The Illinois Commerce Commission says Ameren Illinois must cut its electric rates by $48 million.
The State Journal-Register reports that the ICC announced its decision Thursday after reviewing electric rates proposed by the utility when it submitted its “smart grid” plans last year.
Ameren filed for new electric rates as part of a $625 million plan to upgrade the state's power grid. State regulators rejected those plans earlier this summer and asked for additional details in the utility proposal.
ICC spokeswoman Beth Bosch says the commission's decision “follows months of review of major financial issues.” The panel voted 3-2.
Ameren Illinois spokesman Leigh Morris said the utility is disappointed in the ruling and will file for a rehearing.
He says Ameren believes the filing was sound.