ComEd’s efforts to restore trust
In its editorial “ComEd wants a rate hike. Not a cent, Illinois should say, until the utility regains public trust.” (April 19), the Tribune Editorial Board is right in saying that nearly two years after ComEd’s deferred prosecution agreement, we still have work to do to regain the trust of our customers and communities.
The past conduct of former ComEd executives violated our values, ethical standards and code of conduct. We must be accountable, and we accept full responsibility for this conduct.
Following its deferred prosecution agreement, ComEd paid a significant penalty and voluntarily removed costs from customers’ rates. Just as importantly, we’ve taken robust action to make sure this type of conduct cannot happen again. We’ve substantially strengthened our compliance program and put in place strong new policies, controls, oversight and employee training regarding our work with public officials. We’re also strengthening our compliance and ethics culture through increased employee education.
We are committed to this work because it is the right thing to do and essential to our responsibility as stewards of the power grid. It’s also essential that we make needed investments to provide our customers safe and reliable electric service, invest prudently and carefully, support the transition to 100% clean energy and work with the state to address the climate crisis. While ComEd is requesting a delivery charge increase, there will be offsets and decreases driven by lower energy supply costs, accelerated tax benefits and carbon mitigation credits.
The grid was designed decades before wide-scale adoption of renewables, electric vehicles, heat pumps and emerging uses like indoor agriculture and data centers. The infrastructure investments we’ve proposed support the goals of the Climate & Equitable Jobs Act passed in Illinois to address climate change, create clean energy jobs, ensure equity and prioritize a just transition to a green economy. The Illinois Commerce Commission, which regulates ComEd, will review our investments, which only will be included in rates if the commission finds them prudent and reasonable.
Investing in the grid helps protect our state’s competitiveness in the emerging clean energy economy. Coupled with competitive energy costs and programs that help reduce energy use, these investments drive economic growth. Last year, ComEd helped bring to northern Illinois more than 16 new commercial projects, which will support 4,700 new jobs and generate more than $3 billion in investment.
We will work to meet the highest standards for ethics and compliance, and we will work just as hard to provide reliable, affordable, clean and sustainable energy to our customers and communities.
— Gil Quiniones, CEO, ComEd