HOLMDEL, New Jersey – FirstEnergy Corp. 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.
Jim Fakult, President of JCP&L, expressed his satisfaction with the agreement, stating, "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. This includes infrastructure upgrades to enhance the performance of 18 high-priority circuits in JCP&L's service territory that have a history of service disruptions. Additionally, investments will be made to increase vegetation management efforts, such as tree trimming, around JCP&L wires. Finally, JCP&L will launch an Energy Assistance Outreach Team to increase awareness, education, and participation in energy assistance programs available to eligible customers.
To help customers manage their energy bills, JCP&L offers budget plans, special payment plans, and access to energy assistance programs. Customers can apply or learn more about utility bill assistance programs by visiting firstenergycorp.com/billassist or contacting customer service at 1-800-662-3115.
JCP&L serves customers in several counties in New Jersey, including Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren.
FirstEnergy Corp. is committed to integrity, safety, reliability, and operational excellence. The company's electric distribution companies serve more than six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. Their transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.
For additional information on the filing, interested parties can visit the new IR - Regulatory Corner in the "Investor Materials" section of the FirstEnergy website at www.investors.firstenergycorp.com.
For media inquiries, please contact Chris Hoenig at (609) 350-8599, and for investor relations, Irene Prezelj at (330) 384-3859.
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