Press release
ComEd, City of Chicago Announce Historic Energy and Equity Agreement, New Franchise Agreement
Agreements Create Economic Opportunity While Supporting Chicago’s Climate Action Plan CHICAGO--(BUSINESS WIRE)-- Building on a strong, 100-year history, the
About this update from Exelon Corporation
[{"type":"text","content":"\nAgreements Create Economic Opportunity While Supporting Chicago’s Climate Action Plan\n\n CHICAGO--(BUSINESS WIRE)--\nBuilding on a strong, 100-year history, the City of Chicago and ComEd today announced that a deal has been reached on a pair of agreements for the future - an Energy and Equity Agreement and a new franchise agreement. These agreements, working together, will help Chicago support equitable access to cleaner energy; expand workforce development initiatives, including in under resourced communities; expand clean transportation options; and provide tools that empower Chicago families and businesses to reduce energy use and save money, while enabling ComEd to continue to provide industry-leading service to its customers in Chicago. The agreements also dovetail with ComEd’s proposed multi-year plans designed to support broader economic, equity and environmental goals. Both agreements will extend for a term of 15 years plus the option of a five-year extension and are subject to approval by the Chicago City Council and Boards of ComEd and Exelon.\n\n“These agreements, which will work together, are a win-win for Chicago and its residents, as they will help advance the city’s Climate Action Plan and invest in an equitable transition to a cleaner, healthier energy future for Chicago’s families and businesses,” said Gil Quiniones, CEO of ComEd. “ComEd greatly values our century-long partnership with the City of Chicago, and we look forward to continuing to provide Chicago and its residents with record-breaking reliability that supports equitable job creation and economic development.”\n\nThe Energy and Equity Agreement will support the city’s goals of promoting clean energy, cleaner air, and a healthy environment for all Chicago residents and communities by enabling and investing in renewable energy and the electrification of transportation to bring the benefits of new energy technologies to as many people as possible. It provides, among other things, for the creation and funding of a new non-profit entity – the Clean Energy & Equity Collaborative – that will invest up to $120 million in neighborhood clean and equitable energy initiatives, to be paid for by ComEd shareholder – not customer – funds.\n\n\"I am proud to announce this nation-leading Franchise Agreement and Energy and Equity Agreement, which will ensure the ong...