Illinois state regulators have until the end of the week to decide if a controversial electricity auction meets their standards. Twenty companies bid for four days for the rights to supply power to utility-giant ComEd and Ameren. The two supply electricity to more than 5,000,000 Illinois customers.
Now the state’s regulatory body has to decide if it will approve the bidding process or call for an investigation and another auction.
Official cost estimates aren’t available yet, but will come in the next couple days. But opponents, including Illinois Attorney General Lisa Madigan, say it will increase bills--maybe upwards of 40 percent.
ComEd says rates will likely go up some but the increase is needed because the company hasn’t had a rate hike since 1997.