ComEd Bill Means Higher Rates for Millions of Consumers

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May 31, 2011, 07:40 ET

AARP Urges Governor to Veto SB1652

Statement from AARP Illinois Senior State Director Bob Gallo

SPRINGFIELD, Ill., May 31, 2011 /PRNewswire-USNewswire/ -- "Today, on the last day of the legislative session in Springfield, the State Senate has delivered terrible news for millions of Illinoisans after passing Senate Bill 1652, legislation that allows utility companies like ComEd and Ameren to hit consumers with nearly automatic rate hikes, while securing company profits with virtually no regulatory oversight.

Apparently, certain Senators were in such a hurry to get this bill to the floor that the Senate's Energy Committee rushed to a vote while Illinois Commerce Commission Chairman Doug Scott was still in the middle of his testimony. Lack of full discussion on this legislation was a disservice to all Illinois.

SB1652 is awful policy as it writes utility company profits into state law by guaranteeing companies a return on equity of over 10%. The legislation also results in nearly automatic rate increases by allowing utility companies to file rate cases each year for promised extra investments.

SB1652 also shortens the rate review process. Through this bill, ComEd and Ameren are taking the voice of the consumer out of the ratemaking process and paving the way for even higher profit margins.

AARP is extremely disappointed by the passage of this bill. We are letting our 1.7 million Illinois members know how each State Representative and Senator voted on this bill, and we are urging Governor Quinn to veto this legislation as soon as it hits his desk, and as he has promised numerous times."

SOURCE AARP Illinois