In approving the 2023 Electricity Procurement Plan, the Illinois Commerce Commission accepted a change proposed by ComEd to reduce the hedging target to 50% within the ComEd territory. The acceptance of ComEd’s proposal was conditioned on the ICC’s approval of tariff revisions to ComEd’s Rider Carbon-Free Resource Adjustment “CFRA” (the CMC tariff). The conditions related to such tariff revisions have since been met.
The provisional targets provided in the RFP Rules were based on the July 2022 load forecast, which provided that no procurement was needed for ComEd for the 2023-2024 Delivery Year at the 50% hedging target. Final targets using an updated March 15 load forecast will be posted to the Final Materials page of the Block Energy and Capacity section of the procurement website by March 31, 2023. The preliminary observation from the updated March 15 load forecast is that there will be some small procurement volumes available for ComEd for the 2023-2024 Delivery Year due to load growth.