Exelon plans to EXPORT power from Illinois to more lucrative markets
Remember reading about Commonwealth Edison‘s plan to increase Illinois residential customer rates by 38% starting June 1st? ComEd says supply prices will go up to 7.5 cents per kilowatt hour. ComEd says that since the average household uses 655 kilowatt hours per month the increase will cost households at least $13 more per month.
Exelon Corporation, which owns ComED, recently announced plans to acquire Washington, DC- based Pepco Holdings Inc for $6.8 billion. With depressed power prices and increasing competition from wind and natural gas eating away at their nuclear power plant’s revenue, Excelon is moving more towards regulated utilities. While they continue to increase the bottom line for their shareholders they reject any idea of a 500-mile high-voltage transmission line project that would bring more wind-generated power into the state from Iowa. This so-called Clean Line Energy project would bring cheaper produced wind power to Illinois that could drive down energy costs as well as create jobs and cleaner energy. When asked about government subsidies for wind energy, a spokesman for Exelon stated ” If the government believes that they’re improving the environment by subsidizing wind, they are wrong” “It is going to shut nuclear plants down” (and thus hurt Exelon investors bottom line).
ComEd sold Illinois legislatures a bill of goods a short time ago to build a “smart digital electric grid” and make other upgrades that will increase the profits that they get for maintaining the new equipment. Most of us haven’t seen any improvements brought upon by the new smart grid other than having our private lives spied upon by our daily electric usage being monitored.
ComEd received a rate increase to build a “smart grid” and now plans on raising Illinois residential rates 38% in June even though they are capable of acquiring another utility provider for billions of dollars. But, here’s the interesting part. Exelon (ComEd) has their own plans to build a $1.6 billion 765-kilovolt line from northern Illinois to Ohio to EXPORT power from Illinois to more lucrative markets.
Suck it up, Illinois residents! You are about to be had by ComEd yet again!
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