Electricity prices for N.J. ratepayers will remain ‘stable’ for a year starting in June

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Electricity prices paid by New Jersey households will stay relatively stable starting this summer, with rates falling slightly for the majority of customers in the state.

That’s the result of a wholesale electricity supply auction that New Jersey’s Board of Public Utilities voted to certify Thursday. The results impact electricity supply rates customers will pay for the year beginning in June.

Last year’s February auction drove up electricity bills by as much as 20%.

“This was a major source of pain last year,” said Brian Lipman, who directs the state’s Division of Rate Counsel. “This is good news for ratepayers. The pain is still there, but at least we’re not increasing it.”

Each year in February, the BPU has to approve changes in supply charges that kick in each June, but they are driven by market forces and influenced by auctions run by the region’s grid operator, PJM Interconnection.

This June, typical residential customers of PSE&G and Rockland using 650 kilowatt-hours of electricity per month will see their monthly bills drop by $3.23 and $1.17 respectively, according to the BPU.

Customers of Atlantic City Electric and JCP&L could see their bills rise by $0.22 and $2.23, respectively — but Gov. Mikie Sherrill has ordered the board to zero-out these increases with credits on customers’ bills by July 1.