Quinn OKs tweaks to ‘smart grid’ bill

SPRINGFIELD — The final piece of legislation needed for a major overhaul of the Illinois power grid has been approved.

Gov. Pat Quinn signed it Friday even though he opposes the overall “Smart Grid” proposal.

The idea is to let power companies raise rates and spend the money on a high-tech system meant to help people conserve energy.

Critics consider it a sweetheart deal that weakens regulation of power companies and guarantees them bigger profits for a decade.

Quinn vetoed the plan, but lawmakers overrode him. However, they did pass a bill addressing some concerns.

That’s what Quinn has now signed. It lowers the guaranteed profits, toughens performance standards and increases the amount that utilities must spend on improving basic infrastructure.