Climate and Equitable Jobs Act (CEJA) will provide rebates to customers averaging $18/month starting in June.
CHICAGO – Today, 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 (CEJA) that was signed into law last fall.
The Illinois Clean Jobs Coalition (ICJC), whose advocacy over several years was instrumental in passing the nation-leading legislation, released the following statement:
“At a time when electricity costs are skyrocketing across the country, Governor Pritzker negotiated protections against price spikes that mean electricity prices for ComEd customers will actually be going DOWN. For families struggling with the high cost of inflation, this is welcome relief. What could have been a nuclear subsidy was smartly negotiated into a billion-dollar bonanza for Illinois consumers.
“The deal shows the wisdom of Illinois’ approach to combat the climate crisis and create good-paying, equitable clean energy jobs, while saving money for consumers.
“We wish that Central and Southern Illinois consumers were also receiving this windfall, but Ameren chose not to participate in the Carbon Mitigation Credit program.
“This $1 billion in payments to ComEd customers is just the beginning of the benefits that are coming to communities across the entire state of Illinois as CEJA begins to create jobs, business opportunities, and consumer savings for many years to come.”
The “Carbon Mitigation Credit” program, created under CEJA, provides revenue certainty to three Illinois nuclear power plants, and was originally expected to potentially cost ComEd customers $700 million over the 5-year life of the program. The deal was structured, however, 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.
As part of the deal, residential customers will see an average credit of $18/month starting in June through next May, as a separate line item on their bill. ComEd customers have not paid any money to the nuclear plants to date, and current electricity price forecasts show the customer credit will continue for at least the next several years.
In a mistake that will cost their customers dearly, Ameren, the utility that serves most of Central and Southern Illinois, refused to join the Carbon Mitigation Credit program. As a result, their customers will see painful hikes in their electricity bills like consumers all over the Midwest.
The Illinois Clean Jobs Coalition (ICJC) is made up of hundreds of environmental advocacy organizations, businesses, community leaders, consumer advocates, environmental justice groups, and faith-based and student organizations working together to improve public health and the environment, protect consumers, and create equitable, clean jobs across the state.