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NJ utility asks state for 4.5 percent rate hike



TRENTON, N.J. (AP) — New Jersey’s second-largest utility has asked regulators for permission to raise rates to pay for recovery costs after Superstorm Sandy and a slew of other storms that have hit the state in recent years.

JCP&L wants to raise rates by 4.5 percent or more than $50 per year for the typical residential customer.

The request filed Friday with the Board of Public Utilities includes a 1.5 percent increase requested in November. It was first reported by The Star-Ledger (http://bit.ly/XRj9zE)

The company, which serves customers on the shore, says it spent $630 million to pay for damage caused by Sandy last year.

The request calls for recovering most of that from ratepayers.