CHICAGO–(BUSINESS WIRE)–In order to sustain improved reliability for families and businesses in the face of more frequent and severe storms and support Illinois’ transition to 100 percent clean and renewable energy, ComEd today requested an increase of $51 million in electricity distribution charges in 2022, which would add 20 cents to the average monthly bill for residential customers.

This year’s Formula Rate Update filing marks ComEd’s first request for a distribution rate increase in four years. It begins an eight-month process during which the Illinois Commerce Commission (ICC), Illinois Attorney General, Citizens Utility Board and others will review ComEd’s actual costs for 2020 and expected investments for 2021. All capital expenditures and costs must be found to be prudent and reasonable before being included in customer rates that take effect in January 2022, subject to approval by the ICC.

“Making the power grid more resilient to severe storms, able to charge fleets of electric vehicles and maintain superior reliability as we bring more renewable energy onto the system requires thoughtful investment,” said ComEd CEO Joe Dominguez. “The cost of not making these investments is far greater. We’ve seen severe weather events in the last nine months lead to catastrophic grid failures in California and Texas. Last August, we restored power to more than half a million customers within 24 hours, record time, following the unprecedented derecho storm and 13 tornadoes that hit our region. If not for the smart grid investments we’ve made, that storm would have caused nearly twice as many interruptions and restoration would have taken two weeks, as it did in parts of Iowa that were hit by the same storm.”

ComEd’s investments to improve grid reliability and performance create jobs and drive economic investment, including creating opportunities for diverse suppliers in local communities. A report to the ICC this week shows ComEd spent a record $894 million – or 42 percent of its total supplier spend – with minority- and woman-owned businesses in 2020, bringing its total spend with diversity-certified suppliers to $5.5 billion since 2012.

ComEd’s distribution rate increase of about 20 cents per month will support investments to expand access to clean energy through private and community solar and support the growing demand among motorists and fleet vehicle managers for electric vehicles. The utility is also in a multi-year program to increase customer savings through Voltage Optimization technology, which is creating up to 2 percent in annual energy savings for an average customer. Investments are also being made in advanced communications and wireless technology to enable an array of smart city technologies that monitor air quality, traffic and parking; as well as smart streetlights, flooding detection, and intelligent waste management.

ComEd also submitted today to the Federal Energy Regulatory Commission (FERC) a Formula Rate Update request calling for a monthly increase of about 70 cents for transmission services, which are included in customers’ electricity supply charges. The increase reflects costs of expanding power capacity to meet the needs of towns and cities, support highway construction, as well as wind and solar development. Demand for new transmission capacity is also driven by a growing data center sector, which places a high priority on ComEd’s reliability performance, competitive electric rates and access to 100 percent renewable energy sources through the competitive market in Illinois.

If approved, the increase in distribution and the transmission services charge would bring the total average monthly bill for ComEd residential customers to about $83, which would be lower than customer bills in 2008. This includes a net increase of about 70 cents for energy supply based on the spring energy procurement that was approved by the ICC on April 9.

ComEd’s average residential rates are 17 percent lower than rates in the 10 largest U.S. metropolitan areas according to the most recent survey by the Edison Electric Institute. ComEd’s average commercial rates are 18 percent lower than rates in the top 20 largest U.S. metropolitan areas. ComEd’s energy efficiency program has helped, saving customers more than $5.3 billion on energy bills since 2008. Total bills include energy supply, which accounts for almost half of the monthly bill, and ComEd passes these costs along to customers without profit or markup.

Recognizing that many Illinois families continue to be adversely affected by economic challenges resulting from the COVID-19 pandemic, ComEd recently increased financial assistance funding by $9 million with the approval of the ICC to help customers regain their financial footing. ComEd increased the amount of funds available to provide more one-time bill credits of up to $500, until funds were exhausted. Credits were available to eligible residential customers who had outstanding balances or were looking to reconnect their electric service. Through June 30, 2021 ComEd offers extended payment arrangements, which allow eligible customers facing financial hardship to spread outstanding balances over 18 monthly installments with no money down. All other eligible residential customers with outstanding balances can enroll in an 18-month payment plan with a 10-percent down payment through June 30, 2021.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

Contacts

ComEd Media Relations

312-394-3500

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CHICAGO–(BUSINESS WIRE)–#bitcoin—Vesper Finance, a leading DeFi ecosystem and growth engine for crypto assets, today announced that it has integrated the Coinbase Wallet into its web application, available at https://app.vesper.finance/.

Vesper recognizes Coinbase as the go-to destination for first time crypto users, and this integration eases the transition for those graduating from first crypto purchase to first DeFi experience. Vesper also offers integration with MetaMask and WalletConnect.

Vesper routes user deposits of major crypto-assets — currently ETH, WBTC, USDC, LINK, as well as the platform’s VSP token — across various DeFi protocols to generate yield. Over time, the project seeks to expand the number of strategies and platforms integrated as well as supported deposit assets.

“Vesper is dedicated to making DeFi participation easy-to-use, and this integration seeks to further ease the barrier to entry for new users who want to explore cryptocurrencies and immerse themselves in DeFi,” said Jordan Kruger, head of DeFi at Bloq and co-founder of Vesper Finance.

