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AG Madigan opposes Exelon, ComEd “bailout”

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Illinois

* Press release…

Attorney General Lisa Madigan issued the following statement today in opposition to Senate Bill 1585. Exelon and its subsidiary ComEd are pushing the legislation that would rack up billions of dollars in spending and profit paid for by consumers.

“It’s outrageous that Exelon and ComEd are again requesting a bailout when they are both profitable companies. This proposal would force consumers to pay more only to boost the companies’ profits further. The legislature has more important matters to address than padding ComEd and Exelon’s profits.”

Madigan’s office was opposed to the Exelon bailout when it was originally introduced last year because of its negative impact on consumers. While packaged slightly differently, the legislation is still harmful to consumers and simply generates more revenue for Exelon and ComEd.

posted by Rich Miller
Tuesday, May 24, 16 @ 3:12 pm

Comments

Lisa Madigan cares about protecting Illinois citizens from everything except her corrupt father.

Comment by John Rawls Tuesday, May 24, 16 @ 3:32 pm
It isn’t a bail out. The bill would allow nuclear energy to be considered “green”. Some plants are more successful than others and to kill this bill would ruin the Clinton, IL area.

Comment by Know The Facts Tuesday, May 24, 16 @ 3:49 pm
Her position is solid and well stated.

It will be a great era when more public servants put the citizen/tax payer ahead of this type of corporate/executive/shareholder interest.

Comment by cdog Tuesday, May 24, 16 @ 3:50 pm
- Know The Facts - Tuesday, May 24, 16 @ 3:49 pm:
It isn’t a bail out. The bill would allow nuclear energy to be considered “green”. Some plants are more successful than others and to kill this bill would ruin the Clinton, IL area.

Why do the rest of the rate payers in Illinois have to subsidize Clinton IL to keep it afloat? How is this any different than using state school dollars to keep the Chicago Public Schools from failing and thus preventing the ruination of Chicago?

Comment by TominChicago Tuesday, May 24, 16 @ 4:12 pm
Bravo to the the AG. This is one of the most egregious money grabs I’ve seen in Springfield in a long time. It gets the money ahead of time based on Exelon’s guesses about how much energy prices and costs will be. If they’re wrong and energy prices go up, they keep the windfall profits. The bailout continues for the “useful life” of the plants. If it looks like a bailout and quacks like a bailout…

Oh, and just this afternoon Exelon found out it made an extra $650-800 million in the capacity auction for the June 2019-May 2020 period. To put it into perspective, this afternoon they found out they made more through the capacity auctions than entire recent bipartisan higher ed bill.

Comment by BEST Dave Tuesday, May 24, 16 @ 4:22 pm
I think BEST Dave should pay for a year’s subscription to Cap Fax for every subscriber having to wade through their ads and spam comments.

Comment by Anon Tuesday, May 24, 16 @ 4:28 pm
Thanks Anon. And feel free to point out any factual error in my comments above.

Comment by BEST Dave Tuesday, May 24, 16 @ 5:00 pm
Ads put food in Oscar’s bowl. I can deal.

Comment by Fred Tuesday, May 24, 16 @ 5:39 pm
Our AG is a wasted office. How many years has she been there and not one corrupt political figure investigated or even charged. They catch Northern Illinois Gas red handed over charging and she settles out of court for pennies on the dollar stolen from the consumer, but a good deal since the settlement included a $10,000,000 funding for her office. She looks out for herself and her kind.

Comment by Fly On the Wall Tuesday, May 24, 16 @ 5:52 pm
To hear the AG office testimony, start at 2:12:30.

http://livestream.com/blueroomstream/events/5423303

******
This is not a bill to rush through the GA. Even if it passed, Rauner has already waffled on signing it. Exelon can pay for Exelon.

Comment by Anon221 Tuesday, May 24, 16 @ 6:02 pm
Can we have the statistics on how NRG and Dynegy made out on today’s auction results?

Comment by Anon11 Tuesday, May 24, 16 @ 6:25 pm
BEST Dave -

Odd for you to be complaining about Exelon, because the company that funds you, NRG, just made $420 million!

Comment by odd Tuesday, May 24, 16 @ 6:30 pm
http://www.pjm.com/markets-and-operations/rpm.aspx

Search to your heart’s content:)

Comment by Anon221 Tuesday, May 24, 16 @ 6:31 pm
The AG’s office has come up with the same number of solutions to Illinois’ energy future as BEST Coalition, zero.

Comment by Anon11 Tuesday, May 24, 16 @ 6:35 pm
BEST Dave -

Until you openly admit who is funding you no one can take you serious.

Comment by Anon11 Tuesday, May 24, 16 @ 6:50 pm
@Fly on the Wall:

Madigan has prosecuted elected officials, but the real power of her office comes from preventing abuse of power, not cleaning up after the fact.

She has been a hawk on the Opening Meetings Act and FOIA, fought unconstitutional power abuses.

Did Jim Ryan prosecute George Ryan or Lee Daniels?

Comment by Yellow Dog Democrat Tuesday, May 24, 16 @ 7:56 pm
If this bill does not pass this facility will close. It will affect more then Clinton but, hey let’s waste money on other things like we have for years.

Comment by Honest abe Tuesday, May 24, 16 @ 8:00 pm
Nice to see our own AttGen supports high paying jobs leaving the state. Hey Best Dave, any word in what Dynegy made in today’s auction? How about if coal were included in this bill, then what would Best COALalition’s stance be? Just please publicly admit in this “forum” that you are a paid lobbyist for the coal industry. Nothing more, nothing less. After all, you operate a company that works in “crisis management” for businesses, and who right now is in a big crisis themselves across the country? The coal industry.

Comment by DD 33 Tuesday, May 24, 16 @ 9:39 pm
Exelon gets criticized for supposedly not being truthful by BEST Dave, but he has yet to come clean publicly about who funds him and how they will benefit from the closure of these plants. BEST Dave has been deceitful to Illinois consumers and when it boils down to it cannot be taken serious.

Comment by Anon11 Wednesday, May 25, 16 @ 6:45 am
This is not a bailout for Exelon/ComEd. The small amount that everyone’s bill will go up if this bill is passed is a lot smaller than what their bill will go up if we end up losing two nuke plants (Clinton and Quad Cities). Not to mention all of the taxes that Illinois will lose out on if two plants are closed, this includes all of the programs for retirees and low income families. Those will all be gone.
This bill, if passed, will save hundreds of jobs!

Comment by Anon1 Wednesday, May 25, 16 @ 11:31 am
Radio silence from BEST Dave ..

Comment by Retired Teacher Wednesday, May 25, 16 @ 2:35 pm