Latest news with #GilQuiniones
Yahoo
2 days ago
- Business
- Yahoo
ComEd Announces New Improvements To The Itasca Substation's Power Infrastructure
Exelon Corporation (NASDAQ:EXC) is among the 13 Best Electrical Infrastructure Stocks to Invest In. Exelon Corporation (NASDAQ:EXC)'s ComEd announced the completion of a $96 million upgrade to its Itasca substation on July 15, 2025. An overhead view of a powerful electricity transmission tower with in motion cables. This significant infrastructure investment strives to strengthen northern Illinois's economy and increase reliability. The project, which was started in 2022, adds huge power transformers and modern gas-insulated switchgear technology to the bulk 345 kV transmission line, increasing its capacity. The upgrade is a component of a larger regional investment of $1 billion that is linked to the Western O'Hare area's growing power demands. Gil Quiniones, president and CEO of Exelon Corporation (NASDAQ:EXC)'s ComEd, stressed the importance of these modifications in light of growing electrification and extreme weather. Ruiz Construction Systems led the project, which was developed in collaboration with the Village of Itasca to reduce the impact on the neighborhood. Illinois State Rep. Jennifer Sanalitro underlined the grid's economic relevance, while Choose DuPage CEO Greg Bedalov highlighted its role in attracting firms. ComEd, a division of Exelon Corporation (NASDAQ:EXC), provides services to 4 million customers in northern Illinois. It is ranked eleventh on our list of the Best Electrical Equipment Stocks. While we acknowledge the potential of EXC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
4 days ago
- Business
- Chicago Tribune
ComEd CEO seeks rules to prevent AI from boosting energy bills
The head of Chicago's biggest energy supplier has called for new rules to curb the impact of the artificial intelligence boom on consumers' electricity bills. Commonwealth Edison Co. has proposed modifications to tariffs that include higher deposits for data centers, according to Chief Executive Officer Gil Quiniones. He also wants data centers to post collateral in case 'loads and revenues do not materialize as planned.' 'What really needs to happen is to make sure that we're not shifting costs due to data centers powered by AI to all the other customers,' Quiniones said in the interview Wednesday. Concerns are growing about the impact on ordinary consumers from the massive build-out of AI-related infrastructure. The boom is spurring the largest increase in US electricity demand in decades, but power suppliers struggling to keep pace. Quiniones spoke at the Global Quantum Forum in Chicago, where utility executives including ComEd's owner, Exelon Corp., and Southern Co. also addressed the issue. Southern's CEO Chris Womack said Americans will revolt if they end up on the hook for soaring power costs associated with AI. Earlier this week, the operator of the largest US grid offered more evidence of how power prices are being bid higher. The outcome of an electricity auction Tuesday meant businesses and households served by PJM Interconnection LLC will spend a record $16.1 billion to ensure power supplies in the year starting June 2026. The region supplied by PJM includes Chicago. Prices would have been even higher if Pennsylvania Governor Josh Shapiro hadn't sued to place a cap on increases, Exelon CEO Calvin Butler said during a panel discussion. 'When you look at the prices that came out yesterday, they're only going to continue to increase,' Butler said. 'Policy is very important, because we have to get this right. And I wish I could tell you today that we have an answer for the short term.' The growth of quantum computing in Illinois alongside the AI and data centers boom needs to be closely watched, Quiniones also said. While quantum computing is less energy-intensive than AI, Chicago's quantum and microelectronics park, a project spearheaded by Illinois Governor JB Pritzker, has already attracted more than $1 billion in investment from companies including PsiQuantum Corp., International Business Machines Corp. and Infleqtion. 'For now, we are a state that exports power,' Quiniones said. 'We need to be very, very closely monitoring this, working with PJM and our regulators in the state to make sure that we make appropriate additions in the future, not only in generation capacity, but investment on the transmission system.'
