JCP&L Asks State For 4.5 Percent Rate Hike To Pay For Sandy Recovery
TRENTON, N.J. (CBSNewYork/AP) — New Jersey’s second-largest utility has asked regulators for permission to raise rates to pay for recovery costs after Superstorm Sandy and a slew of other storms that have hit the state in recent years.
JCP&L wants to raise rates by 4.5 percent or more than $50 per year for the typical residential customer.
The request filed Friday with the Board of Public Utilities includes a 1.5 percent increase requested in November. It was first reported by The Star-Ledger.
The company, which serves customers on the shore, says it spent $630 million to pay for damage caused by Sandy last year.
The request calls for recovering most of that from ratepayers.
Share your thoughts in the comments section below…
(TM and Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)