IL leaders tout rate relief proposal
Peoria, IL – Ameren's Illinois customers would get a rebate check and credits to their accounts as part of compromise deal between utility companies and state lawmakers.
Senate President Emil Jones and House Speaker Mike Madigan announced the deal today. It would require Ameren to give a half a $1 billion in rate relief to customers by the end of the year.
The proposal also would create the Illinois Power Agency, and independent group that would control the purchase of electricity.
Speaker Madigan says that element would provide real protection to consumers.
"This agency will replace the reverse auction, which in our judgment gave windfall profits to the power generators," Madigan said. "The same agency will be in a position to build power plants on its own or in conjunction with private agencies or public agencies."
Madigan and Jones say the deal is also fair to the utility companies as it allows them to make reasonable profits.
In a press release, Ameren officials sat they are applauding the deal.
Madigan and Jones say the measure could get a vote this week, and rebate checks to customers could be in mailboxes by September 1st.