SPRINGFIELD, Ill.--(BUSINESS WIRE)--AARP Illinois and the BEST Coalition are urging state lawmakers to reject legislation written by Exelon Corporation lobbyists that would increase electric bills in order to bail out Exelon’s nuclear plants. Introduced Thursday, Exelon’s “Low Carbon Portfolio Standard” would force ComEd and Ameren customers in Illinois to pay hundreds of millions of dollars in additional charges on their electric bills.
The legislation is opposed by many groups including AARP Illinois and the Better Energy Solutions for Tomorrow (BEST) Coalition, a grassroots coalition advocating for smart energy policy in Illinois.
“This bill rewrites Illinois energy policy to increase costs for public and private entities statewide and benefits only Exelon,” said Steve Davis, Legislative Co-Chair for Illinois Association of Wastewater Agencies, a BEST Coalition member. “Policy like this will increase the cost of doing business in Illinois and make Illinois less competitive.”
“Exelon made more than $2 billion last year, and here they are begging for a bailout on the backs of working Illinoisans,” said Bob Gallo, AARP Illinois State Director. “This bill would increase rates for older adults living on fixed incomes, working families and small businesses in order to pad Exelon’s profits. We will work on behalf of our 1.7 million Illinois members to urge legislators to vote ‘no’ on this bill.”
An analysis by Crain’s Chicago Business in 2014 found that Exelon’s Illinois nuclear fleet is profitable. Despite seeking a bailout, Exelon has refused to disclose any data to verify its claims that the company’s Illinois nuclear plants are suffering unsustainable losses. In recent earnings announcements, Exelon CEO Chris Crane stated “Exelon had a strong year, both operationally and financially…our generation fleet and utilities continued to perform at high levels.”
"It's unfortunate that Exelon has chosen to scare local communities by threatening to close Illinois nuclear plants when in fact those plants are profitable and about to get a huge infusion of additional ratepayer money from struggling Illinois consumers and businesses. Exelon simply does not need a bailout,” said Dave Lundy, spokesman for the BEST Coalition. “Exelon claims they’re not asking for a bailout. But you know what they say about a duck. If it looks like a bailout and acts like a bailout and quacks like a bailout, it’s a bailout.”
Even if Exelon has financial issues with its Illinois nuclear fleet, which is contrary to publicly available information, those issues will be resolved when Exelon begins receiving hundreds of millions more ratepayer dollars each year because of changes in grid regulation pushed by Exelon. Additionally, a recently approved rate increase for Exelon’s subsidiary ComEd took effect in January 2015 that will increase ComEd revenue by approximately $232 million.
Better Energy Solutions for Tomorrow – the BEST coalition is a 501C4 nonprofit organization comprised of business and consumer groups focused on developing Better Energy Solutions for Tomorrow. For more information, visit www.noexelonbailout.com.