TRENTON, N.J. (AP) — New Jersey’s second-largest utility company has been given tentative permission to raise customers’ bills to pay the costs it incurred to restore power after Superstorm Sandy and three other major storms in 2011 and 2012.
Under the deal announced Wednesday and reported by The Star-Ledger of Newark (http://bit.ly/N6CzTs), Jersey Central Power & Light would be able to raise an additional $736 million.
When it initially filed with the Board of Public Utilities last year, the company said rates would need to go up 4.5 percent, or about $53 per year per customer.
The utilities board has not given final approval to the plan.
Information from: The (Newark, N.J.) Star-Ledger, http://www.nj.com