NEWS…

     from the Senate President, House Speaker & Attorney General

 

FOR IMMEDIATE RELEASE                                                        

July 23, 2007                                                                

                                                                                                                

President Jones, Speaker Madigan and Attorney General Madigan Discuss New Electric Rate Relief Package

 

PEORIA, IL --- Illinois officials Monday formally announced the details of an electric rate relief and reform package that will provide refunds and credits totaling $1 billion to consumers who were hard hit by increases after 10 years of frozen rates.  In addition, a new agency will develop procurement plans and purchase electricity for utilities to ensure adequate, affordable, efficient and environmentally sustainable electric service for Illinois consumers.

 

The results of the negotiated settlement were presented in a series of news conferences throughout downstate Illinois led by Senate President Emil Jones, Jr., House Speaker Michael J. Madigan and Attorney General Lisa Madigan.

 

“After months of intense and often heated discussions with utility companies, generators, legislators, and the Attorney General’s office, we can declare a victory for consumers,” Senate President Emil Jones said.  “That victory includes the continuation of reliable service in homes and businesses throughout Illinois and true rate relief.”

 

“The compromise represents the end of a long debate and implements a series of reforms that should benefit consumers in every region of the state,” Speaker Madigan said.

“This settlement includes significant rate relief for hard hit consumers, as well as long-term reforms that should help us protect Illinois consumers from future electric rate shocks,” Attorney General Madigan said.

The agreement will lead to legislation that includes: 

  • refunds and other relief totaling $1 billion for consumers
  • formation of the Illinois Power Agency to purchase electricity on behalf of utility customers and to create a public power system that sells electricity at cost to municipalities and rural electric coops
  • incentives to produce electricity from renewable resources and Illinois coal at new, environmentally-friendly plants 

 

For additional details, please see the attached one-page fact sheet.

 

For more information, please contact: Cindy Davidsmeyer at (217) 491-2023 for President Jones; Steve Brown at (847) 922-5361 for Speaker Madigan; and Robyn Ziegler at (312) 814-3118 for Attorney General Madigan.  General inquiries can be directed to Michael Weir in Springfield throughout the day at (217) 782-4040.

 

# # #