If approved, residential
rates will remain the lowest among the state's regulated electric
utilities
HOLMDEL,
N.J., Feb. 5, 2024 /PRNewswire/ -- FirstEnergy
Corp. (NYSE: FE) subsidiary Jersey Central Power and Light
(JCP&L) has reached a settlement in its base rate review
currently pending with the New
Jersey Board of Public Utilities (BPU). If approved by the
BPU, the settlement will help JCP&L invest in enhancements that
further strengthen electrical infrastructure to benefit its 1.1
million customers while allowing the company to continue recovering
its investments in restoring electricity to customers following
storms and severe weather.
Parties to the settlement include JCP&L, New Jersey Division
of Rate Counsel, New Jersey BPU, Commercial Metals Company, New
Jersey Large Energy Users Coalition and various federal executive
agencies.
The settlement has been filed and is subject to BPU approval.
Review the full settlement on the BPU's website at
https://www.firstenergycorp.com/jersey_central_power_light/regulatory.html.
Jim Fakult, President of
JCP&L: "This agreement allows us to continue to keep our
rates the lowest in New Jersey
while moving forward with our customer-focused priorities:
delivering safe, reliable and affordable electricity to the homes
and businesses in our service area. It also puts a spotlight on the
assistance available to our customers facing financial
hardship."
The settlement includes several investments focused on
strengthening the energy grid, enhancing the customer experience
and sustaining affordability. They include:
- Infrastructure upgrades to enhance the performance of 18
high-priority circuits that have a history of service disruptions
in JCP&L's service territory.
- Increasing existing vegetation management investments to
enhance tree trimming and other related work around JCP&L
wires.
- The launch of an Energy Assistance Outreach Team to enhance the
company's ongoing efforts to increase awareness, education and
participation in energy assistance programs available to eligible
customers.
Rising energy costs may cause concern for customers. To help
them manage their bills, JCP&L offers budget plans, special
payment plans and access to energy assistance programs. To apply or
learn more about other utility bill assistance programs, customers
are encouraged to visit firstenergycorp.com/billassist or contact
customer service at 1-800-662-3115.
Investor Note: For additional information on the
filing, visit the new IR - Regulatory Corner in the "Investor
Materials" section of the FirstEnergy website at
www.investors.firstenergycorp.com.
JCP&L serves customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union
and Warren. Follow JCP&L on X,
formerly known as Twitter, @JCP_L, on Facebook at
facebook.com/JCPandL or online at jcp-l.com.
FirstEnergy Corp. is dedicated to integrity, safety, reliability
and operational excellence. Its electric distribution companies
form one of the nation's largest investor-owned electric systems,
serving more than six million customers in Ohio, Pennsylvania, New
Jersey, West Virginia,
Maryland and New York. The company's transmission
subsidiaries operate approximately 24,000 miles of transmission
lines that connect the Midwest and Mid-Atlantic regions. Follow
FirstEnergy online at firstenergycorp.com and on X
@FirstEnergyCorp.
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SOURCE FirstEnergy Corp.