JCP&L Asks State For 4.5 Percent Rate Hike
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.
(Copyright 2012 The Associated Press. All Rights Reserved)
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.