Gov. Pat Quinn is sticking with his appointee to run the Illinois Power Authority. The appointee is Arlene Juracek, who is retired after 35 years working for Com Ed, and who holds stock in Com Ed. The power authority is supposed to get the best electricity prices for customers, but the governor isn’t bothered by her association with Com Ed.
Click here for summary
“The law that was passed by the General Assembly required that the person holding that office to have had, I think, 15 years of utility experience. The law itself anticipated that such a person, oftentimes retired from the utility business, might have stock in their company,” Quinn said. Juracek spearheaded the “reverse auction” in 2006 that resulted in sharply higher electricity rates and higher profits for Exelon, the parent company of Com Ed, and prompted the state to create the Illinois Power Authority. The auction produced prices of $70.14 per megawatt hour, even though a University of Illinois study found the cost to supply electricity was $20 to $28 per megawatt hour. She might have trouble being confirmed in the Illinois Senate. Illinois lawmakers last week voted to remove the Illinois Power Authority from the administration and place it under the direction of the Executive Ethics Commission.