Dive Summary:

• The $72.5 million Illinois Science & Energy Innovation Foundation smart grid fund is being funded by utilities Commonwealth Edison Co. and Ameren Illinois as well as ratepayers.
• The funding stems from a law passed last year that allows utilities to spend up to $3.2 billion modernizing the state’s electrical grid; while rate hikes might be required to implement some of the upgrades, the utilities involved say the new system will ultimately result in cheaper rates for consumers.
• About $22.5 million is funded by the utilities to pay for new and emerging technologies while the rest of the fund – 70 percent of which will be paid for by electricity customers through their bills – is for educating consumers about the smart grid and its devices.

From the article:

A new $72.5 million investment fund that promises to invest in innovative smart grid technology in Illinois announced its debut today at the Great Lakes Symposium on Smart Grid and the New Energy Economy in Chicago.

The Illinois Science & Energy Innovation Foundation is being funded by utilities Commonwealth Edison Co. and Ameren Illinois as well as by ratepayers as part of legislation passed last year by the Illinois General Assembly. ...