ICC slashes Nicor’s proposed $314 million rate hike for suburban gas customers

The Illinois Commerce Commission slashed a proposed $314 million rate hike by suburban gas company Nicor by nearly half Wednesday.

Nicor had asked to sharply raise rates by $314 million for infrastructure upgrades and “affordable decarbonization that includes both gas and electric solutions” for its more than 2 million customers across much of the suburban Chicago area.

But after state utility staffers recommended cutting the hike by a third, the ICC found Nicor’s ask was extreme and approved the hike for $168 million, reducing the proposed increase by 47%.

Last month, two administrative law judges for the commission agreed the amount was exorbitant and suggested the company could meet safety and supply standards for around $209 million.

For the full story, go to chicago.suntimes.com.