ComEd carbon credit to lower bills by $20 per month in June, a dividend from bailout of three struggling Illinois nuclear plants
ComEd customers will begin receiving a credit for about $20 per month in June, an unexpected dividend from the state’s bailout of three struggling nuclear power plants last fall.
was expected to cost ComEd ratepayers $700 million over five years, but rising energy prices combined with Russia’s invasion of Ukraine have suddenly made the three nuclear plants more profitable.Chicago-based Exelon spun off Constellation, its former power generation subsidiary, into a stand-alone company in February.
While Adams said the state’s clean energy bill is “working exactly as intended,” the $1.7 billion swing from a ratepayer-funded subsidy to a credit was not the outcome many had expected when it was enacted last fall. Kolata said the clean energy bill acts as a hedge against fluctuating energy prices for both Constellation and the ratepayers. The subsidy provides certainty for the nuclear plants, which before the passage of the bill said they couldn’t compete with cheaper energy from fossil fuels and subsidized renewable sources such as wind and solar. With the sudden spike in energy prices, the bill now protects the consumers.
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