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Ameren is pleased with the new rate relief package that was unveiled yesterday. A press release from Ameren today explains why: Gary L. Rainwater, chairman, president and chief executive officer of Ameren Corporation, noted: “This comprehensive rate relief package provides significant benefits to our Illinois electric customers, while benefiting our shareholders by providing legislative stability. It [...] The Springfield State Journal-Register reports that although no votes have been taken yet, the rate relief package unveiled yesterday is likely to pass. Indeed, everyone seems to be happy with the plan, even Ameren. So it appears to be a win-win-win. As I understand it, there’s a short-term and long-term component. In the short-term, [...] Despite the fact that Ameren’s webpage boasts “To Our Illinois Customers: We have listened to you and are ready to provide immediate rate relief,” the Journal Star reports today that rates are going up still more during June, July, August and September: “No one likes to pay more for any product or service, but the rising costs [...] UPDATED 3/31/07 10:45 p.m. Added info underlined, deleted items struck. School District 150 officials met with parents residents on Monday night (3/26) to share information on their plans for the old Social Security Administration building at 2628 N. Knoxville Ave. While some parents residents were taken by surprise, this has been in the works for a [...]
I’m glad the ICC is looking into this matter. It certainly appears that Ameren is playing games, and power is nothing to play games with. In today’s society we depend on electricity and gas for heat, cooling, cooking, and other vital needs. Especially gratifying were the parts of the letter that said the ICC expects Ameren to “suspend their common and preferred dividends” and “consider reductions in . . . executive compensation and promotional advertising” before cutting services. It looks like, in their zeal to stave off attempts by the legislature to reimpose a rate freeze, Ameren went a bit overboard in their dire warnings of what might happen if their credit rating were to suffer. Apparently they didn’t anticipated the ICC would call them on it. The irony is that, in their attempt to rebuff rate regulation, they’re unintentionally making a case for it instead. Eyebrows McGee did, and she’s published a very nice primer on how to see through all the ways Ameren has tried to disguise the new price increases. Check [...] A bill in the Illinois General Assembly, HB5766, would extend the current electricity rate freeze three more years (providing relief for Illinois families) and is supported by the Citizens Utility Board. However, our representative in the 92nd district, Aaron Schock, isn’t signed on as a co-sponsor, nor is any other Republican. I’d like to say [...] The Citizens Utility Board (CUB) has compiled some interesting data on Ameren. Starting in 1997, the year electricity rates were frozen by the state, they graph Ameren’s profits every other proceeding year, right up to 2005. One would expect profits to be modest at best, given the handicap of a rate freeze. But [...] After budget-busting increases in natural gas last winter, now we get to see the other half of our CILCO bills go through the roof. AmerenCILCO announced yesterday that electric rates will rise 55 percent starting in January 2007. Pioneer-life doesn’t seem as far-fetched all of a sudden. I remember reading about the Howerter family in [...] |
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