A recent ruling by the New Jersey Board of Public Utilities (BPU) has directed Public Service Electric and Gas Co., to show that customers will be better off under the company's newly proposed program for alternative regulation (the "New Jersey Partners in Power Plan"), than under traditional regulation.
Nevertheless, the BPU declined to set a rate base or rate of return to establish a starting point for rates under the new proposed plan.
Instead, it said it would conduct a "base-case-like" review of the company's operations to ensure that the starting rates are reasonable, while at the same time avoiding a protracted proceeding "wherein each and every line item of the Company's expenses is scrutinized." Re Pub. Serv. Elec. & Gas Co., BPU Dkt. No. EO96010028, June 21, 1996 (N.J.B.P.U.).
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