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Are your electricity bills going up? Here’s why | ChicagoNOW
Electricity costs are, on average, 5.5% higher today than a year ago, and natural gas has increased by 13.8%. Jim Chilsen with the Citizen’s Utility Board explains the reason for the increase. | ChicagoNOW is a fast-paced, conversational show that spotlights what’s trending in and around Chicago.
ILLINOIS - Illinois residents are paying more for electricity this year, with ComEd’s supply price up 45% since June and natural gas costs climbing nearly 14%.
What we know:
The Citizens Utility Board says a spike in "capacity" costs – reserve power charges set by grid operator PJM Interconnection – is a major factor. The auction-driven rates jumped 800%, pushing monthly bills sharply higher, especially during summer heat waves.
"Big power generators, mostly fossil fuel companies, are the ones profiting while consumers struggle," said board member Jim Chilson.
What they're saying:
Advocates are calling for reforms to speed up the connection of renewable projects like wind and solar to the grid, which could help bring prices down. Until then, high costs may last into 2027.
What you can do:
Consumers are urged to practice energy efficiency at home, but Chilson said real relief depends on policy change.
The Source: The information in this article was provided by previous FOX 32 reporting.