Synopsis As Introduced Amends the Public Utilities Act. Provides that an electric utility shall file with the Illinois Commerce Commission, subject to approval by the Commission, plans to develop short-term and long-term fixed price purchases, spot acquisitions, and the use of financial hedges, and to provide power justly and prudently priced, as determined by the Commission's rate setting process, from an affiliate of the electric utility that owns electric generating units or stations. Provides that an electric utility shall use the plans to develop and submit to the Commission a diversified power procurement pricing strategy that considers the level of competitive options for each customer class. Effective immediately.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Public Utilities Act. Provides that an electric utility shall, prior to filing a tariff for the approval of electric rates pursuant to an auction, issue requests for proposals seeking bids using specified guidelines. Provides that the Illinois Commerce Commission shall approve rates for electricity that are part of the diversified power procurement pricing strategy and that provide the lowest possible cost to consumers for each consumer class. Effective immediately.
Fiscal Note, House Committee Amendment No. 1 (Illinois Commerce Commission)
Current Commission resources are not adequate to sufficiently meet the obligations this bill imposes. This bill requires resources other than the economists ICC currently use to evaluate the typical utility procurement process. ICC would need to hire 2 highly qualified electrical engineers since generation production cost analysis would be required. ICC does not have enough electrical engineers to do this work in addition to the other work they do now, so these engineers would be additional headcount at an estimated cost to the agency per fiscal year of $232,070.