JCP&L reaches settlement agreement with state regulators on rate review

Published on February 07, 2024 by Dave Kovaleski

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Jersey Central Power and Light (JCP&L) reached a settlement with the New Jersey Board of Public Utilities (BPU) on its base rate review.

If ultimately approved, the settlement will help JCP&L invest in enhancements that strengthen electrical infrastructure and allowing the company to recovering its investments in restoring electricity following storms and severe weather.

“This agreement allows us to continue to keep our rates the lowest in New Jersey while moving forward with our customer-focused priorities: delivering safe, reliable and affordable electricity to the homes and businesses in our service area. It also puts a spotlight on the assistance available to our customers facing financial hardship,” Jim Fakult, president of JCP&L, said.

The settlement includes several investments, including infrastructure upgrades to enhance the performance of 18 high-priority circuits that have a history of service disruptions in JCP&L’s service territory. Further, it includes increasing existing vegetation management investments to enhance tree trimming and other related work around JCP&L wires.

Further, the investments encompass the launch of an Energy Assistance Outreach Team to enhance the company’s ongoing efforts to increase awareness, education and participation in energy assistance programs available to eligible customers.

Parties to the settlement include JCP&L, New Jersey Division of Rate Counsel, New Jersey BPU, Commercial Metals Company, New Jersey Large Energy Users Coalition and various federal executive agencies.

The settlement has been filed and is subject to final BPU approval.

JCP&L, a subsidiary of FirstEnergy, serves 1.1 million customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren.