NJ's largest utility asking for rate hikes

NEWARK, N.J. Public Service Electric and Gas Co. has requested raising electric rates by 4 percent and gas rates by 5.4 percent. That would mean an extra $55 a year on the bills of electric customers and $77 for gas.

The Newark-based utility, which has 2.1 million customers across the state, wants the higher rates to be in place by the end of March.

The first hearing before the BPU on the proposed increase is scheduled for Monday in Hackensack.