ComEd Electricity Rates Surge Nearly 50% This Winter, CUB Warns

URGENT UPDATE: ComEd customers are bracing for an alarming rise in electricity rates, with costs expected to soar nearly 50% this winter compared to last summer, according to the Citizens Utility Board (CUB). Starting in October 2023, the price for electricity supply will hit 9.7 cents per kilowatt-hour, up 47% from a year ago.

This spike means households can anticipate monthly bills increasing by 10% to 15%, translating to an average increase of approximately $10.60 per month. CUB warns that the impact of these rate hikes could vary significantly based on individual circumstances, including weather conditions and energy usage.

Despite the staggering price increase, CUB advises against turning to alternative energy suppliers in search of savings. These suppliers often capitalize on rising rates through aggressive door-to-door and phone sales tactics. “ComEd’s price is painfully high, but customers should beware of bad deals peddled by alternative suppliers,” said CUB Executive Director Sarah Moskowitz in a recent news release.

Over the past decade, Illinois consumers have lost more than $2 billion by switching to these alternative suppliers, according to CUB. Even with the current high rates, CUB emphasizes that staying with ComEd may be the best option for consumers.

The surge in rates is largely attributed to the increasing energy demands from data centers, which require substantial electricity to process data. This heightened demand has further contributed to the rising costs faced by average consumers.

As winter approaches, customers must prepare for these changes and remain vigilant against misleading offers from alternative suppliers. Stay informed and consider your options carefully as the energy market continues to evolve.

Next Steps: Monitor your electricity usage and be cautious of any unsolicited offers from alternative suppliers. CUB and other consumer advocacy groups will continue to provide updates as the situation develops.