HB0814 95TH GENERAL ASSEMBLY

LRB095 08560 MJR 28743 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB0814

Introduced 2/7/2007, by Rep. Dan Reitz - Patrick J Verschoore - Brandon W. Phelps - Thomas Holbrook - Robert F. Flider

SYNOPSIS AS INTRODUCED:

220 ILCS 5/9-247 new

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Public Utilities Act is amended by adding Section 9-247 as follows:

(220 ILCS 5/9-247 new)

Sec. 9-247. Submission of diversified power procurement pricing strategy.

(a) An electric utility shall file with the 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.

(b) An electric utility shall use the plans specified in subsection (a) of this Section to develop and submit to the Commission a diversified power procurement pricing strategy that considers the level of competitive options for each customer class.

Section 99. Effective date. This Act takes effect upon becoming law.