Illinois PTC Rates are Falling
Good news for Illinois residents, PTC rates are falling. After a long year of volatile electricity and gas prices, things are starting to stabilize. So Illinois electricity rates are coming down this summer. If you’re wondering how this could affect your bill, don’t worry. We’re here to review the PTC rate changes and keep you updated on current electricity news.
Ameren and ComEd Rates Decreasing this June
Ameren and ComEd are both dropping their current PTC rates beginning on June 1, 2023. To illustrate how this will affect your bill, we’ll use data from the EIA. According to the EIA monthly usage data for IL, the average monthly residential electricity usage runs about 728 kWh per month. So to show how these PTC rates affect an average monthly electric supply part of the bill, we’ll use that amount. But, since these rates will be effective from June 1, 2023 to September 30, 2023, actual usage will be much higher.
Ameren is decreasing their current residential PTC rate by 20%. So their PTC rate is falling from 9.86 per kWh to 7.877 cents per kWh. This rate only applies to the first 800 kWh. This will take your future electricity supply cost from $71.78 to $57.34 a month.
ComEd is decreasing their current residential PTC rate by 30%. Their PTC rate is dropping from 9.665 cents per kWh to 6.809 cents per kWh. This will take your future electricity supply cost from $70.36 to $49.57 a month.
That’s all good news but the even better news is that retail providers will need to cut their rates as well this summer to stay competitive. And that means you can shop for the lowest Illinois electricity prices for better deals!
CUB Proposes Cutting Four Year Rate Hike
If you’ve read some of our previous blogs, you may be wondering what’s happening with the current proposed four year rate hikes proposed by both Ameren and ComEd.
The Citizens Utility Board just recommended that the ComEd four year hike be cut by at least $914.5 million. They also proposed that the Ameren four year hike be cut by at least $429 million. The ICC will rule on the rate change around November. The proposed increase would take effect on Jan. 1, 2024.
In the meantime, the CUB is encouraging consumers to sign a petition to fight the rate hikes.
Find a Better Plan that Beats PTC Rates
So, despite decreasing PTC rates you can expect higher electricity rates in the future. The best way to avoid falling victim to high electricity bills is to shop. Compare rates, read reviews, and find the best electricity plan for you all in one place. Visit https://www.ilenergyratings.com