US energy provider has filed a proposal with the illinois Commerce Commission to reduce consumer energy bills by $6 million.
The proposal is ComEd’s fourth decrease in nine rate requests since the Energy Infrastructure Modernisation Act or “Smart Grid Law” was enacted in 2011.
If approved, the average monthly residential bill will be reduced by 38 cents to about $83, which would be lower than ComEd residential consumer energy bills in 2008.
Factors including the reliability and efficiency of a smart grid and the decrease in natural gas prices are driving the reduction in consumer energy bills.
Joe Dominguez, CEO at ComEd, said: “ComEd customers have realised $655 million in direct economic value from avoided customer interruptions as a result of smart grid investments.
“And new energy efficiency solutions are reducing energy consumption, which creates additional savings for customers and contributes to a cleaner environment.”
The $2.6 billion smart grid investment has increased ComEd’s overall grid reliability to about 99.97% and reduced outages by 60% in 2018 (avoided more than 11 million customer interuptions).
ComEd’s average residential monthly usage was 608 kWhs in 2018, down from 694 kWhs in 2008 when ComEd launched its energy efficiency program, which has saved customers more than $3 billion.
The smart grid project is expected to result in $13.6 billion in economic value over a period of 20 years and includes the installation of 4 million smart meters and digital substations to reduce operational expenses, energy theft and carbon emissions.