Jersey Central Power & Light (JCP&L) – a FirstEnergy company that serves 1.1 million retail electric utility customers in the Garden State – announced on December 12 that the New Jersey Board of Public Utilities (BPU) has approved a settlement in the company’s base rate case (Docket No. ER16010044) that will help support and build on the significant system hardening efforts made by the utility since 2012.
Overall, the increase will total $80 million and be used to continue tree trimming, inspections of lines, poles and substations, and maintenance for newly installed equipment that enhances and modernizes the electric system.
The settlement results in a 3.6 percent overall rate increase – or $3.98 a month – for a residential customer using 768 kilowatt hours (kWh) of electricity, which is the average monthly usage for all JCP&L residential customers.
Even with the increase, JCP&L continues to offer the lowest residential electric rates among New Jersey’s four regulated electric distribution companies, the utility claims.
Parties to the settlement included the commission staff; New Jersey Division of Rate Counsel; Gerdau Steel; U. S. Department of Defense; and New Jersey Large Energy Users Coalition.
“It’s our job to provide dependable electricity to our customers for their homes, businesses and communities, and the rate settlement will help us deliver on this commitment,” said JCP&L President Jim Fakult, in a formal company statement.”The additional revenue will provide us the resources and technology necessary to enhance our infrastructure to help continue safe and reliable electric service for our customers.”
JCP&L’s new rates will be effective January 1.