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JCP&L’s request to recoup $736 million approved

Local News | Mar 21, 2014

JCP&L’s request to recoup $736 million approved

MORRISTOWN, N.J. (AP) — New Jersey’s second-largest utility company has been given permission to raise customers’ bills to pay the costs it incurred to restore power after Superstorm Sandy and other storms.

The state’s Board of Public Utilities voted Wednesday, as reported in The Star-Ledger, to allow Jersey Central Power & Light to recover $736 million it spent on repair and restoration efforts following Hurricane Sandy, Tropical Storm Irene and two other storms.

The four-member board voted unanimously to follow the recommendation of its staff, the Division of Rate Counsel and JCP&L as part of a negotiated agreement.

That cost will be passed along to the utility’s 1.2 million customers, but the exact amount remains unknown.

The company’s earlier filing estimated rates being raised 4.5 percent, or more than $53 annually per customer.

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