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New Jersey electric utility seeks rate hike

By 69 News, follow: @69news, news@wfmz.com
Published On: Feb 23 2013 06:33:14 AM CST
Generic electric meter

New Jersey's second-largest utility has asked state regulators for permission to raise rates to pay for recovery costs after Superstorm Sandy and a slew of other storms 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.