Power grid bill moves to House floor

SPRINGFIELD — A measure that would increase Illinois electric rates to pay for modernizing the power grid was approved overwhelmingly by a House committee Friday.

The bill requires utilities to invest up to $3 billion in “Smart Grid” technology and other improvement.

Residential electric rate could climb by no more than 2.5 percent a year for three years to pay for the upgrades.

Rep. Kevin McCarthy said the bill’s 21-0 approval makes him more confident about its prospects in the full House.

Opponents include Attorney General Lisa Madigan, who says ratepayers shouldn’t bankroll the project.