CHICAGO (June 26, 2009) - Exelon today praised the U.S. House of Representatives for its passage of the American Clean Energy and Security Act (ACES) sponsored by Chairman Henry A. Waxman of the Energy and Commerce Committee and Chairman Edward J. Markey of the Energy and Environment Subcommittee.
"Addressing climate change is one of the most compelling causes of our time, and we applaud the House for taking bold and decisive action to pass this pragmatic and balanced legislation," said John W. Rowe, chairman and CEO of Exelon. "Chairmen Waxman and Markey, along with Representative Boucher and Speaker Pelosi, have crafted a bill that balances the need to protect consumers, business and the economy with the urgent need to reduce our nation's greenhouse gas emissions."
Exelon is particularly pleased that free allowances will be allocated to local utilities to help mitigate the impact of increased prices on consumers.
"This bill protects Americans' pocketbooks during the transition to a low-carbon economy by allocating a significant percentage of emissions allowances to local utilities. Utilities will use the proceeds from these allowances to help customers affected by higher energy prices through rebates, low-income assistance, customer energy-efficiency programs and other measures," Rowe said.
Exelon also thanked House Representatives for their support of this bill that will protect the nation's economy and American families' budgets and jobs, while preserving the environment for future generations.
"Addressing climate change is one of the most compelling causes of our time," added Rowe. "We encourage members of the Senate to follow the bold and decisive action of the House to work on passing similarly comprehensive climate change legislation during this Congress."