The IPA 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, ComEd, and MidAmerican. The procurement plan is updated on an annual basis.
- Conduct competitive procurement processes to procure the supply resources identified in the procurement plan.
- Develop and implement a Zero Emission Standard Procurement Plan.
- Develop a Long-Term Renewable Resources Procurement Plan and implement the programs and procurements contained in the Plan, including the Adjustable Block Program and the Illinois Solar for All Program.
- 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. [Not currently active]
- 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. [Not currently active]
The Illinois Power Agency is an independent agency subject to the oversight of the Executive Ethics Commission. As such, the IPA must:
- Ensure that the process of power procurement is conducted in an ethical and transparent fashion, immune from improper influence.
- Operate in a structurally insulated, independent and transparent fashion so that nothing impedes its mission to secure power at the best prices the market will bear, provided that it meets all applicable legal requirements.