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Last-minute Exelon subsidy plan goes to Illinois House floor

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Last-minute Exelon subsidy plan goes to Illinois House floor

SPRINGFIELD, Ill. (AP) – An Illinois House committee has endorsed a late-hour compromise on a monstrous energy plan originally designed to keep two unprofitable nuclear plants open. The Energy Committee approved the deal worth hundreds of millions of dollars annually to Exelon Corp. on a 9-1 vote Wednesday night. It’s readied for a House floor […]

Last-minute Exelon subsidy plan goes to Illinois House floor

SPRINGFIELD, Ill. (AP) – An Illinois House committee has endorsed a late-hour compromise on a monstrous energy plan originally designed to keep two unprofitable nuclear plants open.

The Energy Committee approved the deal worth hundreds of millions of dollars annually to Exelon Corp. on a 9-1 vote Wednesday night. It’s readied for a House floor vote Thursday – the last day of the fall legislative session. The plan provides about $235 million a year to Exelon for the carbon-free nuclear power it generates – similar to subsidies wind- and solar-energy industries get.

Critics call it a multibillion-dollar “bailout” to keep unnecessary nuclear plants in Clinton and the Quad Cities open.

The agreed-to deal caps possible rate increases for power customers. And it reduces rebates for efficient solar-energy programs.

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