Chicago Negotiating ComEd Franchise Agreement Amidst Bribery Investigation
The current franchise agreement between the City of Chicago and Commonwealth Edison (“ComEd”) was signed in 1992 by Mayor Daley and is set to expire at end of 2020. Since 1990, ComEd has generated approximately $60.7 billion in revenue in Chicago alone. In July 2020, Chicago officials announced the results of a feasibility study regarding a potential municipal takeover of ComEd’s electric utility infrastructure. In the same month, ComEd executives admitted to having orchestrated an eight-year bribery scheme where they made payments to Public Official A, later revealed as Illinois House Speaker Mike Madigan, in return for political favors.