Share “NJ's largest utility sees Sandy costs up...”

NJ's largest utility sees Sandy costs up to $300M

Published on NewsOK Modified: December 4, 2012 at 10:54 am •  Published: December 4, 2012

The company said Tuesday it expect to recover "at least 85 percent" of the costs it incurred.

The utility says the estimate does not include the cost of beefing up its infrastructure to better protect it from future storms. For that, the company would need to ask regulators for permission to install new equipment and to charge ratepayers for it.

Jersey Central Power & Light, the state's second-largest utility, said Friday it expects to eventually amend an existing rate request to factor in losses from Sandy. The storm knocked out power to about 1.2 million JCP&L customers. The standing request seeks permission from state regulators to boost the utility's rates by 1.4 percent to improve its infrastructure and cope with losses from two major weather events that occurred in 2011.

PSEG continues to forecast operating earnings of $2.25 to $2.50 per share for the full year. FactSet says analysts expect earnings of $2.39 per share.

PSEG shares rose 12 cents in morning trading to $29.97 per share.