FirstEnergy's JCP&L seeks to investment $935 million in electricity grid; customer bills would increase - 69News WFMZ-TV

FirstEnergy's JCP&L seeks to investment $935 million in electricity grid; customer bills would increase | New Jersey News | wfmz.com

Jersey Central Power and Light plans to spend $935 million over five years to improve its energy grid, an investment that will reduce power outages but raise customers' bills.

The plan also supports New Jersey's move toward a clean-energy future, JCP&L said. The electricity company is a subsidiary of FirstEnergy.

If the New Jersey Board of Public Utilities approves the plan, "the typical JCP&L residential customer using 783 kilowatt-hours of electricity per month" at a cost of $116.88 would see their bill go up 3.6%, or $4.16, to $121.04 over five years.

JCP&L said rate increases would be added in seven steps. The utility said in a statement that its residential rates are the lowest among New Jersey's four regulated electric companies.

The plan, dubbed "EnergizeNJ," is the largest infrastructure upgrade in JCP&L's history.

"This plan represents a transformational upgrade of our electric grid infrastructure, using modern technology and smart devices to help reduce the size and duration of outages," Jim Fakult, JCP&L president, said in the statement.

EnergizeNJ includes upgrades to power lines to resist storms; replacing underground lines, and installing devices to cut down on the size and length of power outages.

The upgrades will also accommodate connections from clean energy sources such as solar power, and support the expansion of electric-vehicle charging.

JCP&L said the $935 million in spending is expected to generate a $3.08 billion return on investment, based on the U.S. Department of Energy's Cost Estimate tool.

JCP&L serves 1.1 customers in Warren, Hunterdon, Burlington, Essex, Mercer, Middlesex, Month, Morris, Ocean, Passaic, Somerset, Sussex and Union counties.

Parent company FirstEnergy is traded on the New York Stock Exchange under the ticker symbol FE. The closing price Friday was $35.30.

FirstEnergy's JCP&L seeks to investment $935 million in electricity grid; customer bills would increase

Jersey Central Power and Light plans to spend $935 million over five years to improve its energy grid, an investment that will reduce power outages but raise customers' bills.

Tags

- Power Outage
- Jcp&l
- Electrical Grid
- U.s. Department Of Energy
- Firstenergy
- Clean-energy Future
- New Jersey
- Electricity
- New Jersey Board Of Public Utilities
- Clean Energy Sources
- Electricity Grid
- Smart Devices
- Jim Fakult
- Electric Grid Infrastructure
- Warren County
- Hunterdon County
- Western New Jersey
- Morris County
- Essex County
- Somerset County
- Mercer County
- Ocean County
- Monmouth County

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