Settlement Reached in JCP&L Rate Review that Supports Continued Reliability Enhancements

News provided by

Feb 05, 2024, 11:38 ET

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.

SOURCE FirstEnergy Corp.