FirstEnergy's JCP&L Submits Rate Filing
FirstEnergy's (NYSE: FE) Jersey Central Power & Light (JCP&L) today filed with the New Jersey Board of Public Utilities (BPU) to request a change in distribution base rates.
JCP&L's filing is to comply with a BPU order issued earlier this year for the company to file a base rate case, detailing its spending on operations, maintenance and capital investment. The filing also includes the costs associated with restoring power to customers after Hurricane Irene and the October snowstorm in 2011. The filing will be amended later to include the restoration costs for Hurricane Sandy, once the costs are fully accounted.
If approved, the $31 million rate request would result in about a 1.4 percent overall rate increase for an average JCP&L residential customer. While the effect on customers' bills would depend on their specific residential or general service rate and actual monthly use, the proposed rate request would increase the bill for a JCP&L residential customer using 650 kilowatt hours of electricity a month by $1.51.
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