to get the Smart Grid program—and the related job
creation—back on track."

Under the Smart Grid law, ComEd committed to spend $2.6 billion over 10 years
to modernize the electric grid in Northern Illinois. In its first Smart Grid
law rate case, the ICC's interpretation of the law reduced funding essential
to completing the modernization program required by law. As a result, ComEd
faces a reduction in funding of nearly $100 million per year in 2014 and
beyond.

The passage of SB 9 would help to restore ComEd's funding to nearly the level
it would have been if the Smart Grid law had been implemented as passed. It
would enable ComEd to continue building a modern grid that will reduce power
outages for customers, give customers more choice and control over their
energy use, provide more than $2.3 billion in customer savings, and create
thousands of good-paying jobs in Illinois.

"We passed legislation to modernize our electric grid while providing true
safeguards for Illinois' consumers," said Senate President John. J. Cullerton.
"The legislature even went a step further by passing resolutions to clarify
the purpose of that legislation. The Illinois Commerce Commission must adhere
to the letter and legislative intent of that law when implementing the Smart
Grid law to upgrade our infrastructure, create jobs and protect consumers."

"On behalf of the 6,300 hard-working men and women of Northern Illinois who
make up IBEW Local 15, we enthusiastically support this legislation because it
allows utilities to invest in their systems, grow the local economy and create
thousands of new jobs—something our state needs badly," said Dean Apple,
president and business manager of IBEW Local 15. "If we don't find a solution
to deploy ComEd's Smart Grid program as planned, our state will face a great
setback. We believe SB 9 is that solution."

Under the Smart Grid law, last year alone ComEd invested $165 million in grid
modernization, created more than 700 jobs, built a new, state-of-the-art
training center in Rockford, and enhanced storm-hardening to minimize
storm-related outages. The utility also installed over 470 smart switches,
devices that re-route power in the event of a fault, avoiding 82,000 customer
outages in 2012. Ultimately, ComEd's modernization efforts are designed to
reduce outages by 700,000 per year, saving customers an estimated $100 million
in outage-related costs.

If it becomes law, SB 9 would have negligible impact on customers' bills in
2013. It would increase the average residential customer bill of $82 per month
by approximately 40 cents per month in 2014, increasing to approximately 80
cents per month in 2017. This is not new—it is part of the anticipated $3 per
month that the grid modernization program will ultimately cost. In fact, due
to the original EIMA legislation impact of a first-year rate reduction,
today's rates are essentially the same as before the grid modernization
program began.

Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon
Corporation (NYSE: EXC), the nation's leading competitive energy provider,
with approximately 6.6 million customers. ComEd provides service to
approximately 3.8 million customers across northern Illinois, or 70 percent of
the state's population.

SOURCE ComEd

Contact: ComEd Media Relations, +1-312-394-3500
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement