SPRINGFIELD, ILL. (AP) -- ComEd has tossed a $500 million wild card on the table in Springfield, where Gov. Pat Quinn and legislative leaders were trying to complete a state budget before Friday's expected adjournment of the Illinois General Assembly.
In Tuesday's proposal, the utility reportedly offered the cash-strapped state government $500 million upfront in exchange for guaranteed future profits on electrical rates.
ComEd and its parent company, Exelon, also offered a pledge to commit $1 billion over the next decade to projects that they estimated would create 2,000 new "green" jobs in the state.
Quinn said he wouldn't comment on the proposal until he knew exactly what was in it.
Executive Director David Kolata of the Citizens Utility Board, said the deal would be bad for consumers by locking in higher electrical rates than they would normally be paying.
(Copyright ©2010 by The Associated Press. All Rights Reserved.)
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