Business Wire
15-07-2025
- Business
- Business Wire
ComEd Unveils New Power Infrastructure Upgrades at Itasca Substation
ITASCA, Ill.--(BUSINESS WIRE)--ComEd today joined business and community leaders from Itasca and the surrounding area for a ribbon cutting event to mark the completion of a critical infrastructure investment at the transmission substation located in Itasca. These investments continue to support economic growth, prepare the region for future power needs, and increase reliability and resiliency of the local transmission system. 'ComEd has one of the most reliable grids in the nation, and that is a direct result of investments like the one we are celebrating today,' said Gil Quiniones, President & CEO of ComEd. 'At a critical a time when severe weather and electrification are on the rise, we are strengthening the region's energy infrastructure to support the growing needs of our communities and the companies who do business in northern Illinois.' The projects in Itasca are part of a series of transmission upgrades that ComEd is performing in the region. Over $1 billion in investments is planned for the energy needs and electricity capacity growth for homes and businesses in the Western O'Hare region of Illinois. 'At Choose DuPage, we work to position DuPage County and Chicagoland as a premier global business location – attracting companies to invest and grow in our region. Having reliable electric infrastructure is a critical component in our ability to do this,' said Greg Bedalov, President & CEO, Choose DuPage. 'As we draw nearer to the completion of the Western Access O'Hare project, we're seeing more opportunity in this area and these upgrades will help us meet that demand, while positioning the region for success in the future.' This substation project in Itasca was launched in 2022 and boosts the capacity and resiliency of the bulk 345kV transmission system, a high voltage network that moves power from generation locations to areas of the region where power needs are most concentrated, serving commercial and residential customers alike. The project also delivers hardening measures critical to ensuring the grid remains secure and flexible to withstand increased demand due to more frequent and severe weather events, as well as the growth of businesses, electrification and renewable energy. 'This project took a lot of effort and teamwork to get done,' said Mayor Jeff Pruyn, Village of Itasca. 'Because of that work, our region's power system is stronger and more reliable, helping keep homes, schools, and businesses running without interruption.' Capital upgrades include expansion of high voltage lines, new large power transformers and new gas insulated switchgear technology. ComEd worked closely with the Village of Itasca to develop the project in a way that maximizes security of the site, while minimizing visibility of infrastructure from Prospect Avenue and residential neighborhoods to the west and IL-390. "Reliable power infrastructure is essential to keeping our region competitive and prepared for future growth. The $96 million in upgrades to the Itasca substation will strengthen our electric grid while creating jobs and supporting local business across the area,' said Illinois State Representative Jennifer Sanalitro. 'Thank you to ComEd and their partners on this project for their commitment to enhancing grid reliability for Illinois residents and businesses." Construction on the $96 million project first kicked off in 2022, and was led by local, certified DBE construction firm, Ruiz Construction Systems. 'Today's ribbon-cutting ceremony marks a major milestone in ComEd's continued commitment to modernizing and strengthening the region's electrical infrastructure. Ruiz Construction Systems is proud to have contributed to the successful completion of the TSS101 Substation and is honored to support ComEd's forward-looking vision for a more resilient energy future. This new facility stands as a testament to the shared commitment between ComEd and the Village of Itasca to invest in infrastructure that supports growth, innovation, and long-term economic development. It represents the kind of progress that ensures our communities are equipped to meet the demands of tomorrow. Ruiz Construction Systems is thrilled to support ComEd's mission to enhance and future-proof Illinois' energy infrastructure. As our region's energy needs continue to evolve, we remain dedicated to delivering innovative solutions that foster progress, drive economic growth, and ensure a resilient future for all. Together, we are not just building infrastructure, we are laying the foundation for what comes next.' ComEd's investments in modernizing the grid have led to record-breaking advancements in reliability and are helping bring more businesses to the region every year. Last year alone, ComEd helped bring 15 new commercial projects to northern Illinois, with these facilities set to add nearly 1,400 jobs and more than $17 billion in local capital investment from those new businesses.
