What Did the Governor's Summit on PJM Do For Chicago Electric Bills?
Posted onGovernor's Summit Fights to Lower Electric Bills
Data centers and severe weather have been driving up electricity costs throughout the PJM grid area in Chicago. Since December 2019, Comed PTC rates have risen 40%! If your electricity bills have been driving you crazy, you're not alone. Lawmakers have also become frustrated with the grid operator. And so, this month governors banded together in Chicago to demand better from PJM. We're going to explain how the governor's summit could change your Chicago electric bills. And, how you can find the best energy supplier.
PJM Under Fire
Since 2024, wholesale electricity prices have been rapidly rising. High electricity demand, combined with a tight supply, led to price jumps during recent PJM capacity auctions. By 2030, PJM is expecting 32 gigawatts of new demand on its system which could result in a reliability crisis.
Unfortunately, when it came to planning for future demand, PJM policies primed its grid to fail. As older natural gas and coal power plants were retired, fewer power plants were being cleared fast enough to take their place. And this is where lawmakers are fed up.
Governor's Summit Demands Better from PJM
All 13 governor's in PJM territory, along with the Washington D.C. mayor, came together to find a solution. Governor J.B. Pritzker hosted the summit in Chicago, where they formally agreed to hold PJM accountable for rising electric costs. They argue that PJM has failed to keep up with a changing industry, and that they have been shut out of their decision making process. Consumers in most of PJM are struggling to find affordable rates. Governor Pritzker has long been critical of PJM and he was joined by the PA and NJ governors during the summit in calling out the grid operator.
As such, the governors agreed to form the PJM Governors’ Collaborative. Through it they will work together to find ways to lower electric costs. This includes increasing electric generation and forcing data centers to bring their own power to new projects. Pritzker is pushing the state legislature to pass the POWER Act this fall to help bring down your electric bills.
Fight Rising Electric Bills
To be sure, the PJM Governors’ Collaborative won't succeed overnight. And as lawmakers work on solutions, rates may climb further. For this reason, it’s important to shop for a cheap electricity fixed rate plan to save on your electric bills. Doing this now can save you money for months to years to come.
Start now by comparing rates, reading reviews, and shop best electric plans in the ComEd area. Visit https://www.ilenergyratings.com to save more.
