ComEd Offers $2.5M in Bill Relief to Offset Rising Energy Costs for Businesses
ComEd, the largest electric utility provider in Illinois, is teaming up with community partners to provide $2.5 million in one-time assistance to eligible business customers to help offset PJM interconnection supply costs during the summer.
The Illinois utility, backed by parent company Exelon, states the new bill assistance will be available beginning on June 15, offering a matching grant of up to $500. Small and medium-sized business customers located within its northern Illinois service territory can apply.
In collaboration with the Neighborhood Housing Services (NHS) of Chicago, the Customer Relief Fund aims to assist businesses with an active ComEd account with a commercial meter (home-based businesses are ineligible). NHS, which will administer the fund, will also review qualifying businesses with energy usage under 500 KW, a past-due balance and no bankruptcies or unpaid tampering fees associated with their accounts.
According to a release, the fund was designed to provide timely relief to small and medium-sized business customers who often play major roles as employers and contributors to their communities. Last year’s Customer Relief Fund provided $10 million of bill relief for roughly 33,000 customers.
“Thriving small businesses are essential to building strong, resilient communities. This innovative partnership with ComEd will deliver meaningful, direct assistance to entrepreneurs and neighborhood-serving businesses in communities that need it most,” stated Anthony E. Simpkins, president and CEO of NHS of Chicago.
Despite not controlling supply prices within regional markets, ComEd explains that it remains committed to helping its customers mitigate PJM energy costs amid unprecedented growth in electricity demand and other elevated industry factors.
“Increasing PJM-related energy supply costs present challenges to customers in many parts of the country, including small businesses that are a critical part of the economy in the communities ComEd serves across northern Illinois,” ComEd President and CEO Gil C. Quiniones said in a statement. “The Customer Relief Fund is designed to deliver immediate billing relief to thousands of ComEd’s small-business customers, ensuring they’re able to continue providing jobs to local residents, while contributing to the cultural vibrancy of our region.”
In January, Exelon, the largest regulated U.S. electric utility, expanded its commitment to the approximately 11 million electric and natural gas customers it serves. Over the past year, the company provided $60 million in direct customer assistance contributions to help both businesses and families manage energy use and lower future costs.
