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BOMA/Chicago Weighs in on ComEd’s Multi-Year Grid and Rate Plans

ComEd earlier this year filed a Multi-Year Grid Plan and Multi-Year Rate Plan with the Illinois Commerce Commission (ICC). These plans, outlining capital investments, revenue requirements, and profit increases, will have a direct impact on BOMA/Chicago member buildings.   

BOMA/Chicago is actively engaged in advocating for fair treatment and reasonable outcomes for its members and has identified several notable details of the proposed Grid Plan and Rate Plan.  

ComEd's Grid Plan encompasses a range of capital investments and operations and maintenance initiatives. Noteworthy components of the plan include three new substations that will accommodate increased loads and support the Central Business District, Chicago Medical District, Fulton Market Area and the Lincoln Yards area.

ComEd's Rate Plan proposes significant changes to revenue requirements, profits, and capital structure. The key elements of the Rate Plan include:  

  • Increased Revenue Requirements: ComEd seeks increased revenue requirements of $877,129,000 in the first year and an increase of approximately $1.5 billion over four years.   
  • Raised Return on Equity (ROE): The utility aims to raise its ROE (profits) from the current 7.78% to 10.5%. This potential increase has attracted attention and scrutiny from BOMA/Chicago.  
  • Proposed Capital Structure Adjustment: ComEd proposes an increase in equity in its capital structure from 49.45% to 50.5%, with continued gradual increases.  

BOMA/Chicago has identified four primary areas of interest that directly impact its member buildings within the ComEd rate case: 

  • Spending in the Central Business District: Given the proposed investments in and around the Central Business District, BOMA/Chicago is monitoring the associated costs and their potential impact on member buildings.  
  • Prudent and Fair ComEd Revenues and Profits: BOMA/Chicago advocates for revenue and profit levels that are both reasonable and fair to ensure a balanced outcome for customers and the utility.  
  • Unnecessary Costs and Assumptions: BOMA/Chicago scrutinizes the proposed Grid Plan to identify any unnecessary costs and minimize the cost impact upon customers, including member buildings.  
  • Fair Treatment of BOMA/Chicago Buildings: BOMA/Chicago is committed to ensuring that its member buildings receive fair treatment and consideration in the case, specifically regarding the potential range of rate increases between 2023 and 2027, estimated to be between 45-63 percent for rate classes to which BOMA/Chicago member buildings belong.

The association recently submitted testimony to the ICC, with a focus on spending, revenues, costs, and fair treatment. This testimony included direct input from BOMA/Chicago Board Member T.J. Brookover of AmTrust and expert testimony from energy consultant Mark Pruitt of Illinois Power Company.

The ICC is expected to issue a final order regarding the proposed Multi-Year Grid Plan and Rate Plan by mid-December this year. BOMA/Chicago continues to be actively engaged in the ComEd Multi-Year Grid and Rate Plan proceeding, striving for equitable outcomes that balance the needs of our member buildings and the utility. BOMA/Chicago remains committed to working collaboratively and advocating for reasonable and fair solutions throughout the rate case process. 

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