UPDATE: $580 MILLION EXELON RATE HIKE?? Do They Really Need a Bailout After Making Nearly $1 BILLION In The Last 90 Days?
Friday, Oct 31, 2014
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“Chicago-based Exelon’s profit rose 26 percent in the third quarter…The country’s largest owner of nuclear power plants, Exelon reported net income of $993 million…”[Chicago Tribune, October 29, 2014 – emphasis added]
Just this past week, a Crain’s analysis revealed that contrary to their claims, Exelon may not be in dire straits after all:
“The analysis…raises questions about whether the state effectively will be asked to compel ratepayers to subsidize a profitable enterprise.” [Crain’s, October 27, 2014 – emphasis added]
Illinois’ businesses and citizens are still struggling. The last thing we need is a massive rate increase to bail out Exelon nuclear plants built during the Nixon administration and already paid for several times by ratepayers.
Even ComEd, Exelon’s own sister company, doesn’t agree with subsidized generation at above-market prices:
“ComEd has long believed that competitive markets will work in the best interests of our customers…so we are concerned about the negative impact on our customers from a requirement that would force utilities to buy subsidized generation at above-market prices.” [Crain’s Chicago Business, November 20, 2013]
Just Say No To Exelon’s $580 Million Rate Hike!!