This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Southeast Side Residents Urge Governor Quinn To Sign Chicago Clean Energy Bill

Stocks in this article: LUK

CHICAGO, July 9, 2012 /PRNewswire/ -- Today more than 150 community members of the Southeast Side of Chicago gathered in support of the Chicago Clean Energy project, a $3 billion private investment in the city. Frustrated by misinformation and rumor being circulated against the project, the group took a stand to set the record straight and to urge Governor Quinn to sign SB 3766, legislation that advances the project. Chicago Clean Energy will use gasification – a proven technology that creates substitute natural gas without burning or combustion and captures carbon dioxide and harmful emissions.

Opponents of the project are trying to scare consumers into thinking they will pay impossibly high and imaginary prices for natural gas from the Chicago Clean Energy facility. The information is completely false.

The fact is the project is guaranteed by law to save consumers at least $100 million on natural gas bills over 30 years. The Illinois Power Agency oversaw a $10 million state-sponsored study that demonstrated that the project is likely to save consumers over $1.2 billion.  The pricing structure established by the existing law includes a number of built-in consumer protections to keep the price of natural gas near market during volatile prices swings. This includes a 2 percent rate cap, a $1.5 billion reserve account that mitigates rate changes and a performance-based system to share savings and extra revenues with consumers. The structure of the rate caps is comparable to those established for wind and solar projects in Illinois.  

"It's troubling that opponents of this project don't even try to understand the law, the economics or the math," said Representative Joseph M. Lyons (D – 94). "Presuming natural gas prices will remain the same for the next 30 years is bad thinking and bad policy. The residents of Illinois deserve better. They also deserve a shot at a clean energy future, and an innovative project like this one."

"Enough is enough with the lies and scare tactics from special interest groups that know nothing about our community," said Dan McMahon, business manager, Carpenters Local 272 and lifetime resident of the Southeast side. "We know the Chicago Clean Energy project is good for our community because we are the ones who live and work here. We urge Governor Quinn to listen to our voices and not those spreading false information."

Gasification is a critical part of the necessary transition from traditional coal-fired power to a cleaner energy future. Six separate pieces of legislation comprise the enabling statutory framework for the Chicago Clean Energy project, each of which passed both chambers of the Illinois General Assembly by wide margins, with strong bi-partisan support.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs