Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Peoples Gas has cut a deal with ComEd to put its Chicago natural gas customers on ComEd’s smart-grid system. The move will likely result in a rate increase for People’s customers. The Illinois Commerce Commission will have to approve the agreement. Both utilities say it will save customers money in the long run.

Also, A Chicago-based investment firm has set up a nearly $3 billion fund to invest in early-stage biotech companies in the U.S. Arch Venture Partners closed the fund at $2.98 billion, according to Crain’s. Listen for more below: