CHICAGO, Ill. (WTVO) — Commonwealth Edison (ComEd) plans to overcharge customers by almost $1 billion over the next 4 years, according to Citizens Utility Board (CUB) on Tuesday.

The utility giant, which enjoys a “near-monopoly” on electric utilities in northern Illinois, proposed a four-year $1.5 billion rate hike in January, according to CUB.

The proposal would increase monthly rates by an average of $4.25 each year, resulting in a $17 a month increase by 2027.

“It’s immediately apparent that the company is pushing for an excessive profit rate for its shareholders,” CUB Executive Director David Kolata said. “ComEd has to maintain its system, but it never deserves a blank check. We urge state regulators to make deep cuts in ComEd’s rate-hike proposal.”

The board’s findings stem from an analysis by Brubaker & Associates, Inc., a Missouri-based consulting firm that specializes in utility regulation, and environmental sustainability consulting firm Energy Futures Group.

The firms’ testimony makes several recommendations to slash the rate hike by nearly a billion dollars.

Approval of the rate-hike request will be decided in November.