Associated Press - June 3, 2007 5:24 PM ET
CHICAGO (AP) - Lieutenant Governor Pat Quinn is criticizing the head of energy company Exelon Corporation, saying Chief Executive John Rowe is unfairly profiting from a controversial electricity rate hike.
Quinn's renewed campaign against the parent company of electricity provider Commonwealth Edison comes as lawmakers continue debating an electric rate relief package after a 10-year rate freeze ended in January.
This year Rowe has exercised stock options on about 345,000 shares of the Chicago-based company. Quinn says the transactions have a value of about $14 million.
But an Exelon spokeswoman rebuffed Quinn's criticism.
Jennifer Medley says Rowe's compensation is tied to the company's performance and the stock options transactions were scheduled last summer.
Exelon's shares have climbed 22% since January.
Illinois lawmakers give themselves a raise
Fact vs. fiction, ComEdComEd Claim
If we don’t get a rate hike, we could go bankrupt and Illinois could suffer widespread power outages, similar to the crisis California endured several years ago. CUB Analysis
Illinois has so many power plants that we export electricity to other states. Talk of ComEd bankruptcy ignores the fact that its parent company, Exelon, had a record profit of $1.9 billion in 2004, and analysts predict it will continue to fl ourish even if rates are frozen. While Exelon says it absolutely needs higher rates in Illinois, it sings a different tune in Pennsylvania, where it locked in a $120 million rate cut through the end of the decade.
Labels: Pat Quinn