About Vesper Finance

Vesper Finance is a DeFi ecosystem and growth engine for crypto assets, providing a suite of yield-generating products focused on accessibility, optimization, and longevity. Vesper is dedicated to creating and supporting the conditions for DeFi’s expansion and success, to the benefit of all participants. Learn more about Vesper at https://www.vesper.finance and follow on Medium, Twitter, Telegram, and Discord. Vesper was built by Bloq, a leader in blockchain innovation and infrastructure.

Contacts

Phil Gomes

Vesper Finance

media+vesper@bloq.com

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(Bloomberg) — Two United Airlines passengers who were on a flight when one of the plane’s engines exploded have filed lawsuits in Chicago alleging the company negligently operated a faulty aircraft.

The right engine of UA flight 328 from Denver to Honolulu on Feb. 20 failed as the Boeing 777-222 aircraft was climbing, forcing an emergency landing, according to separate lawsuits filed in Illinois state court. The passengers, Joseph McGinley of Honolulu and Jonathan Strawn of Sioux City, Iowa, said in court papers they suffered “personal, emotional, and pecuniary injuries.”

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Overall, corporate, leadership and conservative PACs gave $1.6 million to the House incumbents, compared to $17,500 for challengers. Prosperity Action PAC, started by former House Speaker Paul Ryan, gave to all 10 incumbents who voted to impeach. The PAC for Alphabet Inc.’s Google gave to nine of them.

Entrepreneur Kimbal Musk, the brother of Elon Musk, who has supported both Democrats and Republicans, gave $2,800 to each of the 10. They also each got $2,800 contributions from Chris Larsen, co-founder of Ripple Labs Inc. and $2,900 from John Chambers, the former executive chairman and chief executive officer of Cisco Systems Inc.

Some longstanding Democratic donors who poured millions into super PACs that supported President Joe Biden also crossed over to donate to the 10 Republicans who voted to impeach. Seth Klarman, CEO of Baupost Group LLC and Stephen Mandel, founder of Lone Pine Capital, each made $2,900 donations to the 10 incumbents.

But Republicans poured in money, too. Cheney, who raised the most among the 10, got $10,000 donations from Senator Mitt Romney’s Believe in America PAC and the Republican Jewish Coalition PAC, and $5,000 from leadership PACs led by Ryan, Senators Mitch McConnell of Kentucky, Bill Cassidy of Louisiana and Shelley Moore Capito of West Virginia. Hedge fund manager Paul Singer gave her $5,800, the maximum $2,900 for the primary and the election, and her parents, former Vice President Dick Cheney and his wife Lynne, each kicked in $5,600.

Trump said in a statement issued Wednesday through his PAC that he would endorse an opponent to Cheney, one of his most vocal critics, “soon.” Trump also discouraged multiple candidates from challenging her and splitting the vote, but she already has four.

Those four include two state lawmakers, Anthony Bouchard, a senator who raised $334,541, and Chuck Gray, a representative, who raised $173,279, including $133,124 he loaned his campaign.

But all this good luck for the incumbents may not last.

Republican donors who don’t share Trump’s enthusiasm for settling scores are worried that his army of online donors have yet to contribute. The 10 incumbents who voted for impeachment raised just 8.8% of their money from grassroots contributors who give less than $200.

“Trump – and those loyal to his brand – is still king when it comes to bringing in grassroots dollars,” said Dan Eberhart, a Republican donor and fundraiser. “Incumbents who voted against Trump have to be worried.”

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For the other plant, 8 Rivers is working with the Southern Ute Indian Tribe Growth Fund in Colorado. Both projects will be designed and developed this year, which 8 Rivers says requires spending tens of millions of dollars. A final decision on whether to go ahead with the facilities is due in 2022.

Net Power’s technology uses a new kind of turbine to burn natural gas in oxygen, rather than the air. As a result, the plant only produces carbon dioxide and water as a byproduct. The water can be frozen out of the mixture and the pure stream of CO₂ can be buried in depleted oil and gas wells or similar geological structures.

The required oxygen is secured by separating it from the air, which needs energy. But Net Power says its turbine is more efficient so that, on balance, the overall efficiency of the system matches that of an advanced natural-gas power plant that pumps its emissions into the atmosphere. Another upside of using oxygen is that Net Power plants do not produce any nitrogen emissions, which would cause local air pollution.

The startup built a functioning pilot plant in Texas in 2018 that can generate about 25 megawatts of power. The Illinois and Colorado plants will be Net Power’s first commercial-scale units. Each plant will be capable of generating 280 MW of electricity. The Colorado plant is also expected to use air cooling, which Net Power says will cut the amount of water required to zero. 

“Big projects take time,” said Cam Hosie, chief executive officer of 8 Rivers. “The most important thing for the rapid adoption of this technology is going to be that the first projects are successful.” Hosie said that about a dozen other Net Power plants are in various phases of development, with some planned to be built outside the U.S.

