The Citizens Utility Board (CUB) would like to commend Senate President James “Pate” Philip (R-Wood Dale) for supporting the Electric Service Customer Choice and Rate Relief Act of 1997, to reduce rates and bring competition to Illinois’ electric industry.
Rates for residential customers of Commonwealth Edison and Illinois Power, the state’s largest and most expensive utilities, will drop by a total of 20 percent–15 percent this August and a 5 percent cut in May 2002–the largest rate reduction anywhere in the nation. Residential customers of other utilities will see total savings of at least 5 percent.
The law also will open up the electric industry to competition, which should lower rates even further. It includes consumer protections to safeguard ratepayers from the scams we saw with the breakup of the phone industry.
Total savings for residential customers will approach $6 billion by 2006. That’s something all legislators who supported the bill can be proud of.
