JCP&L Responds to BPU’s Denial of Rate Increase
State utility regulators have denied JCP&L's request for a $31-million-dollar rate hike. In fact, they feel they should reduce the existing rate. The utility company tells Townsquare Media News, the issue is far from over.
When the utility first posed the idea of a rate hike, there was a firestorm of criticism from customers and local leaders. JCP&L spokesman Ron Morano says Hurricane Irene, Superstorm Sandy and a series of nor'easters in 2012 left the utility with major damage.
Morano said "we've received a brief from BPU staff. We're going to carefully analyze it and send back a reply brief by February 24th."
Four BPU commissioners will ultimately decide on the matter. It doesn't take into account the $580-million-dollar request for storm related damage.
Regulators are recommending New Jersey's second-largest utility cut electric rates by more than $200 million. Jersey Central Power & Light was seeking to boost rates by $31 million. But staff members with the state Board of Public Utilities say JCP&L earned a profit above its approved amount.
The state's Rate Counsel Division has been pressing for lower rates.