State cuts Jersey Central Power & Light rates by $34.3M
(AP) - New Jersey's Public Utilities Board has cut Jersey Central Power & Light rates by $34.3 million.
The ruling made Wednesday means a JCP&L customer that uses 1,000 kilowatt hours of electricity a month will save about $1.68 on their monthly bill, or just over $20 a year.
The Asbury Park Press reports that the board said the rate decrease was offset by a decision to allow JCP&L to collect $80.7 million in revenues as a result of the $580 million it spent to recover from Superstorm Sandy.
In making its decision, the BPU agreed with a state Administrative Law judge who issued a ruling in January that found JCP&L overcharged its customers. The judge recommended a rate cut of nearly $107.5 million.
The utility serves about 1.2 million customers.