ComEd to Refund Customers $46M

ComEd announced today that it will refund customers $46.2 million. The refunds stem from settlement of long-pending legal cases brought by the Illinois Attorney General's Office (AG), Citizens Utility Board and the Illinois Industrial Energy Consumers on issues related to depreciation costs in ComEd's 2007 rate case filing and from costs in the company's smart meter pilot project in 2009. ComEd initiated settlement talks with the AG's Office earlier this year and worked together with the AG staff to conclude the settlement, which the Illinois Commerce Commission has approved. The impact of the settlement will deliver refunds to customers faster than would have otherwise been the case. “We are pleased to reach an agreement with the Attorney General and other parties and to resolve this matter in the best interest of our customers,” said Thomas O'Neill, ComEd senior vice president and general counsel. Average refunds for residential customers will total approximately $8 and will appear as a credit on November bills.