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Illinois energy Bill increases public costs, but benefits nuclear company Exelon

Exelon accused of seeking nuclear bailout http://www.fierceenergy.com/story/exelon-accused-seeking-nuclear-bailout/2015-02-27 February 27, 2015 | By  Exelon yesterday introduced its “Low Carbon Portfolio Standard” — legislation that is receiving opposition from groups like AARP Illinois and the BEST (Better Energy Solutions for Tomorrow) Coalition who are urging state lawmakers to reject this legislation, saying it would increase electric bills in order to “bail out Exelon’s nuclear plants.”

A 2014 analysis by Crain’s Chicago Business found that Exelon’s Illinois nuclear fleet is profitable and Exelon CEO Chris Crane even stated “Exelon had a strong year, both operationally and financially…our generation fleet and utilities continued to perform at high levels.”

For Exelon’s part, it says it is not seeking a bailout. Exelon made more than $2 billion in 2014.

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.”

The organizations attempting to block Exelon’s Low Carbon Portfolio Standard claim that even if Exelon has financial issues with its Illinois nuclear fleet, although contrary to publicly available information, those issues will be resolved, in part, by a recently approved rate increase for Exelon’s subsidiary ComEd that will increase ComEd revenue by approximately $232 million.

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February 28, 2015 - Posted by | politics, USA

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