Ameren’s profits for Illinois were way up over the first quarter of last year. Part of that was from the cold weather in January, but it’s obviously the rate hikes that are driving the bottom line…
Ameren’s Illinois regulated business segment, which includes the electric and gas distribution utility businesses of AmerenCILCO, AmerenCIPS and AmerenIP, contributed $29 million to Ameren’s net income in the first quarter, the company said, compared to $9 million in the same period a year ago.
The company’s non-rate-regulated electric generation segment contributed $70 million to Ameren’s net income in the first quarter, or $43 million more than the same period a year ago.
Shelley Epstein, spokesman for Ameren’s Illinois utilities, said if the proposed rate rollback legislation had been in place on Jan. 1, the Ameren Illinois utilities revenues would have been reduced by about $100 million.
I think they could’ve afforded it. Either way, nothing good will happen to Ameren this year, unless the General Assembly totally melts down and leaves without doing anything.
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- Team Sleep - Friday, May 11, 07 @ 9:53 am:
To me, the bankruptcy threat goes out the window when you look at these numbers and any political donations made by Ameren’s PAC. They must really think we are all dumb hicks who will just pay our utility bills. I think they’re quickly learning we are moer intelligent than they originally expected.
- Barry McClintock - Friday, May 11, 07 @ 9:54 am:
Completely predictable.
630 Million dollars in profit last year, plus a 93 Million dollar rate increase, plus the reverse aution scam equals huge profits this year for Ameren & Excelon. Our legislaters gave away our interests regarding electricity.
It is time to stop listening the Corporate lies and re-regulate. There will never be competition in the electricity market.
Meanwhile, I’m knee deep in Excelon and Ameren stock. At least the dividends pay my power bills.
- leigh - Friday, May 11, 07 @ 10:01 am:
I would not want to be the Public Relations folks for Ameren (or for that matter Emil Jones).
- zatoichi - Friday, May 11, 07 @ 10:16 am:
Can’t wait to see how they sell this one. Seems every arguement Ameren had just vanished.
- Action - Friday, May 11, 07 @ 10:52 am:
It sure looks like our lawmakers don’t have the guts to solve this mess, so we citizens should do just what Ameren said they would do to us. We should file a Class Action Lawsuit against both companies for price fixing with their little “Secret Auction” and lying to the public and the Illinois Legislature. Remember their $1 or $2 dollars a day increase?
- Yellow Jelly - Friday, May 11, 07 @ 11:49 am:
Thanks Emil!
- Sick Of It! - Friday, May 11, 07 @ 12:38 pm:
You would think that there is a compromise somewhere in the middle of this. The companies followed the rules made by the State or Illinois and if the legislature decides to go back to the old rates then it will just end up tied up in the court system for years.
- Holdingontomywallet - Friday, May 11, 07 @ 12:38 pm:
Yippee, now they have more money to buy off our legislators for votes. Line up more lobbyists….
- Little Egypt - Friday, May 11, 07 @ 12:44 pm:
Nothing will be done to rollback the electric rates or to give some kind of breaks to low-income people. Absolutely nothing. I believe we will all have to go until this time next year before there is any kind of relief. That will be an election year and the legislature will know that we will be watching them ever more closely. Like they even care. I believe we are stuck with the rates and our only alternative is to vote the bums out of office - especially Emil Jones who doesn’t have the good sense to stop taking money from ComEd. We must become as deliberate and organized in lobbying our elected officials as the electric companies are.
- Jeff Trigg - Friday, May 11, 07 @ 12:54 pm:
The state of Illinois brought in over $400 million in electricity taxes in 2006, $29 million more than in 2006. This year they are on pace to increase electricity tax revenues by more than 15% or $60 million for FY2007 over FY2006. $460 million this year from electricity consumers just at the state level.
Of course, that doesn’t count the local electricity taxes. Chicago’s local electricity tax is about 10% of every bill, and it was 13% before the recent rate increase.
Illinois electricity consumers (many of them poor families) will pay over $1 billion this year just in electricity taxes in Illinois. Now you can compare that to Ameren’s “profits” with some proper perspective.
Environmentalists should love the much higher rates and taxes since it will make alternative sources of energy (solar and wind) more price competitive.
- i d - Friday, May 11, 07 @ 4:07 pm:
abusive
- just wondering - Friday, May 11, 07 @ 4:40 pm:
How much of that went to Emil?
- Logical - Friday, May 11, 07 @ 5:10 pm:
What a shame that Ameren will make a profit this year or any year. While everyone is complaining about the rates, why don’t you have your electricity shut off for a couple of days and realize how much we take it for granted. The problem is that we Americans feel we are entitled to anything and everything. Cell phones, satellite radios, cable tv, … all are luxuries and all of us could do with out them, but electricity is different. The problem is rich or poor, we expect necessities to be cheap so we can afford the rest of the toys.
- one idea - Friday, May 11, 07 @ 5:12 pm:
Perhaps Ameren could use a portion of those profits to create some energy efficiency programs that help its customers save money. How about offering rebates or other incentives to purchase more efficient air conditioners and appliances like other utilities do?