Governor Bruce Rauner today released the following statement on SB 2814, the Future Energy Jobs Bill:
“For months our administration has been very clear that any energy legislation should follow the guiding principles of protecting jobs, ratepayers and taxpayers. After dozens of hours of good faith negotiations, we have reached an agreement that aligns with those principles. This legislation will save thousands of jobs. It protects ratepayers, through guaranteed caps, from large rate increases in years to come. It also ensures taxpayers are not on the hook to keep the power plants open and online. We thank the rank-and-file legislators and stakeholders for their perseverance and commitment to seeing this through. This process shows that when all parties are willing to negotiate in good faith, we can find agreement and move our state forward.”
SB 2814 contains a guaranteed cap that energy prices cannot increase more than 25 cents on the average residential home, and cannot increase more than 1.3 percent on commercial and industrial users over the next ten years. Rates are projected to decrease for the first several years due to the utilities being able to amortize energy efficiency. It also guarantees the plants remain open for ten years. Exempting the bill from prevailing wage reduced the cost of the bill, as well as, eliminating billions of dollars in special interest giveaways.