Associated Press
27-06-2025
- Business
- Associated Press
ComEd Launches Expansion of Elk Grove Substation to Enhance Reliability, Support Evolving Business Needs
CHICAGO--(BUSINESS WIRE)--Jun 27, 2025-- ComEd today joined business and community leaders to break ground on a significant expansion of an electrical substation located in Elk Grove Village. The expansion of this substation is part of an 11 project, $1 billion capital investment, that will support economic growth, increased transmission capacity and bring enhanced reliability to serve existing customers and data centers in the growing northwest suburban business corridor and greater Western O'Hare region of Illinois. The impacted data centers represent nearly 1.9 GW of energy growth in the area. 'This project is part of a broader effort by ComEd to ensure northern Illinois has a robust portfolio of energy infrastructure, fully capable of supporting the growth of businesses and meeting the evolving needs of our customers,' said Gil Quiniones, President and CEO of ComEd. 'With best-in-class reliability, the ComEd grid will continue to play a pivotal role in achieving economic development goals for both the region and the state.' The project is the continuation of more than $1 billion in planned projects by ComEd to enhance its transmission infrastructure in this area over the next few years as it prepares to meet evolving power demands of its customers, including the recent increase in large commercial projects. 'Today's groundbreaking marks a significant milestone in the expansion of ComEd's existing substation in our community,' said Elk Grove Village Mayor Craig B. Johnson. 'It's a powerful next step towards strengthening our infrastructure and supporting the ever-growing energy needs of our large power users. This investment ensures we're not just keeping pace with demand, but hopefully laying the foundation for a stronger, more resilient future. It reflects our commitment to economic development, innovation and to the businesses that choose to call Elk Grove Village home.' ComEd began construction on the existing Elk Grove transmission substation in 2019 to help ensure transmission capacity for the area, which has seen strong growth in recent years tied to data centers and other high density load projects. Access to power is increasingly important for customers in their decision on where to locate their operations. ComEd is focused on investments needed to serve evolving demand for power, all while upholding its industry leading reliability and resiliency. In 2024, ComEd secured approval on a multiyear grid plan that will support continued advancements in critical power delivery infrastructure. 'Infrastructure is one of Chicagoland's greatest competitive advantages—and today's announcement by ComEd is a powerful example of how forward-looking investment supports forward-moving growth,' said Kyle Schulz, Chief Growth Officer, World Business Chicago. 'From data centers to advanced manufacturing, companies choose the Chicagoland region because of its unmatched access to power, talent, and connectivity. This investment doesn't just strengthen the grid—it reinforces the region's position as a national leader in innovation, resilience, and economic opportunity.' Engineering and design for this $155 million project began in 2024 and construction is currently underway. The construction is being completed by a diverse, local firm, Ruiz Construction Systems. 'The expansion of this facility underscores ComEd's enduring commitment to strengthening northern Illinois' energy infrastructure. Ruiz Construction Systems was proud to support the successful construction of this substation in 2019, and we are honored one again to contribute to the growth and advancement of this critical asset,' said Brayant Ruiz, VP of Administration at Ruiz Construction Systems. 'This development reflects the region's continued growth and ComEd's dedication to meeting the evolving energy needs of the communities it serves. Each project reinforces a culture of innovation and forward progress. For nearly two decades, Ruiz has been privileged to support ComEd's mission to build, enhance and adapt the region's energy systems. We remain committed to these efforts, to our partnership with ComEd and to advancing electrical innovation across Illinois.' At the conclusion of this upgrade, the expanded substation will have new gas insulated switchgear (GIS) equipment and 345-138kW transformers to support the necessary expansion and grid hardening of the bulk transmission electrical system for the region. This upgrade to more compact and efficient equipment will boost the capacity of the substation while minimizing land expansion. Construction surrounding this specific expansion is now underway, and the project is expected to be completed by December 2026, enabling the successful growth of future projects in the area. ComEd's investments in modernizing the grid have led to record-breaking advancements in reliability and are helping bring more businesses to the region every year. Last year alone, ComEd helped bring 15 new commercial projects to northern Illinois, with these facilities set to add nearly 1,400 jobs and more than $17 billion in local capital investment from those new source version on CONTACT: ComEd Media Relations 312-394-3500 KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS INDUSTRY KEYWORD: ENERGY OTHER CONSTRUCTION & PROPERTY CONSTRUCTION & PROPERTY OTHER ENERGY UTILITIES SOURCE: ComEd Copyright Business Wire 2025. PUB: 06/27/2025 10:56 AM/DISC: 06/27/2025 10:56 AM
