Ill. appeals court says ComEd must refund $37M
CHICAGO – An appeals court has ordered ComEd to refund almost $37 million to its northern Illinois customers following a six-year legal dispute.
The utility still can appeal last week's ruling by the Illinois Appeals Court to the state Supreme Court, according to a report in Crain's Chicago Business.
The litigation stems from a $274 million rate hike that was instituted in 2007. The Citizen's Utility Board and the state's attorney general said customers should have gotten some money back because of equipment depreciation that wasn't originally factored into the initial rate ruling.
If the $36.7 million were to be divided equally among ComEd's 3.7 million ratepayers, customers would get about $10 back apiece.
"We are disappointed with the Appellate Court's decision arising from the 2007 rate case," the company said in a statement. "While we will continue to review the court's opinion and our options on this matter, ComEd remains focused on modernizing the electric system serving northern Illinois, including the deployment of digital smart meters to give customers greater control over their energy consumption and costs."
In a statement, CUB's executive director praised the ruling.
"Consumer advocates never gave up on this battle, and we're happy to hear that ComEd has been ordered to refund its customers for money it shouldn't have had in the first place," he said.
Information from: CRAIN'S CHICAGO BUSINESS.