Rochelle, Illinois' loses $50,000 each month that its transaction is delayed because of ComEd's interference.
That's more than $1 PER MINUTE since September 1, 2018.
ROCHELLE'S LOST VALUE TO DATE:
CRAIN'S CHICAGO BUSINESS:
ROCHELLE NEWS LEADER:
The municipal utility of Rochelle, Illinois, decided to sell its two electric transmission lines and conducted an open, competitive Request for Proposal (RFP) process that attracted several bidders, including ComEd.
ComEd lost in the RFP process to NextEra Energy Transmission (NEET), an affiliate of NextEra Energy, Inc., one of the largest integrated energy companies in the U.S. and the largest wind and solar producer in the world.
NextEra affiliates have already invested nearly $1 billion in Illinois.
NEET and its affiliates have extensive experience in transmission development and operations and are responsible for 7,300 miles of transmission lines in North America.
Following the proper process to finalize the sale, an Administrative Law Judge (ALJ) and staff from the Illinois Commerce Commission (ICC) reviewed NEET’s proposal to operate the transmission lines and recommended the ICC approve it.
After the ICC ALJ’s hearing in the case, and at the last minute, ComEd intervened to block the sale based on erroneous and frivolous legal arguments. ComEd has never challenged NEET’s ability to safely and reliably operate the transmission facilities.
The ICC went against the ALJ’s recommendation, granting ComEd’s request for an additional hearing in the case and effectively halting the sale.
The transaction has now been delayed more than six months and the process could drag on for years at the ICC and in the courts, with taxpayers picking up the cost of legal fees.
Rochelle and its 9,500 residents are losing $50,000 in asset value every month closing is delayed.