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Commonwealth Edison to Discard Accounting Practice after Request in Illinois.
Knight Ridder/Tribune Business News, May, 2002
By Melita Marie Garza, Chicago Tribune Knight Ridder/Tribune Business News
May 18--Commonwealth Edison Co. said Friday that it will abandon its plan to use a controversial accounting practice that might have led Illinois consumers to pay more for electricity.
The about face came two days after the Illinois Commerce Commission, which regulates the utility, filed a request with the Federal Energy Regulatory Commission, asking that FERC order ComEd to change its accounting practice.
The aggressive accounting method inflated the equity on the company's balance sheet and could reap extra profit for ComEd. State regulators feared that, if continued, it could permit ComEd to avoid paying refunds to ratepayers in the future, according to the...
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