AARP Urges Senate to Oppose SB1652
Statement from AARP Illinois Senior State Director Bob Gallo
SPRINGFIELD, Ill., May 30, 2011 /PRNewswire-USNewswire/ -- "Today's decision by the House of Representatives to pass Senate Bill 1652 constitutes terrible news for Illinois consumers, as it will allow utility companies like ComEd and Ameren to impose nearly automatic rate hikes, and secure company profits with virtually no regulatory oversight.
Senate Bill 1652 writes utility company profits into state law by guaranteeing companies a return on equity of over 10%. The legislation also results in nearly automatic rate increases by allowing utility companies to file rate cases each year for promised extra investments.
SB 1652 also shortens the rate review process. Through this bill, ComEd and Ameren are taking the voice of the consumer out of the ratemaking process and pave the way for even higher profit margins.
The fact that the Illinois Commerce Commission, just a few days ago, approved a $156 million service rate increase for ComEd is apparently not enough for the utility giant - ComEd and Ameren want state law to guarantee exorbitant profits at the expense of Illinois consumers.
AARP is extremely disappointed by the passage of this bill. We are letting our 1.7 million Illinois members know how each State Representative votes on this issue, and we are urging the State Senate to oppose this legislation that will hit Illinois consumers hard."
SOURCE AARP Illinois
