Broad-based Business and Labor Alliance to Support ComEd Legislative Proposal
28 October 2003 - 8:45AM
PR Newswire (US)
Broad-based Business and Labor Alliance to Support ComEd
Legislative Proposal CHICAGO, Oct. 27 /PRNewswire/ -- ComEd today
announced growing support from a diverse alliance that is
campaigning to advance proposed legislation that would help pave
the way for a possible acquisition of Decatur-based Illinois
Power's operating assets by ComEd's parent company Exelon
Corporation. Exelon is in exclusive discussions to purchase
Illinois Power's transmission and distribution business from
Texas-based owner Dynegy. The alliance is composed of city- and
state-wide business leaders, organized labor, local elected
officials, community leaders, and the recently established
Coalition for Illinois Jobs. The groups are campaigning to garner
additional support and urge lawmakers to back the proposed
legislative initiative, which would protect downstate jobs and
local economic development, ensure continued reliability and
guarantee long-term price stability for Illinois customers. "The
depth and diversity of this group speaks to a basic concern in this
state about the importance of maintaining strong Illinois companies
that provide jobs and maintain economic stability," said Frank M.
Clark, president of ComEd. "Protecting jobs is important, but so is
ensuring long-term rate stability for Illinois customers. The
proposed legislation would do just that." The legislative proposal
would authorize the Illinois Commerce Commission (ICC) to conduct a
thorough six-month review of an application for ICC approval of a
merger or acquisition of a financially challenged utility as
determined by the company's credit rating. The ICC would also be
granted authority to review and approve a rate plan for the years
2007 - 2010 after the mandatory transition period for competition
ends. By 2007, Illinois residential customers will have enjoyed a
ten-year rate freeze reflecting rates that are 20 percent less than
those paid in 1997. ComEd officials stressed that the ultimate
decision to adjust rates remains with the ICC, the rate making
body, but assured residential customers and small businesses that
any rate adjustment would be in the single digits and lower than
what they paid in the 1990s. "ComEd would have been asking for a
rate adjustment anyway, and if the proposed acquisition is not
successful, we would still be seeking a rate adjustment," said
Clark. "All rates have been frozen since 1998 and residential rates
have been cut by 20%. "However, in order for utilities to continue
to invest in their infrastructure, they must be able to recoup some
costs," said Clark. Members of the alliance also called on
opponents of the legislation, including the Citizen's Utility Board
(CUB), to stop resorting to scare tactics and focus on the
widespread need to preserve jobs and safeguard electric delivery
and ensure stable electric rates. "CUB calls itself the state's
utility consumer advocate. But it's tough to be a consumer without
a job and a decent income. If CUB was serious about its charge,
they would support this legislation. Through it, electric rates
will be more certain, more consumers will have jobs, and
reliability will continue to improve," said Julie Moore,
spokesperson for the Coalition for Illinois Jobs and president of
the Decatur Chamber of Commerce. The alliance said it is already
engaged in a concerted, statewide campaign to urge state lawmakers
to support the legislation. In addition to urging their respective
memberships to call and write to state lawmakers, a rally is
planned for some time during the legislature's Veto Session, which
is set to begin on November 4. "State lawmakers need to understand
how important this legislation and the sale of Illinois Power to
Exelon is to the working men and women of the state of Illinois,
especially central and southern Illinois -- the areas hardest hit
by the economy," said Dominic Rivara, business manager of the
International Brotherhood of Electrical Workers 51, which
represents Illinois Power workers. "We need a strong, experienced
electric utility like Exelon to be at the helm. Employees,
consumers and communities across Illinois only stand to benefit
from this," Rivara said. Supporters Of Proposed Legislation
(Partial list) -- A. Finkl & Sons -- Black Contractors United
-- Black Star Project -- Blue Island Chamber of Commerce -- Chatham
Business Associations -- Chicago Federation of Labor -- Chicago
Southland Chamber of Commerce President -- Chicago Urban League --
Chicagoland Chamber of Commerce -- City of Rockford, Mayor Doug
Scott -- Coalition for Illinois Jobs -- Cosmopolitan Chamber of
Commerce -- Decatur and Macon County Chamber of Commerce --
Economic Development Corporation of Decatur and Macon County -- El
Valor -- Erie House -- Hispanic American Construction Industry
Association -- Illinois AFL-CIO -- Illinois Brotherhood of
Electrical Workers - Locals 15, 51, 309, 702, 1306 -- Illinois
Hispanic Chamber of Commerce -- Illinois Manufacturers Association
-- Illinois Retail Merchants Association -- Illinois State Chamber
of Commerce -- Riteway Construction -- Spanish Coalition for Jobs
-- Streator Area Chamber of Commerce and Industry -- United
Building Maintenance, Inc. President & CEO James Cabrera --
U.S. Hispanic Leadership Institute -- 18th Street Development
Corporation -- 87th Street Chamber of Commerce Commonwealth Edison
is a unit of Chicago-based Exelon Corporation (NYSE:EXC), one of
the nation's largest electric utilities with more than $15 billion
in revenues and a customer base of five million. ComEd provides
service to approximately 3.5 million customers across Northern
Illinois, or 70 percent of the state's population. DATASOURCE:
Commonwealth Edison CONTACT: Tabrina Davis of Commonwealth Edison,
+1-312-394-7919, +1-312-394-3500 Web site:
http://www.exeloncorp.com/
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