IL SB4226

Establishes a Power Price Mitigation Rebate program providing $200,000,000 in state funds to eligible electric utilities serving residential and small commercial customers affected by increased electricity prices.

Qualifies utilities that can demonstrate more than 90% year-over-year increases in default power supply rates (comparing June 1, 2021 to June 1, 2022 rates), with exclusions for multi-jurisdictional utilities relying primarily on company-owned generation.

Requires utilities to file tariffs with the Illinois Commerce Commission providing monthly rebate credits to all residential and small commercial customers, with credits applied to bills from August through December 2022 and continuing into 2023 if necessary.

Mandates utilities include bill inserts stating "Your bill has been reduced this month by the Power Price Mitigation Rebate Act" and label credits as "State Funded Power Price Mitigation Credit."

Expires December 31, 2023, with utilities required to return any unapplied funds by June 30, 2023 and able to recover reasonable implementation expenses and up to 2% of excess credits through future rate increases.