Chicago considers switching suppliers, with serious implications for Illinois electricity

Over the past few years, electricity deregulation has taken off across Illinois, with hundreds of thousands choosing to switch electricity providers.

Already this movement has had an impact on the state's utility companies, which have had to provide less and less power as more customers make the shift.

That process could get a jump, with Crain's Chicago Business reporting that the city of Chicago has decided to investigate switching electricity providers. While the move could restrict Chicago residents' choices somewhat, it would certainly have a major impact on the city's utility company, Commonwealth Edison.

With nearly 3 million residents suddenly getting their power from another electricity supplier, ComEd would suddenly have far more power purchased than it needs, potentially driving up electricity rates for its remaining customers.

Some towns have decided to look at following Chicago's example, but residents can actually already avoid the high potential electricity prices simply by switching electricity suppliers on their own.

Plug In Illinois reports that already more than 411,000 residents in Illinois have chosen to seek out lower electricity rates from competitive suppliers.