The average Atlantic City Electric customer will see monthly rates increase by about 2.4 percent under an agreement approved Friday afternoon, state Board of Public Utilities spokesman Greg Reinert said.
The increase will amount to $4.44 more per month for a residential customer using 1,000 kilowatt hours, Reinert said. Currently, the average monthly bill for that usage is about $182.
Reinert said the approved rates include $70 million in storm costs for Hurricane Sandy and the June 2012 derecho wind storm, spread out over three years.
A subsidiary of Pepco Holdings Inc., Mays Landing-based Atlantic City Electric filed a base rate petition in December, initially seeking to increase rates by about 7 percent.
The rising rates reflect the distribution part of the electric bill - the amount that the utility charges to deliver power across electric lines and maintain the electrical system.
They do not reflect wholesale electricity prices purchased from power generators, which is a separate portion of a bill.
Atlantic City Electric had no immediate comment on the rate increase approved by the BPU on Friday afternoon.
"The BPU did grant a rate adjustment, and I have not received the signed order yet. We'll review the signed order and see how it will affect our customers," spokesman Frank Tedesco said.
The utility has about 550,000 customers in South Jersey.
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