Associated Press | ComEd has tossed a $500 million wild card on
the table in Springfield, where Gov. Pat Quinn and legislative leaders
were trying to complete a state budget before Friday’s expected
adjournment of the Illinois General Assembly. In Tuesday’s proposal,
the utility reportedly offered the cash-strapped state government $500
million upfront in exchange for guaranteed future profits on electrical
rates.
ComEd and its parent company, Exelon, also offered a pledge to commit $1 billion over the next decade to projects that they estimated would create 2,000 new “green” jobs in the state.
Quinn said he wouldn’t comment on the proposal until he knew exactly what was in it.
Executive Director David Kolata of the Citizens Utility Board, said the deal would be bad for consumers by locking in higher electrical rates than they would normally be paying.
Didn’t we used to call this bribery?
No, it used to be called payola. Now it’s called doing business the Chicago way, AKA Massachsetts purchase for health care, etc. Get used to it. Is the new theory of trickle down economics as designed by the new Federal Government. Don’t call it a tax; call it a new benefit for CO2 control. As Obama said “higher utility prices lead to less consumption”. Quick, sign off, so you use less electricity.
Gee, is it a bribe? It may be business as usual in Chicago but ComEd or rather Exelon should be ashamed of itself. Greedy SOBs.