Springfield, IL – The Illinois Commerce Commission has approved a plan that could cause electric rates for Ameren and Commonwealth Edison customers to increase between 22% and 55% starting January 2. But those who can't or don't want to pay the higher cost upfront now have a choice. They can defer a portion and phase in the increases over the next three years. But there's a tradeoff. In exchange for the extra time, those customers will have to pay more than 3% interest. Several commissioners commended the power companies for coming up with the phase-in plans. They say it will make the shock of double-digit increases more palatable. However, consumer advocacy groups say the companies are not doing consumers any favors. The advocates say people who opt into the payment plan will spend more money in the long run.
Rate Hike Plan Approved by ICC
