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Auction Approved: Electricity Rates Likely To Rise

SHARE Auction Approved: Electricity Rates Likely To Rise

Illinois utility regulators have approved the results of the state’s controversial electricity auction.

More than 20 companies bid for the right to supply Ameren and utility giant ComEd with electricity impacting nearly 5 million customers.

The head of the Illinois Commerce Commission called the auction smooth and efficient.

Opponents of the auction say it will raise prices, maybe between 25-to-40 percent.

ComEd says any rate increases will be driven by the market and that the company needs those increases since it hasn’t had a rate hike since 1997.

New rates will be announced tomorrow and will take effect in January.

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