Chicago, the inspiration for the current management team running America into the ground, has done it again as residential energy bills are set to rise sky high.
Residential electric bills in Chicago will increase roughly 14 to 18 percent in June under a new deal the city has struck with its power supplier, Integrys Energy Services.
That follows an increase in January thanks to higher delivery charges by Commonwealth Edison Co.
…Like the previous deal, the new contract won’t include power from coal-fired sources. In addition, 5 percent of the power will come from Illinois wind farms.
That sounds bad, but wait… it gets worse.
Under the new deal, Integrys will impose a fixed monthly charge on customers regardless of how much electricity they consume. Single-family households will pay $22.36 per month while units in multifamily buildings will pay $9.06.
What’s so special about Integrys? Like a lot of modern energy companies, it has a very specific skill set.
In December 2011, the non-partisan organization Public Campaign criticized Integrys Energy Group for spending $710,000 on lobbying and not paying any taxes during 2008-2010, instead receiving $92 million in tax rebates, despite making a profit of $818 million and increasing executive pay by 109% to $14.8 million in 2010 for its top 5 executives
…and oh yes…
Integrys Energy Group’s board includes William Brodsky, head of the Chicago Board Options Exchange and a member of World Business Chicago, which Emanuel chairs.
And the claims of big savings are dribbling away…
Under new electricity rates announced Sunday by Mayor Rahm Emanuel’s administration, utility customers will still save about $34 a year when compared with what they would pay to ComEd, according to city officials.
That’s a far cry from the $130 a year savings Emanuel initially touted when the city started doing business with Chicago-based electricity supplier Integrys Energy Services at the beginning of 2012.
The people behind all this are now also running the whole country.