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A 47-year-old economist and former Illinois Commerce Commission official was chosen Thursday to fill the newly created post of ICC executive director, the final key appointment in the reorganization of the state`s utility regulatory agency.

Charles Teclaw, currently director of the office of regulatory analysis for the Federal Energy Regulatory Commission, was selected for the job from among four candidates on a unanimous vote of the five members now on the commission.

The post of executive director was created by legislation last year.

As the first executive director, Teclaw will have broad authority over commission staff members who make recommendations to the commission about utility rate-increase requests as well as requests affecting motor carrier and railroad tariffs and services. Staff recommendions then go before the commission for a final decision.

Teclaw was expected to begin his new job as head of the commission staff of nearly 400 by Jan. 2. Although his salary has not yet been decided, Teclaw indicated that he would expect ”something approaching $64,000 a year.”

Also to be worked out by the commission is a contract for Teclaw. Mary Bushnell, newly appointed commission chairman, said she believed the contract would be for a year ”with a review at the end of the year. This is a precedent-setting appointment, so all the details are not yet worked out.”

Teclaw worked as manager of the policy and analysis research division of the commission for five years before leaving to accept the position with the federal agency in June, 1984.

The new position will reduce the power of the commission chairman and the other commissioners. Under the former system, the commission staff was largely under the supervision of the chairman, who could influence staff recommendations. Under the new system, the staff will report to the executive director.

However, Teclaw noted that the commissioners will have the power to hire or fire the executive director.

”The amount of actual automomy I would have is something that will have to be worked out,” Teclaw said. ”As it stands now, the law is rather vague.”

Teclaw`s selection was the latest in a series of upheavals within the commerce commission, most of which were caused, at least indirectly, by its approval in October of a $494.8 million rate increase for Commonwealth Edison Co.