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* My Crain’s Chicago Business column was submitted before we found out that the SEC is also investigating Exelon/ComEd…
Does Chicago-based Exelon even want to be in the energy production business in Illinois anymore? If you just listen to what the company’s CEO says, you might wonder.
A few years ago, Exelon threatened to close two of its six active nuclear power plants and eventually persuaded the General Assembly and Gov. Bruce Rauner to hand it a $200 million-per-year ratepayer bailout.
And then this year on Halloween, Exelon CEO Chris Crane said the company could shut down its other four nuke plants if the Legislature doesn’t give it lots more ratepayer money next year.
For years now, Exelon and its subsidiary ComEd have held sway over Springfield. The companies accomplished this with what seemed at the time to be brilliant lobbying strategies. Its last bailout, for example, was enmeshed with a proposal strongly supported by environmental groups and green energy companies. It was one of only a handful of truly bipartisan bills passed during Rauner’s sharply divisive term.
But this year, some of the companies’ top lobbyists and consultants found themselves on the wrong end of federal search warrants, and Exelon itself was hit with two subpoenas related to its lobbying operation and its dealings with Sen. Martin Sandoval, a Chicago Democrat whose house, district office and Capitol office were raided in September.
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posted by Rich Miller
Monday, Nov 4, 19 @ 10:17 am
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Expect a merger to protect assets
Comment by Rabid Monday, Nov 4, 19 @ 10:57 am
ComEd use to be a regulated utility that generated and distributed electricity. It was regulated by the Illinois Commerce Commission. The utilization rates if the nukes was not that high. It felt it could make more money if its generation plants were spun off from the regulated distribution portion and allowed to sell power in the wholesale market at market rates. That has not turned out as well as it liked so now it wants the State to bail it out. It should be told to pound sand, or become regulated again by the ICC. As an unregulated company, it should not get State money
Comment by SW Monday, Nov 4, 19 @ 10:57 am
It’s only socialism if poor people get a crumb from the government.
Comment by Not a Billionaire Monday, Nov 4, 19 @ 11:27 am
From Rich’s column:
“‘The governor’s priority is to work with principled stakeholders on clean-energy legislation that is above reproach.’”
Exelon ought to take the hint. The old days are over. If they have a good case, then make it. Enough with the threats.”
****
Just keep in mind, there are some “clean energy” companies and developers out there who want carte blanche to cut corners and get handouts, too. Some haven’t even received local permissions to build an energy plant, and they have already promised the Renewable Energy Credits (RECS) to the State. Any legislature that caters to their lobbyists should not be blind to what is happening at local and county levels in some areas of Illinois in the race to the “Path to 100″. Their hands aren’t entirely clean either.
Comment by Anon221 Monday, Nov 4, 19 @ 11:30 am
==Some haven’t even received local permissions to build an energy plant, and they have already promised the Renewable Energy Credits (RECS) to the State==
That sounds like a sloppy business practice, not corruption.
Comment by Senator Clay Davis Monday, Nov 4, 19 @ 12:25 pm
Exelon needs an updated business plan, one that doesn’t depend on public subsidies for fossil fuel generation or nuclear energy. Transition to renewables, storage and local generation. Utilities like Exelon are part of the problem. If they can’t become part of the solution, they can’t be in business.
Comment by Froganon Monday, Nov 4, 19 @ 12:26 pm
Senator Clay Davis- May be, but the one our county is dealing with figures being sloppy is A-OK as long as enough board members sign off on the project(s). Elections have and will continue to have consequences for those board members who allow cutting corners, but not all elections happen before the damage is done for years to come. We can “go green” as a State, but that “greenness” shouldn’t be based on shady promises of generating greenbacks at the expense of safety or other people’s property rights.
Comment by Anon221 Monday, Nov 4, 19 @ 12:54 pm
Perhaps it’s time to reevaluate the relationships we the people have with natural monopolies like utility companies.
Perhaps it’s time we nationalize electric, gas, and internet. We’ve already nationalized many other services (e.g. roads, firefighters, schools). At least then we would eliminate the problems inherent with private control of utilities.
We may even save tons of cash as ratepayers if we the people owned our utilities.
Comment by Homer Simpson's Brain Monday, Nov 4, 19 @ 2:16 pm
==At least then we would eliminate the problems inherent with private control of utilities.==
And then we would introduce the problems inherent with government control of utilities.
Comment by Old Illini Monday, Nov 4, 19 @ 5:19 pm
This time next year Springfield will have already coughed up subsidies for all of Exelon’s nuclear plants in Illinois just like all of New York’s….the real question is will that happen in Pennsylvania…. since they did not rescue Three Mile Island
Comment by Its like this Monday, Nov 4, 19 @ 5:31 pm
A look at the New York State free and open government brought to you by the Governor Cuomo and his public service commission appointees http://www.syracuse.com/news/index.ssf/2017/03/what_your_next_utility_bill_wont_say_youre_paying_extra_to_save_3_dying_ny_nukes.html https://nypost.com/2016/09/27/your-coming-
Comment by Ain't It the Truth Monday, Nov 4, 19 @ 5:40 pm
== And then we would introduce the problems inherent with government control of utilities.
Absolutely agree but in dealing with Comcast I would at least like the option to vote them out.
Comment by What's in a name? Monday, Nov 4, 19 @ 6:17 pm