Report: ComEd comes up with deal to help state

May 4, 2010 (CHICAGO)

Crain's Chicago Business is reporting the utility would give the state $500 million to fill the budget deficit. But in exchange lawmakers would have to agree to freeze electric rates at higher than market rates for four years.

ComEd would also spend $1 billion on a so-called smart grid of high tech meters.

Crain's reports the offer has yet to be presented in Springfield but it would have to be approved before the general assembly adjourns. That is expected by the end of the week.

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