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The Illinois Commerce Commission slashed a proposed $314.3 million Nicor Gas rate increase by nearly 47% Wednesday, keeping a lid on rising energy bills for many suburban Chicago customers next year.

The ruling, issued during an open meeting in Chicago, reduces Nicor’s rate hike by $146.5 million. For customers, that translates to an average increase of about $4.25 per month beginning with the January bill, the utility told the Tribune.

“The ICC’s responsibility is to balance the interests of Illinois’ utilities and their consumers,” ICC Chair Doug Scott said in a news release. “We recognize that any decision impacting Illinoisans’ bills is not a small one, and after careful review of Nicor’s proposed investments, the Commission opted to stri

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