The May 2024 ComEd Rate is 7.936¢ per kWh

The effective ComEd residential and small commercial retail supply rate for May is comprised of the non-summer base rate of 6.848¢ and a Purchased Electricity Adjustment (PEA)* charge of 1.088¢, or 7.936¢ per kWh. On 19 April 2024, ComEd made a preliminary announcement of the new base rate for the Energy Year June 2024 to May 2025, an annualized 6.6¢ per kWh, about a 1/4 cent decline. This rate will be finalized in May.

New since July 2023: Ratepayers Experiencing Greater Price Volatility. ComEd long imposed a plus-or-minus half-cent cap on the monthly variable PEA to minimize price volatility. Effective July 1, 2023, ComEd removed that half-cent cap stating it “…will continue to monitor these [PEA] adjustments and their relationship to Rider CFRA in order to minimize volatility on customer’s bills.” May 2024 is the first time the PEA charge has spiked over one cent per kWh.

Feeling the Impact of Rider CFRA: Beginning in 2022, in addition to tracking supply costs, it became relevant to track the new Carbon-Free Energy Resource Adjustment enacted by CEJA. The original widely-touted credit of 4.306¢ per kWh ($237 annual savings per household, Governor Pritzker said), has since flipped to a charge of 2.339¢ for April 2024. That inversion of 6.6¢ per kWh profoundly impacts ComEd bills. See chart below for the “Feels Like” rate. This charge is noted in the Taxes & Fees portion of your bill.

Collapsing Natural Gas Prices Impacting Electricity Rates: The decline from natural gas price spikes seen after the invasion of Ukraine put downward pressure on power costs. Per its most recent quarterly Environmental Disclosure, Natural Gas-Fired Power now comprises 43% of electricity sources supplied to ComEd customers (who had not chosen an alternative supplier.)

How Does the Supply Rate Appear on My ComEd bill? Observe the second page under “Supply” where the rate is broken into three line items. Note the first two charges equal the base rate of 6.848¢ and the third is the monthly variable:

• Electricity Supply Charge - $0.05378

• Transmission Services Charge - $0.0147

• Purchased Electricity Adjustment - listed as a dollar amount which is determined by kWh x PEA. For example, if your consumption is 750 kWh and the PEA is a credit of 0.479¢ for the month, your PEA charge is $8.16.

The Carbon-Free Energy Resource Adjustment: CEJA—Public Act 102-0662—signed into law by Governor Pritzker in September 2021 established a plan to preserve nuclear generation facilities from closure. The Carbon Mitigation Adjustment was to ensure preservation of existing carbon-free, nuclear generation facilities which might otherwise retire. The concept is to enable carbon-free resources to remain in place until Illinois is able to develop other forms of clean energy. 

How to Save on Power Costs? In addition to basic thermostat re-sets, discover energy savings tips here.

You have more questions? Just ask.

*PEA: In addition to the Price To Compare (i.e., the default ComEd base rate), a monthly variable portion is included: the PEA is a additional credit or charge that is the difference between the revenues from the monthly ComEd PTC and the actual cost of electricity supplied to ComEd customers. This charge or credit, which ensures overall ComEd customers pay no more or less than ComEd’s actual cost of purchased electricity, is capped at a maximum of one-half cent per kWh each month. The Illinois Commerce Commission website created to educate consumers about power prices states, “The future PEA values would be expected to average near zero for the planning year…”

Data sources: Illinois Commerce Commission Chief Clerk, Illinois.gov press releases