SB103 Protects Consumers and Fixes the Renewable Portfolio Standard
Tuesday, May 14, 2013
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Billions Invested in Illinois
Passed in 2007, Illinois’ renewable portfolio standard (RPS) requires 25% of the state’s power to come from renewable sources by 2025. To date the RPS has attracted more than $5 billion in investment, created thousands of jobs and cut wholesale power costs, according to the Illinois Power Agency (IPA).
Unintended Conflict Broke the Law
As reported on the front page of Monday’s Chicago Tribune (“Energy Fund Lacks Power”, May 13, 2013) and in Crain’s Chicago Business (“A Mighty Wind Problem”, April 8, 2013), because of a conflict with the municipal aggregation tidal wave, the RPS law has broken down as “customers of the state’s two major electric utilities defected en masse.”
A No-Cost Fix
SB 103 contains a simple solution to resolve this problem. Rate caps remain in force and increased efficiencies ensure no additional costs for ratepayers or utilities.
$4.7 Billion Dollars in Illinois Investment at Risk
Renewable developers have more than $4.7 billion in Illinois projects ready for development. Unless the RPS is fixed, billions in investments and thousands of jobs will remain on the drawing board.
Fix the RPS - Vote Yes on SB 103