EXC Exelon Corp

Broad-based Business and Labor Alliance to Support ComEd Legislative Proposal CHICAGO, Oct. 27 /PRNewswire/ -- ComEd today announced growing support from a diverse alliance that is campaigning to advance proposed legislation that would help pave the way for a possible acquisition of Decatur-based Illinois Power's operating assets by ComEd's parent company Exelon Corporation. Exelon is in exclusive discussions to purchase Illinois Power's transmission and distribution business from Texas-based owner Dynegy. The alliance is composed of city- and state-wide business leaders, organized labor, local elected officials, community leaders, and the recently established Coalition for Illinois Jobs. The groups are campaigning to garner additional support and urge lawmakers to back the proposed legislative initiative, which would protect downstate jobs and local economic development, ensure continued reliability and guarantee long-term price stability for Illinois customers. "The depth and diversity of this group speaks to a basic concern in this state about the importance of maintaining strong Illinois companies that provide jobs and maintain economic stability," said Frank M. Clark, president of ComEd. "Protecting jobs is important, but so is ensuring long-term rate stability for Illinois customers. The proposed legislation would do just that." The legislative proposal would authorize the Illinois Commerce Commission (ICC) to conduct a thorough six-month review of an application for ICC approval of a merger or acquisition of a financially challenged utility as determined by the company's credit rating. The ICC would also be granted authority to review and approve a rate plan for the years 2007 - 2010 after the mandatory transition period for competition ends. By 2007, Illinois residential customers will have enjoyed a ten-year rate freeze reflecting rates that are 20 percent less than those paid in 1997. ComEd officials stressed that the ultimate decision to adjust rates remains with the ICC, the rate making body, but assured residential customers and small businesses that any rate adjustment would be in the single digits and lower than what they paid in the 1990s. "ComEd would have been asking for a rate adjustment anyway, and if the proposed acquisition is not successful, we would still be seeking a rate adjustment," said Clark. "All rates have been frozen since 1998 and residential rates have been cut by 20%. "However, in order for utilities to continue to invest in their infrastructure, they must be able to recoup some costs," said Clark. Members of the alliance also called on opponents of the legislation, including the Citizen's Utility Board (CUB), to stop resorting to scare tactics and focus on the widespread need to preserve jobs and safeguard electric delivery and ensure stable electric rates. "CUB calls itself the state's utility consumer advocate. But it's tough to be a consumer without a job and a decent income. If CUB was serious about its charge, they would support this legislation. Through it, electric rates will be more certain, more consumers will have jobs, and reliability will continue to improve," said Julie Moore, spokesperson for the Coalition for Illinois Jobs and president of the Decatur Chamber of Commerce. The alliance said it is already engaged in a concerted, statewide campaign to urge state lawmakers to support the legislation. In addition to urging their respective memberships to call and write to state lawmakers, a rally is planned for some time during the legislature's Veto Session, which is set to begin on November 4. "State lawmakers need to understand how important this legislation and the sale of Illinois Power to Exelon is to the working men and women of the state of Illinois, especially central and southern Illinois -- the areas hardest hit by the economy," said Dominic Rivara, business manager of the International Brotherhood of Electrical Workers 51, which represents Illinois Power workers. "We need a strong, experienced electric utility like Exelon to be at the helm. Employees, consumers and communities across Illinois only stand to benefit from this," Rivara said. Supporters Of Proposed Legislation (Partial list) -- A. Finkl & Sons -- Black Contractors United -- Black Star Project -- Blue Island Chamber of Commerce -- Chatham Business Associations -- Chicago Federation of Labor -- Chicago Southland Chamber of Commerce President -- Chicago Urban League -- Chicagoland Chamber of Commerce -- City of Rockford, Mayor Doug Scott -- Coalition for Illinois Jobs -- Cosmopolitan Chamber of Commerce -- Decatur and Macon County Chamber of Commerce -- Economic Development Corporation of Decatur and Macon County -- El Valor -- Erie House -- Hispanic American Construction Industry Association -- Illinois AFL-CIO -- Illinois Brotherhood of Electrical Workers - Locals 15, 51, 309, 702, 1306 -- Illinois Hispanic Chamber of Commerce -- Illinois Manufacturers Association -- Illinois Retail Merchants Association -- Illinois State Chamber of Commerce -- Riteway Construction -- Spanish Coalition for Jobs -- Streator Area Chamber of Commerce and Industry -- United Building Maintenance, Inc. President & CEO James Cabrera -- U.S. Hispanic Leadership Institute -- 18th Street Development Corporation -- 87th Street Chamber of Commerce Commonwealth Edison is a unit of Chicago-based Exelon Corporation (NYSE:EXC), one of the nation's largest electric utilities with more than $15 billion in revenues and a customer base of five million. ComEd provides service to approximately 3.5 million customers across Northern Illinois, or 70 percent of the state's population. DATASOURCE: Commonwealth Edison CONTACT: Tabrina Davis of Commonwealth Edison, +1-312-394-7919, +1-312-394-3500 Web site: http://www.exeloncorp.com/

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