CHICAGO (STMW) – Illinois Attorney General Lisa Madigan and the Citizens Utility Board on Tuesday asked the Illinois Commerce Commission to deny a Commonwealth Edison request for a $396 million rate increase to deliver electricity, and requested rates actually be reduced.

Madigan and CUB filed accounting reports with analyses that rejected many of ComEd’s June 30 rate hike proposals to collect more for specific utility expenditures — including the company’s request to increase its authorized profit level form 10.3 to 11.5 percent, according to Madigan release.

Instead, they requested ComEd’s approved profit level be limited to 8.94 percent, which would reduce the rate hike by $157.4 million. They also asked the ICC to reduce the rates paid by ComEd customers by $45.4 million.

“In this challenging economy, it is outrageous for ComEd to request increased rates to boost company profits at the expense of families who are struggling,” Madigan said. “Consumers deserve fair, affordable electricity rates, and I will continue to fight to achieve that goal.”

One of the main cuts Madigan and CUB requested involves $67 million for depreciation on utility infrastructure used to deliver electricity to customers, the release said. The legality of this cut is currently being reviewed in court.

Madigan also submitted detailed economic and demographic information on the economic downturn’s impact on ComEd customers.

© Sun-Times Media Wire Chicago Sun-Times 2010. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed