Soon clean energy will power 1.8 million New Jersey homes. And we're just getting started.
As the utility regulator for New Jersey, we know that no one wants to see their electric bill increase. The recent increases to customers’ bills resulted from a combination of using more electricity due to extreme heat, rising energy prices, and necessary utility investments to ensure we have a reliable grid.
While we can’t promise that bills won’t continue to rise in the short term, affordability is critically important, and we are working hard to help keep costs down. As a customer, there are ways you can help lower your bills, too. First, note that bills have risen because the real cost of energy has gone up. Every year, our electric utilities participate in a Basic Generation Service or “BGS” auction -- that’s how electricity is purchased to meet the needs for New Jersey customers. The most recent auction results went into effect on June 1, 2024, resulting in a price increase compared to 2023. Depending on the provider, customers saw an average estimated bill increase between 3.6% and 8.6%.
In addition to these costs, there is a second energy market, called the Base Residual Auction or “BRA,” which is based on future demand for energy and is designed to encourage energy firms to build the infrastructure needed to handle it reliably. This year, those prices were also higher, which demonstrates that supply and demand are tightening across energy markets and may lead to cost increases down the road.This summer was one of the hottest on record.
Additionally, using more electricity in the summer can cost more, because of the additional strain on the grid. While 78 degrees – the recommended temperature setting – may be too warm for some, the mid-70s would be a step in the right direction.For now, energy efficiency programs such as “Comfort Partners” can soften the blow, and so can the BPU’s REAP initiative, which helps roughly 278,000 qualifying energy customers received a $175 one-time bill credit.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Botswana’s new president aims to finalize De Beers diamond sales pact soonNo 1 source of global mining news and opinion
Read more »
Coming soon — Live results US PresidentLive election results for US President
Read more »
President Biden and Vice President Harris on death of Hamas leader Yayha SinwarPresident Biden and Vice President Harris on death of Hamas leader and 'mastermind' behind the October 7 attack.
Read more »
President Biden and Vice President Harris on death of Hamas leader Yayha SinwarPresident Biden and Vice President Harris on death of Hamas leader and 'mastermind' behind the October 7 attack.
Read more »
Susan Ford Bales, daughter of President Gerald Ford, endorses Kamala Harris for presidentSusan Ford Bales, daughter of former Michigan Congressman and Republican President Gerald Ford, has endorsed Kamala Harris for president.
Read more »
President Biden Thanks Nigerian President for Binance Exec’s Release: White HouseCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Read more »