Yahoo
12-06-2025
- Business
- Yahoo
ComEd launching $10 million customer relief fund to offset spike in electricity prices
At the start of a spike in electricity supply charges, ComEd is announcing the launch of a $10 million relief fund to defray costs for low-income residential customers and nonprofit organizations facing a long, hot summer. Exelon, the utility's Chicago-based parent company, is donating the relief money, which will be administered through Neighborhood Housing Services of Chicago and The Salvation Army to help customers behind in their bills, ahead of peak air-conditioning season. The Customer Relief Fund will provide one-time grants of up to $500 for qualifying low- to moderate-income customers, and $1,000 for nonprofit organizations in northern Illinois. ComEd customers can apply for assistance beginning July 7 at 'It is important to us that when we can help, even if it's only one time, we will do so, and this is one of those times,' ComEd CEO Gil Quiniones told the Tribune. 'It should help thousands of customers.' The cost for an average residential customer is expected to go up $10.60 per month beginning in June, according to ComEd. The increase is caused by a higher rate ComEd will pay for electricity over the next year, a supply cost which the utility passes through to customers. The monthly capacity charge would have added closer to $14.86 per customer, the utility said, but part of the increase was offset by a provision of the state's Climate and Equitable Jobs Act, which requires ComEd to issue a credit when energy prices go above a certain level. The supply charge represents about half of the monthly bill and does not benefit ComEd, which makes its profit on the delivery charges. The average residential ComEd customer pays $108 per month for the total bill, before the expected supply charge increase, the utility said. PJM Interconnection, a Pennsylvania-based regional transmission organization, manages the electricity supply grid for 13 states, including ComEd's 4.2 million customers in northern Illinois. It holds an annual capacity auction for expected reserve electricity needed during peak demand, and last year those supply prices skyrocketed. ComEd said the retirement of fossil fuel plants and rising demand have put more pressure on the grid, contributing to higher supply prices. The utility also said a backlog of integrating wind, solar and other renewable energy suppliers into the grid is making it harder to replace lost capacity. 'It's the imbalance of supply and demand and those renewable projects getting stuck that has caused this increase in capacity costs,' Quiniones said. Electric utilities and their customers across the country are navigating similar supply cost issues, including Ameren in downstate Illinois, where monthly bills are expected to spike 18% to 20% this summer. Exelon is donating a total of $50 million to customer relief funds through its six utility companies, including BGE in Maryland, PECO in Pennsylvania and the $10 million for ComEd in Illinois. The supply cost spike is projected to increase the average ComEd residential customer bill by about 10% over the next 12 months, but the costs could run higher this summer during peak air-conditioning season. Chicago is forecast to have a hotter-than-average summer, according to the National Weather Service. The relief targets ComEd residential customers at or below 300% of the federal poverty level who are in arrears. Applications can be submitted online through the ComEd portal beginning July 7. ComEd residential customers approved for the relief funds will see the money appear as a one-time credit on an upcoming bill, wiping out up to $500 in past due balances. 'At The Salvation Army, we believe every family deserves to live in a home where basic needs like electricity aren't a source of stress or hardship,' Salvation Army Divisional Cmdr. Lt. Colonel Jonathan Rich said in a news release. 'The Customer Relief Fund will make a real difference for people, and we're proud of our collaboration with ComEd to keep working toward long-term solutions that bring stability and dignity to communities across northern Illinois.' ComEd customers are already dealing with an increase on the delivery portion of the bill this year. In December, the Illinois Commerce Commission approved the utility's power grid improvement plan, increasing electric bills by more than $600 million over four years. The approved grid plan will result in an average delivery increase of $1.84 to monthly residential bills each year through 2027, according to ComEd. rchannick@
