The passage of the Illinois Energy Choice Act by the Illinois Commerce Commission has opened the flood gates for competitive electricity companies to market cheap electricity rates to customers of Commonwealth Edison (ComEd) and Ameren.
Electricity companies entering the Illinois market are able to offer lower electric prices than utility default price to compare rates which are based on auctions held and different times in the past when wholesale energy prices were higher. In addition, the companies bidding in these auctions are forced to bid with a premium built into the price since customers have the freedom to switch energy companies at any time. In contrast, competitive electricity companies can offer lower rates based on current wholesale pricing without the added premium.
Electricity choice in Illinois gives power customers the ability to shop for lower electric rates to replace the supply charges on the ComEd and Ameren electric bill without having the quality of power or service from their local utility change. Cheaper electricity rates caused by competition simply lowers the electric bill without having anything else change. Unlike changing TV or home phone service in which a technician usually has to to some hard wire work, switching energy companies is a seamless process that does not result in interruption of power, lower quality electricity, or even a different electric bill (ComEd and Ameren continue to deliver the monthly electric bill). Instead, finding a cheap Illinois electricity rate simply boils down to a financial decision; you play less for electricity.
Electricity choice has resulted in educated consumers to receive cheap electricity rates in Illinois. As market awareness increases, so to will market participation which should increase the number of electricity companies offering service and lower electric rates even further.
Current ComEd electric rates: