The Illinois Senate Energy and Public Utilities Committee Thursday passed Senate Bill 1585, legislation to establish a Low Carbon Portfolio Standard (LCPS) that would bolster Illinois’ clean energy leadership, support the state’s nuclear energy facilities and protect jobs, consumers and a reliable electricity supply.
The LCPS proposal includes strong consumer protections, including a consumer price cap that would limit the impact to a 2.015 percent increase, or about $2 per month for the average Illinois residential electricity customer – less than the costs customers would face if the nuclear plants close early. A separate customer rebate provision would provide a direct bill credit to customers if wholesale electricity prices exceed a specified level.
Joseph Dominguez, Exelon’s executive vice president of governmental and regulatory affairs and public policy says they support the LCPS because it would reduce harmful emissions, provide for the development of additional renewable energy, and help keep electricity reliable and affordable for Illinois families and businesses.
The LCPS would require ComEd and Ameren to purchase low carbon energy credits to match 70 percent of the electricity used on the distribution system. It is a technology-neutral solution, which means it would allow all low carbon energy sources – including wind, solar, hydro, clean coal and nuclear – to compete on equal footing.
According to a release from Exelon Thursday, the legislation has "broad, bipartisan support among legislators, business, labor and community leaders."