COLLINSVILLE, Ill.,
Dec. 6, 2017 /PRNewswire/ -- For
the second consecutive year, Ameren Illinois residential customers
will benefit from a decrease in their electric rates. Under Ameren
Illinois' plan, which was approved today by the Illinois Commerce
Commission, the typical residential customer will save
approximately $1.70 per month on
their electric bill beginning in January
2018.
"We made a commitment to our customers and state regulators to
build a stronger and more reliable electric distribution system and
keep rates stable," said Richard J.
Mark, chairman and president, Ameren Illinois. "The plan
approved today demonstrates that prudent cost management and solid
project execution can help our customers save."
Today's announcement marks the second consecutive and fifth
overall rate decrease since the landmark Energy Infrastructure
Modernization Act – or Smart Grid Bill – was passed in
2011.
Ameren Illinois, a subsidiary of St.
Louis-based Ameren Corporation (NYSE: AEE), is on pace to
invest approximately $480 million in
capital improvements in its electric grid this year for the benefit
of its customers. And, Ameren Illinois' grid modernization
initiatives over the last six years have resulted in an overall 17
percent increase in reliability and saved customers an estimated
$45 million each year. Along with
installing storm-resilient power poles and wires, automated
switches, and enhanced outage detection technology, the company has
installed 650,000 electric smart meters at customer premises and
plans to deploy the two-way devices to all of its 1.2 million
customers by the end of 2019. Smart meters provide Ameren Illinois
customers with enhanced energy usage data and access to programs to
help them save on their energy bills.
"The smart grid program is delivering real and tangible results
for energy consumers in Illinois,
including greater reliability, a smarter and more
technologically-advanced electric grid and more options for
controlling energy usage," said Mark. "By making prudent
investments in the system, we are meeting the needs of our
customers today while planning for the future."
To learn more about Ameren Illinois' electric and natural gas
modernization programs, visit AmerenIllinois.com/focus,
Facebook.com/AmerenIllinois, and Twitter @AmerenIllinois.
About Ameren Illinois
Ameren Illinois delivers energy to 1.2 million electric and 816,000
natural gas customers in Illinois.
Our mission is to power the quality of life. Our service territory
covers more than 1,200 communities and 43,700 square miles. For
more information, visit AmerenIllinois.com, find us on Twitter
@AmerenIllinois or Facebook.
Forward-looking Statements –
Statements in this release not based on historical facts are
considered "forward-looking" and, accordingly, involve risks and
uncertainties that could cause actual results to differ materially
from those discussed. Although such forward-looking statements have
been made in good faith and are based on reasonable assumptions,
there is no assurance that the expected results will be achieved.
These statements include (without limitation) statements as to
future expectations, beliefs, plans, strategies, objectives,
events, conditions, and financial performance. In connection with
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, we are providing this cautionary statement to
identify important factors that could cause actual results to
differ materially from those anticipated. The following factors, in
addition to those discussed within Risk Factors in our Annual
Report on Form 10-K for the year ended December 31, 2016, and elsewhere in this release
and in our other filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements:
- regulatory, judicial, or legislative actions, including any
changes in regulatory policies and ratemaking determinations, such
as those that may result from the complaint case filed in
February 2015 with the Federal Energy
Regulatory Commission seeking a reduction in the allowed base
return on common equity under the Midcontinent Independent System
Operator, Inc. tariff, Ameren Illinois' April 2017 annual electric distribution formula
rate update filing, and future regulatory, judicial, or legislative
actions that change regulatory recovery mechanisms;
- the effect of Ameren Illinois participating in a
performance-based formula ratemaking process under the Illinois
Energy Infrastructure Modernization Act, including the direct
relationship between Ameren Illinois' return on common equity and
30-year United States Treasury bond yields, and the related
financial commitments;
- the effects of changes in federal, state, or local laws and
other governmental actions, including monetary, fiscal, and energy
policies;
- the effects of changes in federal, state, or local tax laws,
regulations, interpretations, or rates, such as the July 2017 change in Illinois law that increased the state's
corporate income tax rate, or changes to federal tax laws as a
result of tax reform legislation currently being developed by
Congress, and any challenges to the tax positions taken by Ameren
Illinois;
- our ability to align overall spending, both operating and
capital, with frameworks established by our regulators and to
recover these costs in a timely manner in our attempt to earn our
allowed returns on equity;
- the cost and availability of purchased power, zero-emission
credits, renewable energy credits, and natural gas for
distribution; and the level and volatility of future market prices
for such commodities, including our ability to recover the costs
for such commodities and our customers' tolerance for the related
rate increases;
- business and economic conditions, including their impact on
interest rates, collection of our receivable balances, and demand
for our products;
- the construction, installation, performance, and cost recovery
of generation, transmission, and distribution assets;
- the effects of breakdowns or failures of equipment in the
operation of natural gas transmission and distribution systems and
storage facilities, such as leaks, explosions, and mechanical
problems, and compliance with natural gas safety regulations;
- legal and administrative proceedings;
- the impact of cyber-attacks, which could, among other things,
result in the loss of operational control of energy centers and
electric and natural gas transmission and distribution systems
and/or the loss of data, such as customer, employee, financial, and
operating system information; and
- acts of sabotage, war, terrorism, or other intentionally
disruptive acts.
New factors emerge from time to time. Management cannot predict
all such factors, nor can it assess the impact of each such factor
on the business or the extent to which any such factor, or
combination of factors, may cause actual results to differ
materially from those contained or implied in any forward-looking
statement. Given these uncertainties, undue reliance should not be
placed on these forward-looking statements. Except to the extent
required by the federal securities laws, we undertake no obligation
to update or revise publicly any forward-looking statements to
reflect new information or future events.
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SOURCE Ameren Illinois