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ComEd gets $340 million rate increase for 2014

Commonwealth Edison will collect $340 million more from customers in 2014 under a rate increase approved Wednesday by the Illinois Commerce Commission.

Average monthly household electric bills are expected to increase about $5.50 because of the rate increase. ComEd has about 3.8 million electric customers in 24 counties in northern Illinois.

The utility expects to install about 260,000 smart meters next year, mainly in near western suburbs and on Chicago’s South Side.

h/t: Crain’s Chicago Business