Update: Oct 9, 2006 (9:08 am)
SPRINGFIELD, Ill. – Consumers Organized for Reliable Electricity (CORE) today reiterated its opposition to rate-freeze extension legislation and urged policy-makers to reject calls for a special legislative session. The coalition stressed that Illinois is on the right track and that electric restructuring is working.
“We’re obviously in a frenzied political season right now, but sound energy policy needs to be made in a calm, thoughtful manner,” said CORE Media Liaison Avis LaVelle. “The risks associated with abandoning the current process, and disregarding the unanimous decision of the Illinois Commerce Commission (ICC), are extremely high. The Illinois Auction was a good, competitive process, and it led to the best possible result.”
The successful Illinois Auction resulted in the state’s utilities purchasing electricity at the lowest possible market price. After an exhaustive regulatory and legal process, the Illinois Auction was deemed fair by the energy experts at the ICC. Competitive prices for electricity have been set and the contracts to buy power are legally binding. A rate-freeze would therefore guarantee that Illinois utilities lose millions of dollars per day, starting on Jan. 1, 2007. The coalition contends that a reliable supply of electricity can’t possibly be sustained in that kind of environment.
“If the current rate-freeze is extended, utilities in Illinois will be forced to sell electricity for less than they buy it,” said Rev. Dr. Leon Finney Jr., chairman and CEO of The Woodlawn Organization and Woodlawn Community Development Corporation. “Everyone involved should take a step back and consider the consequences. Reliable electricity is in serious jeopardy. A utility company that can’t afford to pay its bills also can’t afford the on-going investments needed to make repairs after storms and build out for future growth.”
CORE is a coalition of business, labor, community and energy groups that support the preservation of reliable electricity, the transition of the industry to competition and energy decisions made by the experts at the ICC. CORE’s Advisory Committee members represent more than 100,000 businesses and more than 1 million individuals statewide.
For more information, visit the CORE Web site at www.illinoiscore.org.
