Summary
This Form 8-K filing from Exelon Corporation (EXC) on October 3, 2006, primarily concerns developments in Illinois regarding electricity rates for Commonwealth Edison Company (ComEd) customers. The Illinois Commerce Commission (ICC) had approved the results of an auction for fixed-price electricity, leading to new rates effective January 2, 2007. These new rates represent the first general increase since 1995, following previous rate reductions. The filing also highlights a political development where the Speaker of the Illinois House of Representatives requested a special legislative session to consider a bill that would extend the current electric rate freeze until 2010. The Governor of Illinois indicated his willingness to work towards passing such legislation, signaling potential uncertainty regarding the approved rate changes.
Key Highlights
- 1Illinois Commerce Commission (ICC) approved results of an electric power auction for ComEd customers.
- 2New electricity rates will take effect on January 2, 2007, marking the first general rate increase since 1995.
- 3Previous ComEd rates had seen significant reductions for residential customers in 1998 and 2001.
- 4Speaker of the Illinois House requested a special legislative session to consider extending the current electric rate freeze until 2010.
- 5Illinois Governor expressed intent to work with legislative leaders to pass rate freeze extension legislation.
- 6A statement from ComEd's Chairman and CEO regarding the special session call is attached as an exhibit.