SPRINGFIELD ─ A new law led by State Senator Ram Villivalam will increase transparency when utility companies ask the Illinois Commerce Commission to raise their rates.
“The cost of living continues to skyrocket in every aspect of our lives, including utilities,” said Villivalam (D-Chicago). “By providing ratepayers the ability to have a voice in the process and be informed of rate increases, we are securing a more affordable future for us all.”
Currently, public hearings are only required for water utility rate increases if the ratepayers of the water utility request the ICC to host a public hearing.
To expand transparency, the new law will require the ICC to hold a public hearing when any gas, electric, water or sewer utility requests that the commission increase their rates.
Further, the ICC will be required to notify ratepayers when a public utility requests a rate increase within 14 days of the public hearing – ensuring residents have ample notification to attend a hearing.
House Bill 4514 was signed into law last week and takes effect on Jan 1.
