Customers across Illinois could see lower utility bills as early as next month. The state’s regulatory body has ordered Illinois companies to slash their rates.
Thanks to the new federal tax bill, which lowered the corporate income rate, nearly two dozen Illinois utilities stand to save a lot of money. So much money, in fact, that the Illinois Commerce Commission wants to make sure their customers share in the windfall.
ICC Spokeswoman Vicki Crawford says big power companies like Com-Ed and Ameren have a little under a month to estimate and account for their savings from decreased taxes and report back to the ICC.
“These companies need to immediately start accounting for this decrease, and make their case if they’re not going to offer a refund...and if they can’t, then they have to come back to the Commission and explain why,” Crawford said.
Smaller utilities might be unable to cut what they charge customers. But both ComEd and Ameren have already confirmed they will pass along savings. They say it could mean as much as $3 savings on monthly bills for those who use their service.
The order from the Commerce Commission doesn’t include city-owned power companies like CWLP.