NEWARK, N.J. (AP) — Regulators are recommending New Jersey’s second-largest utility cut electric rates by more than $200 million.
Jersey Central Power & Light was seeking to boost rates by $31 million. But staff members with the state Board of Public Utilities say JCP&L earned a profit above its approved amount.
The state’s Rate Counsel Division has been pressing for lower rates.
JCP&L spokesman Ron Morano tells The Star-Ledger of Newark (http://bit.ly/1iOHWUJ ) the company will evaluate the brief and reply to the recommendation. Morano says the filing does not address the utility’s request to cover storm-related damages from Sandy, Irene and other major weather events.
The state’s four BPU commissioners will have the final say.
Information from: The (Newark, N.J.) Star-Ledger, http://www.nj.com