JCP+L Looking for Rate Hike
Jersey Central Power & Light is seeking permission from state regulators to boost its rates by 1.4 percent to improve its infrastructure and cope with losses from two major weather events that occurred last year.
But in its filing made Friday, the utility warned it will eventually amend its request to factor in losses from last month's Hurricane Sandy. That storm knocked out power to about 1.2 million customers.
If approved by the state Board of Public Utilities, the rate hike would cost the average customer about $1.51, raising their electric bill from $98.10 to $99.61.
JCP&L made the filing to comply with a BPU order to file a base rate case, which justifies the rates it charges customers.
Morristown-based JCP&L serves 1.1 million New Jersey customers.
(Copyright 2012 by The Associated Press. All Rights Reserved.)