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IIEC Testifies Against Deliberately Raising Electric Rates: Stresses that Financing Proposal Poses no Risk to State Funds

  • jackchen37
  • Sep 28
  • 1 min read

At the House Executive Committee hearing on September 25th, IIEC testified that the current energy omnibus bill guarantees 20 years of profits to battery storage developers. Furthermore, looking at states with mandatory energy procurements, they all have higher electricity rates than Illinois.


Opponents of the IIEC's proposal to finance battery storage through the Illinois Finance Authority mistakenly claim that such an approach would put the state on the hook. However, the IFA's own handbook includes the following in bond contracts: "Any bonds issued by the Authority (and any premium thereon and the interest thereon) do not constitute indebtedness or an obligation, general or moral, or a pledge of the full faith or a loan of credit of the State of Illinois or any political subdivision thereof, within the purview of any constitutional or statutory limitation or provision (emphasis added)."

 
 

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