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Ameren Illinois files for electric rate decrease
COLLINSVILLE, Ill., April 13, 2017 /PRNewswire/ -- Ameren Illinois (NYSE: AEE) residential customers will pay less for electric delivery service in 2018 under a plan filed today with the Illinois Commerce Commission. The proposal would lower monthly bills for the typical residential customer by approximately $1.70 per month.
It's the second consecutive rate decrease the company has filed for, and the fifth overall rate decrease proposal since the Energy Infrastructure Modernization Act (EIMA) – or Smart Grid Bill – was passed in 2011.
"Prudent cost management, solid project execution and reduced energy supply costs have enabled us to continue modernizing the electric grid with minimal impact on customer rates," said Craig Nelson, senior vice president, Regulatory Affairs and Financial Services for Ameren Illinois. "We're pleased to report to the ICC and to our customers that Ameren Illinois electric delivery service rates will go down next year and our combined delivery and supply rates will remain well below the national average."
Ameren Illinois, a subsidiary of Ameren Corporation (NYSE: AEE), expects to invest an additional $128.4 million on electric grid enhancements in 2017. Those project costs, along with other capital improvements of more than $300 million to maintain distribution equipment and install new technology to detect and reduce the frequency of power outages, will be recovered in 2018.
To date, Ameren Illinois' grid modernization initiatives have resulted in an overall 17% increase in reliability and saved customers an estimated $45 million each year. The company has installed 450,000 electric smart meters at customer premises and plans to add 540,000 more of the two-way devices through the end of 2018. Smart meters provide Ameren Illinois customers with enhanced energy usage data and access to programs to help them save on their energy bills.
The Ameren Illinois plan follows the passage of the Future Energy Jobs Act, legislation to keep two nuclear facilities in operation, preserve more than 4,000 jobs, and ensure the availability of lower-cost clean energy for consumers. Ameren Illinois projects that stable energy supply, along with stronger energy efficiency programs included in the legislation, will result in a further decrease in customer bills beginning in June of this year.
"Illinois' progressive energy policy is paving the way for Ameren Illinois to build a smarter grid and deliver value to our customers in central and southern Illinois," said Nelson.
To learn more about Ameren Illinois' electric and gas modernization programs, visit AmerenIllinois.com/focus, Facebook.com/AmerenIllinois, and Twitter @AmerenIllinois.
About Ameren Illinois
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:
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.
SOURCE Ameren Illinois
For further information: Marcelyn Love, 217-535-5116, firstname.lastname@example.org