July 25, 2017 11:59 PM ET

Electric Utilities

Company Overview of Jersey Central Power & Light Company

Company Overview

Jersey Central Power & Light Company, an electric utility, provides regulated electric transmission and distribution services. It serves residential, commercial, and industrial customers in northern, western, and east central New Jersey. The company was founded in 1925 and is based in Akron, Ohio. Jersey Central Power & Light Company is a subsidiary of FirstEnergy Corp.

76 South Main Street

Akron, OH 44308

United States

Founded in 1925

Key Executives for Jersey Central Power & Light Company

President
Age: 53
Principal Financial Officer, Principal Accounting Officer and Controller
Age: 59
Vice President of Operations
Chief Executive Officer of Firstenergy Corp
Age: 61
General Manager of Operation Services
Compensation as of Fiscal Year 2017.

Jersey Central Power & Light Company Key Developments

Jersey Central Power & Light Company Announces Executive Appointments

Jersey Central Power & Light Company announced appointment of Mark A. Jones as vice president of Operations and John Anderson has been named vice president of External Affairs. In his new position, Jones is responsible for the operation and maintenance of JCP&L's transmission and distribution systems that cover more than 3,200-square-miles of northern and central New Jersey, including line and substation operations, dispatching, engineering, meter reading, forestry and support service. Previously, Jones had been JCP&L vice president of External Affairs since 2012. He succeeds Tony Hurley as vice president of Operations. Anderson replaces Jones as vice president of External Affairs and will lead a team of 10 area managers and 21 customer support personnel. JCP&L's External Affairs group serves as liaisons with municipal governments, key commercial and industrial customers, and civic organizations, as well as providing support for community involvement activities. Jones has more than 25 years of experience in the electric utility industry. Prior to joining FirstEnergy, he was employed by SD Myers. Anderson started his career with JCP&L in 1993 as a forestry supervisor and has held a variety of managerial positions in Forestry, Operations and External Affairs. Since 2007, he has served as an area manager, most recently for parts of Hunterdon and Somerset counties, and was the outreach lead for JCP&L's "Energizing the Future" transmission enhancement program. He serves on the boards of the Hunterdon County Chamber of Commerce, Somerset County Business Partnership and Hunterdon County Shade Tree Commission. He also is co-chairman of the Somerset County Employer Legislative Committee.

Jersey Central Power & Light Plans to Invest $359 Million During 2017 on Infrastructure Projects and Other Work to Enhance Reliability Across its 13 County Northern and Central New Jersey Service Area

As part of its ongoing efforts to strengthen the durability and flexibility of its electric transmission and distribution systems, Jersey Central Power & Light (JCP&L) plans to invest $359 million during 2017 on infrastructure projects and other work to enhance reliability across its 13 county northern and central New Jersey service area. Major projects scheduled for 2017 include finishing construction of a new 16- mile, 230 kilovolt (kV) transmission line in Monmouth County, building a new 34.5 kV power line in Monmouth County and installing new communication equipment across the JCP&L service area to help enhance remote-control capability. Other scheduled work includes 94 circuit upgrades, and replacing breakers and other voltage-regulating equipment. Projects scheduled for 2017 include: Completing construction of a new 16-mile, 230 kV transmission line from a substation in Howell to a substation in Neptune, and installing five one-ton circuit breakers at a cost of about $24 million. Installing new high-speed communication equipment across the JCP&L service area at a cost of $11.6 million to help enhance the remote operation of the electric system. Upgrading more than 90 distribution circuits to enhance service reliability at a cost of $4.7 million. Upgrading transmission protective devices, circuit breakers and other equipment across the JCP&L service area at a cost of $5.4 million. This equipment automatically disconnects from the system when a problem is detected to reduce the length of an outage and the number of customers that are affected. Adding a new 34.5 kV transmission line in Eatontown at a cost of $4.8 million. Installing new 230 kV circuit breakers at a substation in Matawan at a cost of $2.1 million. Replacing switches at substations in Jefferson Township and Sayreville at a cost of $1.4 million. Replacing underground distribution cables in multiple areas. Inspecting and proactively replacing, if needed, more than 27,800 utility poles.

Jersey Central Power & Light Announces Settlement Approval by New Jersey Board of Public Utilities in the Base Rate Case

Jersey Central Power & Light announced the New Jersey Board of Public Utilities (BPU) has approved a settlement in the company's base rate case that will help support and build on the significant service reliability enhancements made by the utility in recent years to benefit its more than one million customers in the state. Parties to the settlement include: the BPU staff, New Jersey Division of Rate Counsel, Gerdau Steel, U. S. Department of Defense and New Jersey Large Energy Users Coalition. The settlement results in a 3.6% overall rate increase - or $3.98 a month - for a residential customer using 768 kilowatt hours of electricity, which is the average monthly usage for all company's residential customers. Even with the increase, the company continues to offer the lowest residential electric rates among New Jersey's four regulated electric distribution companies.

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Recent Private Companies Transactions

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