The Illinois Commerce Commission (ICC) is the acting Bureau of Public Utilities for the state. The Commission oversees the provision of adequate, reliable, efficient, and safe utility services at the least possible cost to Illinois citizens served by electric, natural gas, telecommunications, water, and sewer public utility companies.
ICC approval for a REC contract with the ABP indicates that the project's application and associated documentation have been reviewed and deemed eligible for participation in the program. This approval ensures that the designed project meets the program's criteria and requirements, allowing it to receive incentives in the form of RECs.
In summary, ICC approval for a REC contract allocates the incentive funding for the application, locking in the rate and committing those RECs to the contracting utility. The funding will not be released until the ABP verifies Part 2 of the application, the utility has been invoiced, and the Approved Vendor (CSG) has processed the payment.
How does ICC approval impact the Collateral?
CSG can pull an application and refund the 5% Performance Collateral as long as it has not gone to ICC approval. After ICC approval, the 5% Performance Collateral is Non-Refundable.
How long does approval take?
ICC will review applications that are Part 1 approved by the ABP admin. They do this in batches. Once a project is verified by the ABP they will present a batch for review to the ICC which meets every two weeks to review batches.