NJ electricity rates rising for JCP&L, PSE&G, Atlantic City, Rockland - Asbury Park Press

NJ electricity rates rising for JCP&L, PSE&G, Atlantic City, Rockland

NJ's four electric utilities are raising rates. Here's how much your bill will climb

Two-minute read
David P. Willis

Sorry, New Jersey. Higher wholesale electricity costs are about to push up your monthly electric bill again, according to the results of the state's annual electricity auction.

The auction, run by the state Board of Public Utilities, sets the wholesale electricity prices that the four electric utilities will pay and pass through to all New Jersey residential customers and small businesses who have not chosen a third-party electric supplier. The new prices take effect on June 1.

And this year, residential customers will experience "a moderate increase in energy costs," said Christine Guhl-Sadovy, BPU president, in a statement. "Our primary goal remains to do what is in the best interest of ratepayers across New Jersey."

Monthly electric bills will see increases that range from 3.6% for Rockland Electric customers to an 8.6% increase for Jersey Central Power & Light customers, the BPU said.

Natural gas bills rising too: New Jersey Natural Gas wants to bump up your bill by 24%; will the state agree?

The auction covers one third of the electric supply needed for the state's customers, mixing in with wholesale electric prices garnered by the auctions in 2022 and 2023, to help lessen price volatility for customers.

The increased prices in this year's auction were the result of higher energy costs and the risks of providing a fixed price, the BPU said.

Average monthly bills for Atlantic City Electric customers will rise by $7.34, or 4.8%, to $161.62 and Jersey Central Power & Light bills will go up by 8.6% or $8.34, to $104.93.

Average PSE&G bills will rise by 6.2%, or $8.22, reaching $140.12. Rockland Electric, which services the far northern portion of the state, will see a 3.6% increase, increasing bills by $4.71 to $135.57. The average assumes using 650 kilowatts a month.

JCP&L's increase does not take into account a separate settlement between the utility, the BPU's staff and others that will raise its base rate, which would hike bills by 3.6% starting June 1. The settlement, which still needs BPU approval, would help pay for electric infrastructure improvements and storm recovery costs.

NJ power outages: JCP&L wants to spend $935M fixing the lines. What will it get us?

David P. Willis: dwillis@gannettnj.com.