CHICAGO (STMW) — ComEd has tipped its hand. The electric utility plans to seek a rate increase this year on top of one it’s due to receive this spring.
The company said it will ask the Illinois Commerce Commission for a rate hike in a few months. It declined to say how much it will seek. Spokesman Bennie Currie said the utility cut costs by $200 million in 2009 while still spending to upgrade its system. He said ComEd needs to be compensated for that work.
The utility disclosed its plans at a Feb. 3 investor conference for its parent company, Exelon Corp.
The ICC has given ComEd permission to implement a $70 million rate increase in April. The money will cover escalating costs from unpaid bills and is expected to cost the average residential customer about $1 per month.
In September 2008, ComEd raised its rates by $270 million.
Read the original article from WBBM News Radio.
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