Com-Ed electrical towers follow a north-south pathway through Barrington Hills on May 23, 2023. (Stacey Wescott/Chicago Tribune)
By The Editorial Board | Chicago Tribune
Commonwealth Edison in recent years has endured a humiliating — and deserved — comeuppance.
Its status as the most politically powerful company in Illinois came to an abrupt end in 2020 when the utility admitted to a nearly decadelong bribery scheme aimed at winning highly lucrative legislation in Springfield in return for serving as something of a ghost payrolling service for then-House Speaker Michael Madigan.
So earlier this year it was with some level of chutzpah that ComEd petitioned the Illinois Commerce Commission, which regulates utilities, for a record-shattering delivery rate hike of $1.5 billion over four years.
To their credit, the regulators Thursday rejected most of ComEd’s filing, substantially reduced its requested profit level on the capital spending they did approve, and told the utility to go back to the drawing board on the investments needed to fulfill the state’s clean-energy goals.
Thursday’s events were a jaw-dropper for those used to watching previous commissions act essentially like patsies for the utilities they’re supposed to regulate.
Now, the question is, how will ComEd respond?
Will it resort to lawsuits and argue that the regulators are exceeding their authority? Will it ask the General Assembly to overrule the commission, as ComEd did time and time again during the period it was bribing the state’s most powerful politician? Will it do both?
Or, will ComEd get the message and adjust?
Read more here.
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