Jersey Central Power & Light filed a request with the Board of Public Utilities today for a rate decrease of $180 million because of changes in some contracts with power providers. The utility, owned by FirstEnergy of Akron, Ohio, will lower residential rates by 5 percent, or $66.39, per year for the average customer. The decrease, which will take effect Jan. 1, 2011, pending approval by the BPU, relates to contracts with nonutility energy generation companies, some of which date back to the deregulation of the industry in the 1990s.
“The decrease relates to a combination of contracts expiring, being terminated and being renegotiated. JCP&L earned no money on these out-of-market contracts which benefited the generating companies,” said Ron Morano, spokesman for JCP&L and FirstEnergy. “This gives us flexibility and the opportunity to pass along savings to our customers.” Full article in Star Ledger.
when is American Water going to decrease the rates.They are so high.
It’s nice to hear of rate decreases even if the water company does not do the same just be happy with what is. In Ny all you hear is Con Ed requesting to raise the rates.
YAY!