ComEd Changes Deposit Policy for Businesses
In a move that is intended to make northern Illinois more attractive to expanding and prospective businesses, Commonwealth Edison (ComEd) – a unit of Chicago-based Exelon, with about 3.8 million customers in the area – has modified a policy that requires some business customers seeking new or expanded electric service to provide an upfront deposit.
Prior to the policy change, under certain circumstances, commercial and industrial customers that needed more electric capacity had to pay an upfront deposit to cover costs to install or extend power lines. The revised policy reduces the amount of that deposit – and in some cases, eliminates it altogether.
In addition, the change allows for a faster refund of deposited funds when the business achieves its anticipated energy usage. Now instead of waiting as long as ten years for a deposit refund, business customers can be refunded in half that time, provided certain requirements are met. While this change offers benefits to business customers, continuing to collect these deposits from them maintains protections for the rest of ComEd’s customers.
“We believe this change … will help to further the state’s competitive edge and bring more business to our region,” commented ComEd CEO Anne Pramaggiore. “The ability to attract major companies, including manufacturers and data centers, will result in the addition of high-paying jobs, a talented labor force, and increased tax revenue generation for Illinois and our municipalities.”
“This is a great day for business in Illinois,” said Mike Lane, executive director of the Illinois Economic Development Association. “By taking this step, ComEd is demonstrating its full commitment to economic expansion in the region.”
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