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JCP&L Helping Lessen Impacts of Electricity Supply Price Increase During Hot Summer Months

1. JCP&L approved measures aid customers facing rising electricity prices. 2. Electricity supply costs reached nearly 60% of family bills this summer. 3. A $30 deferral credit will apply to residential bills during summer. 4. Enhanced payment plans allow spreading past-due balances over 24 months. 5. Average residential bill increased by 19.6% due to supply price spikes.

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Why Bullish?

The measures may enhance customer satisfaction and improve cash flow. Historical data shows that support initiatives can moderately stabilize stock prices during negative economic conditions.

How important is it?

The article addresses customer support initiatives that could enhance FirstEnergy's market position. With rising electricity costs, these measures are crucial for customer retention.

Why Short Term?

Immediate relief measures will affect customer sentiment shortly, leading to potential stock stabilization. However, long-term price stability relies on broader market factors like energy supply-demand balance.

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Credits, benefits enhance year-round programs that aid customers, /PRNewswire/ -- Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has received approval from the New Jersey Board of Public Utilities (BPU) to implement measures that will help ease the impact of rising electricity prices on families. JCP&L has announced it will implement measures to help customers manage their electric bills during the hot summer months. Doug Mokoid, FirstEnergy's President of New Jersey: "Electricity supply costs, which are nearly 60% of a family's bill in our service territory, have surged this summer. While we don't control supply prices, we are committed to helping customers manage these increases through new and expanded assistance programs." To help offset higher summer costs, JCP&L will apply a $30 deferral credit on all residential bills in July and August. The deferral credit will be recovered through a $10 monthly charge from September through February, when electricity use is lower. The approved measures also include: A limited suspension of service shut-offs in July, August and September, following the same criteria as the Winter Termination Program, which provides protection for certain vulnerable customers. Waived reconnection fees from July 1-Sept. 30. Enhanced deferred payment agreements, or payment plans, allowing customers to spread past-due balances over up to 24 months instead of 12 months. These initiatives complement JCP&L year-round offerings to help manage energy usage and costs: Bill assistance programs for income-eligible customers, those with medical needs and others facing financial hardship. Visit firstenergycorp.com/billassist. Energy efficiency tools, including the Home Energy Analyzer, whole home energy solutions, HVAC rebates, appliance rebates and recycling. Visit energysavenj.com. Easy-to-implement tips and tricks, including smart landscaping and a guide of 100 ways to save energy without sacrificing comfort. Visit firstenergycorp.com/saveenergy. Why Supply Costs Are RisingResidential electric bills include two main charges: JCP&L's delivery charge, which covers system maintenance and power delivery, and supplier charges, which reflect the cost of generated electricity from power plants and other sources of generation.Watch a video on FirstEnergy's YouTube channel to learn more about why New Jersey electricity supply costs are rising.New Jersey customers can choose their electricity supplier. Those who don't are automatically enrolled in Basic Generation Service (BGS), which JCP&L procures through a competitive auction.A combination of rising demand and reduced supply due to power plant retirements have driven up supply prices. As a result, the BGS rates have spiked, increasing the average residential bill by 19.6%. The average JCP&L residential customer uses 777 kilowatt-hours (kWh) per month. JCP&L is not an electricity supplier and simply passes supply costs directly to customers at no mark up.JCP&L serves 1.1 million customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren. Follow JCP&L on X @JCP_L, on Facebook at facebook.com/JCPandL or online at jcp-l.com.FirstEnergy 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 on X @FirstEnergyCorp or online at firstenergycorp.com.SOURCE FirstEnergy Corp. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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