Illinois electricity deregulation is providing energy price savings for residential customers of the electric utility ComEd. ComEd serves 3.6 million electricity customers in the Chicago, IL and surrounding areas. While the majority of these electric bill payers are unaware that they have the ability to shop for low electric rates, the word is starting to spread due to the amount of savings available.
When Illinois became a deregulated electricity market, ComEd went from being in charge of electricity generation and delivery to just being responsible for the power delivery. ComEd charges a default generation rate to customers who have not shopped for competitive electric rates. These default rates are based on auctions held by the state for competitive electric companies who bid for the right to serve the default customers. ComEd does not profit from default rate payers and actually encourages their customers to shop for better rates.
When you choose an alternative electricity company you still remain a customer of ComEd as they remain your regulated electric utility company; which means that they are in charge of delivering power to your home, responding to emergencies, and maintaining the electric lines and wires. Choosing an alternative electric company is simply about shopping for a lower rate or buying power from a specific generation source such as wind power.
Electric choice is giving Illinois customers options when it comes to who they buy their electricity from, and that is what the whole idea if electricity deregulation is about. The ComEd default rate includes the generation and transmission rates. Those rates will be at or above 7.753 cents through May 21, 2012. Currently competitive electric rates are available that will save residential customers 19% off of the ComEd default rates.