Act: Real-Time Pricing Illinois

Real-time electricity pricing is a legally required option for electricity consumers in Illinois by Public Act 094-0977. Real-time pricing gives consumers information about the actual cost of electricity at any given time. Electricity prices change from hour to hour, but most consumers are forced to pay the same price no matter when they use electricity. Real-time pricing lets consumers adjust their electricity usage accordingly; for example, scheduling usage during periods of low demand to pay cheaper rates.

Real-time electricity pricing requires the installation of an electricity smart meter that can send and receive information about electricity costs and give consumers more information about their own usage. ComEd and Ameren have a number of ways that this information can be received, including online, via e-mail, text message, or telephone. By providing accurate information about electricity rates – as determined by overall demand – real-time pricing allows consumers to use that information to make decisions about electricity use.