On Thursday, the Illinois Commerce Commission (ICC) approved Commonwealth Edison’s refiled multi-year grid plan (2024-2027) with modifications. The Commission approved $3.3 billion in investments and system improvements needed to strengthen power grid reliability and support the ongoing electrification of the state’s power system. The decision cut the utility’s proposed $4.5 billion in spending by approximately 25 percent. The Climate and Equitable Jobs Act (CEJA) required the state’s largest investor-owned electric utilities to file grid plans designed to accelerate progress toward Illinois’ clean energy goals and hold electric companies accountable for their performance. ComEd was required to refile its grid plan earlier this year after the ICC rejected the utility’s initial proposal in 2023, finding the original plan failed to comply with several consumer affordability and environmental justice components of CEJA. ComEd’s grid plan is consolidated with its multi-year rate plan (2024-2027) to determine which system maintenance and upgrade costs can be passed on to ratepayers, at a reasonable cost. In accordance with the Public Utilities Act, these costs are only recoverable if the utility demonstrates they are reasonable and prudent. The ICC’s decision reduced ComEd’s rate increase request for 2024-2027 by 11 percent for an overall increase of $606 million over four years. It does not modify the company’s current 8.905 percent return on equity. The impact of the decision on individual customers will vary based on service class and energy usage. The ICC has issued its decision after closely scrutinizing ComEd’s refiled grid plan and additional materials submitted by the utility, ICC staff, and various intervenors over a nine-month legal proceeding, as well as multiple stakeholder workshops.
