The Illinois Power Agency was established in 2007 by Public Act 95-0481. Its goals and objectives are to accomplish each of the following:
•Develop electricity procurement plans to ensure adequate, reliable, affordable, efficient, and environmentally sustainable electric service at the lowest total cost over time, taking into account any benefits of price stability, for residential and small commercial customers of Ameren and ComEd. The procurement plan is updated on an annual basis and includes renewable energy resources sufficient to achieve the renewable portfolio standards specified in the Act. •Conduct competitive procurement processes to procure the supply resources identified in the procurement plan. •Develop electric generation and co generation facilities that use indigenous coal or renewable resources, or both, financed with bonds issued by the Illinois Finance Authority. •Supply electricity from any Agency facilities at cost to one or more of the following: municipal electric systems, governmental aggregators, or rural electric cooperatives in Illinois.