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Settlement Reached In JCP&L Rate Review Supporting Continued Reliability Enhancements

Feb. 6, 2024
If the settlement is approved between the companies, residential rates will remain the lowest among the state's regulated electric utilities.

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.

"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," said President of JCP&L Jim Fakult.

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.

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