The Illinois power plant will inject its emissions into an already existing CO₂ well, which currently buries emissions from an ethanol production facility. The Colorado plant hasn’t decided where to bury its emissions, but 8 Rivers says that the site of the power plant is close to a CO₂ pipeline which extends the area available for storing the carbon.

Though the power plant won’t produce any pollution, environmentalists are concerned about the continued use of natural gas. The production and transportation of the fossil fuel does lead to emissions, which companies that rely on natural gas will have to mitigate.

Both plants will have access to a U.S. tax credit that amounts to about $50 for each ton of CO₂ injected into the ground. As in the case of solar and wind power, the credit seeks to subsidize early-stage climate technologies until they can compete with the existing fossil-fuel based incumbents.

Each of the power plants is expected to cost more than $500 million, which 8 Rivers and its partners will look to raise before the investment decision deadline. “The way to get to net-zero emissions with the abundance of natural gas that we have makes Net Power the solution,” said Ron Degregorio, chief executive officer of Net Power.

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A new relationship with YCharts will provide United Planners Financial Services & their affiliated advisors with strategic access to a suite of powerful investment analysis tools that simplify client engagements, optimize workflows, and enable smarter investment decisions.

CHICAGO–(BUSINESS WIRE)–YCharts, an investment research, analytics, and client communications platform, today announced a new partnership with United Planners Financial Services (“United Planners”).

United Planners’ more than 450 affiliated financial advisors will have access to YCharts’ tools to research investment opportunities, build portfolio strategies, and communicate insights to their clients and prospects. Financial advisors will have access to YCharts’ full suite including comprehensive data for stocks, mutual funds, ETFs, separate accounts and economic indicators, advanced portfolio analytics for strategy optimization and communication with clients, and powerful visualization and sales enablement tools.

“We are excited about this new strategic partnership. YCharts empowers our financial advisors to better service their clients by enhancing their overall ability to articulate how their investment management satisfies a client’s goals and objectives,” said Billy Oliverio, Executive Vice-President & Chief Marketing Officer, United Planners.

“YCharts aims to continuously improve financial advisors’ success,” says Kevin Knull, President and CRO at YCharts. “Our partnership with United Planners offers their affiliated advisors a great opportunity to streamline their investment research and client communications workflows.”

United Planners and YCharts will be holding a webinar on Friday, April 16th at 2:00pm ET to discuss the new relationship and present more information about YCharts to its advisors.

For more resources on how United Planners and affiliated financial advisors can get started on YCharts, please email sales@ycharts.com or start a free trial on ycharts.com.

About United Planners Financial Services

United Planners is a national wealth management firm that provides financial planning, investment management and insurance services. United Planners provides back-office support to independent financial advisors, who then help investors manage their wealth to achieve a variety of goals & objectives. United Planners is an open-architecture model that offers flexible, efficient and scalable solutions to position its financial advisors to build and manage profitable businesses. Learn more about United Planners at www.UnitedPlanners.com or 800-966-8737. United Planners is a Registered Broker-Dealer with the Financial Industry Regulatory Authority (FINRA) / Registered Investment Advisor with the Securities & Exchange Commission (SEC) / SIPC Member.

About YCharts

YCharts is an investment research platform that enables smarter investments and better client communications, serving a client base of more than 5,000 RIAs, financial planners, and asset managers who oversee more than $750 billion in assets. YCharts provides intuitive tools that help advisors optimize their investment strategies, and customizable sales enablement materials that support advisors’ and asset managers’ business development. A leading financial research platform, YCharts offers comprehensive data, powerful visualization tools, and advanced analytics for equity, mutual fund, and ETF data and analysis. As a modern, user-friendly platform for security research, portfolio construction, idea generation, and market monitoring, YCharts enables vast time savings and serves as an affordable alternative to terminal-based tools. For more information, visit ycharts.com, contact sales@ycharts.com, or follow on Twitter at @ycharts.

Contacts

Media contact for YCharts
Kara Hughes
VP of Marketing

kara@ycharts.com

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Members of the teachers union’s House of Delegates will weigh the deal at a meeting Thursday afternoon and vote on whether to bring the agreement to all union members for a vote. 

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If approved, it would end the impasse over reopening and clear the way to open high schools for the first time since last spring in the nation’s third largest school district. 

Among the city’s 72,947 eligible high school students, 35.6% said they would return, 45.3% declined, and 7.5%, or nearly 2,000 families, didn’t reply.

The union said three key demands drove the reopening negotiations: remote work accommodations, a shift in high school schedules, and a district guarantee of vaccine access for students and their vulnerable family members. 

According to an internal union document shared with delegates earlier this week, the district agreed to ensure that students and families in the top fifth of Chicago communities most vulnerable to COVID-19 could access vaccines. Chicago Public Schools also will offer shots at district-run sites to students who are 18 years or older. 

The union wanted school officials to agree that teachers who have no in-person students can work remotely — the district said teachers could request remote work from their principals on days that none of their students were in person. Remote work allowance on Wednesdays — a day all students learn from home — was on the table for high school teachers but not elementary or middle. Employees who were denied child care or household support accommodations can take unpaid, job-protected leave through the end of the year. 

Chalkbeat is a nonprofit news site covering educational change in public schools.

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