Exelon ComEd

Chicago's Commonwealth Edison (ComEd) is a provider of energy services. ComEd's parent company, Exelon, was formed from the merger of Chicago-based Unicom and Philadelphia-based PECO Energy. In the fall of 2003, Exelon, a parent company of ComEd, advocated legislation to both accelerate the ICC's approval of their merger with Illinois Power and authorize a rate increase. However, the legislation failed, and the merger was not completed. ComEd no longer generates its own power, having sold its generators to others, including Exelon, who then created a new sibling company, Exelon Generation. ComEd buys power from others and resells it. At the end of the 10-year rate freeze, the Illinois Commerce Commission conducted a reverse auction to set rates for the next year. The auction resulted in rate increase of 20%-30% for residences and upwards of 80% for some businesses. When legislators floated a proposal to freeze rates for another 3 years, Com Ed issued warnings that a freeze would put it in bankruptcy concurrently, Exelon, buoyed by Exelon Generation, reported record profits. In a final compromise, Com Ed and Exelon agreed to contribute toward a fund that would pay $1 billion in rebates to consumers, approximating half of the increase. The compromise, signed into law in August, 2007, also eliminated the power auction, instead creating a new state agency to negotiate rates.

Commonwealth Edison is a career patron of Senate President Emil Jones (D), Senate Republican Leader Frank Watson (R), and House Republican Leader Tom Cross (R).

From 1993 through June 30, 2007, Commonwealth Edison gave $2,639,000 to candidates for Illinois statewide constitutional and legislative office, 53% of which was contributed to Republicans.

Last revised September 2008.