JCP&L receives 3.6% rate increase via settlement approved by NJ BPU
Written By: Stratton Report
December 12, 2016
On December 12, JCP&L announced today the New Jersey BPU had approved a settlement in the company’s base rate case that will result in a 3.6 percent overall rate increase, raising a total of $80 million.
Per the utility, the settlement is to recover costs of investments in service-related enhancement projects that have been completed since mid-2012; parties to the settlement included the BPU staff; New Jersey Division of Rate Counsel; Gerdau Steel; U. S. Department of Defense; and New Jersey Large Energy Users Coalition.
Jim Fakult, President of JCP&L noted:
“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. 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, 2017.