Gov. Blagojevich, who had earlier threatened to scuttle the electric rate relief package agreed to by lawmakers and energy companies, finally signed the legislation yesterday, the Chicago Tribune reports:

Gov. Rod Blagojevich reluctantly signed a $1 billion electricity-rate relief package Tuesday that dramatically reshapes the Illinois electric market, saying the legislation provides a “good starting point” in protecting consumers against skyrocketing energy charges.

According to Ameren Illinois which services the Peoria area, eighty percent of residential customers “will realize a cut of 40 percent or more from the expected increase in their 2007 electric bill. Even residential customers using small amounts of electricity will get at least a $100 rebate this year.” More details on the rate relief package are available here.