New Jersey native son Bruce Springsteen may be The Boss, but Jersey Central Power & Light (JCP&L) electrifies more fans than he does every day. The company, a subidiary of multi-utility holding company FirstEnergy, transmits and distributes electricity to 1.1 million homes and businesses in 13 counties in central and northern New Jersey. JCP&L operates 22,670 miles of distribution lines; its 2,550-mile transmission system is overseen by regional transmission organization (RTO) PJM Interconnection. The utility also has some power plant interests.
JCP&L conducts business in 3,200 square miles of east central, northern, and western New Jersey. The area it serves has a population of approximately 2.7 million.
The company provides regulated electric transmission and distribution services. JCP&L also has an ownership interest in a hydroelectric generating facility.
Revenues decreased by 18% in 2011 due to a rate adjustment for all customer classes and lower power deliveries. The lower power delivery to residential customers was the result of decreased weather-related usage in 2011. Lower distribution deliveries to commercial and industrial customers that year reflected the impact of economic conditions in JCP&L's service territory. A decrease in retail generation revenues was due to lower generation power sales in all customer classes primarily due to an increase in customers shopping around for alternative providers. Wholesale generation revenues decreased due to a drop in PJM spot market energy sales.
JCP&L's net income decreased by 39% in 2011 due to lower revenues offset by reductions in purchased power costs and amortization of regulatory assets.
JCP&L is a subsidiary of FirstEnergy.
The utility was organized under the laws of the State of New Jersey in 1925.