Quinn Calls on Seniors to Blow the Whistle on Greedy Exelon/ComEd Execs

(CHICAGO) -  Lt. Gov. Pat Quinn join scores of outraged seniors Wednesday in blowing the whistle on the greed of Exelon/ComEd and its five highest-paid executives - who collected nearly $47 million last year.

 

"It's time to blow the whistle on this exercise in corporate greed," said Quinn, who brought his fight against the proposed rate hike to 150 members of St. Genevieve's Senior Friendship Club. "Last year, Exelon/ComEd's top five executives took home a grand total of $46.7 million.  Exelon's CEO, John Rowe, collected $27.56 million. We need to let these overpaid millionaires know that we're not going to sit quietly while they try to empty the pockets of northern Illinois consumers."

 

A nine-year statewide freeze on electric rates will end in December of this year. Last month, the Illinois Commerce Commission announced the results of a "reverse auction" of electric power providers which would result in a 25% rate hike for ComEd's residential customers next year.

 

In an analysis of Exelon executives' compensation, as detailed in corporate documents filed with the Securities Exchange Commission, Quinn found that stock options made up the largest portion of the executives' compensation packages.  The proposed rate increase would like boost Exelon's stock price significantly, putting even more millions directly into the pay envelopes of the company's millionaire elite.

 

"Exelon/ComEd's millionaire executives want to squeeze more from the budgets of seniors on fixed incomes, low-wage workers and small business owners," Quinn said. "An Illinois worker earning the minimum wage, $6.50 an hour, would have to work three full days to pay the extra $160 this projected rate increase would cost the average household next year. John Rowe makes that much in one minute on the job. Let's send these millionaires a message about the financial realities facing average people in the Land of Lincoln."

 

The Building Owners and Managers Association of Chicago has warned of a 72% hike in commercial electric rates, a price increase that will have a devastating impact on the thousands of businesses -- large and small - that lease space in downtown Chicago office buildings. 

 

Quinn is urging the Illinois General Assembly to extend Illinois' electric rate freeze. "During the nine-year rate freeze, Exelon/ComEd's profits have increased by 320%," Quinn said.  "This proposed rate hike will cost Illinois consumers more than half a billion dollars next year. The General Assembly needs to take action to protect consumers from this outrageous rate increase."

 

Quinn's fight to protect Illinois consumers from unfair monopolistic utility rate increases has been joined by Citizens Utility Board (CUB), along with many legislators and other grassroots consumer advocates statewide.  In 1983, Quinn spearheaded creation of CUB, a non-partisan not-for-profit organization set up to advocate for utility rate payers.