After roughly a decade of formula ratemaking in Illinois, a general consensus has emerged that formula rates are bad public policy. Proponents of Public Act 102-0662, the energy bill passed in September, claimed it ended formula rates. We argued the new law did not, but rather transitioned from one type of formula rate to another, maintaining harmful formula rate profit guarantees while also likely increasing profit rates. Our opposition to this policy was so strong that we opposed the overall bill, despite enthusiastic support for many policies in it. This short paper explains what this key formula rate mechanism, an annual actual cost reconciliation, does, how it does it, and how it threatens Illinois’ energy goals.