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Atlantic City Electric seeks rate hike in New Jersey to recoup grid investments

Atlantic City Electric Co. is seeking approval from the New Jersey Board of Public Utilities to recover $99.7 million in investments to modernize the local electric grid.

The Exelon Corp. subsidiary spent $312 million to modernize the grid in 2017 and plans to spend another $194 million this year to continue grid enhancement efforts, it said in a June 15 news release.

If the request is approved, a typical Atlantic City Electric residential customer using 679 kWh per month would see a monthly bill increase of 8.25%, or about $10.66.

"We know that these increases may be challenging for our customers, but we also know that our customers expect that we provide reliable service and respond quickly when major storms hit," Atlantic City Electric region vice president Susan Coan said.

Atlantic City Electric provides regulated electric delivery services to approximately 550,000 customers in southern New Jersey.