Illinois governor Bruce Rauner will be in the [Quad Cities] this week to sign the Future Energy Jobs Bill.
The bill was passed last Thursday and reportedly will ensure that Exelon nuclear plants in Cordova and Clinton, Illinois will remain open for at least the next ten years.
Governor Rauner will sign the bill in the gym at Riverdale High School at 9:30 on Wednesday.
But he can’t actually sign a bill that isn’t on his desk.
* Dan Petrella…
Gov. Bruce Rauner plans to visit Clinton on Wednesday to sign a bill overhauling Illinois’ energy policy and creating $235 million in annual ratepayer subsidies to keep open Exelon Corp.’s nuclear power plants there and near the Quad-Cities.
The Clinton Chamber of Commerce announced Sunday on its Facebook page that Rauner plans a bill-signing ceremony at 2 p.m. Wednesday at Clinton High School. The governor’s office did not respond immediately Monday to a request for confirmation, and as of Monday afternoon, the bill hadn’t been sent to his desk. [Emphasis added]
The Senate still has the bill. I was told by the Senate Democrats today that they weren’t sure when they could get it to Rauner’s desk. So, stay tuned.
…Adding… Not long after this post appeared, the Senate sent the governor the bill.
The typical Ameren Illinois residential customer will pay about $1.93 less per month for power after a far-reaching energy bill goes into effect June 1, 2017, according to an analysis of the Future Energy Jobs bill by the Illinois Commerce Commission.
Eventually, however, rates will start to increase beyond today’s levels around 2023, according to the ICC model.
The energy bill, promoted for almost two years by Exelon Corp. to preserve its nuclear plants in Clinton and the Quad Cities, was approved by the Illinois Legislature on Thursday. The main feature of the measure is a subsidy of up to $235 million a year to keep the two nuclear plants open for at least 10 more years. […]
“Based on our analysis,” said ICC Executive Director Cholly Smith, “we expect residential customer caps will reduce rates in the first few years and meet the goals of the legislation to limit increases throughout the life of the law. As an agency whose mission is to balance the interests of consumers and utilities, we stand ready to enforce these caps.”
While proponents of the bill tout “rate caps,” sadly these caps are a sham, gamed by Exelon using technical language to mask artificially high baselines against which caps will be measured. For commercial and industrial customers, the gaming of the rate caps will cost them more than $100 million per year.
For residential ratepayers, the gap between rhetoric and reality is extreme. Exelon has said their bills will go up by no more than 25 cents a month, but that’s an average of all residential customers, not individual homeowners. An independent analysis by Illinois’ leading energy expert, the Power Bureau, finds the bill will cost the average residential ratepayer an additional $4.54 a month for ComEd customers and $2.01 a month for Ameren customers in downstate Illinois.
* And the infamous Grover Norquist ain’t happy, either…
Illinois lawmakers recently passed the Future Energy Jobs Bill (SB 2814), which would create the biggest rate hike in U.S. history. Proponents of the legislation claim it will “create jobs” and reduce energy rates. This is not true. This anti-free market legislation will kill tens of thousands of Illinois jobs, increase rates in the state by more than $13 billion and prop up politically connected corporations at the expense of Illinois residents. […]
The state’s economy would likely be the hardest hit. The legislation would cause a projected loss of over 44,000 jobs and a reduction in Illinois’ economic activity of $14.7 billion. State and local governments would also see an estimated tax revenue loss of $429 million.
Given the drastic impact of this legislation on Illinois residents, businesses, and the state’s economy as a whole, one can only ask is this cost truly worth bailing out two insignificant nuclear plants in the state, while also doling out billions of dollars to special interests? The answer is obviously no.
Illinois Gov. Bruce Rauner (R) has the ability to save his constituents from this needless and burdensome legislation, simply by refusing to sign the Future Energy Jobs Bill and ensuring Illinois residents and businesses are not subjected to the highest rate hike in history, thousands of jobs lost and billions of dollars in reduced economic growth.