On Wednesday, October 3, the Illinois Commerce Commission approved Commonwealth Edison's proposal to change its rate formula, however the commission did not vote on exactly what ComEd initially proposed, the Chicago Tribune reports.

According to the media outlet, ComEd sought three changes that would have been favorable to them, and the change in the way the company's pensions are accounted for is a partial reversal of an earlier ruling. The original order slashed $168 million from the first ruling, and on Wednesday, ICC recommended a further reduction of $133 million.

The rate formula change was in response to the impending smart grid plan ComEd hopes to begin in the near future, which is expected to send residential electricity bills higher.

While this may seem alarming at first for Illinois ratepayers, the state's deregulated energy market will give ComEd customers to shop around for the best electricity rates. By using several resources that have been developed to let residents compare energy plans to find the best electricity rate, customers have started to switch away from the major state utility in pursuit of lower electricity bills.