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BPU warns summer electricity bills likely to spike; proposes expanded assistance and urges federal fixes
Summary
BPU officials told the Assembly committee that high PJM capacity auction prices could push average customer bills up by roughly 17–20% in June, outlined mitigation steps including expanded USF bill credits and short-term bill-smoothing proposals, and said long-term relief depends on faster project reviews at PJM and new generation.
New Jersey’s Board of Public Utilities told the Assembly Budget Committee that a spike in regional capacity prices could push residential electricity bills higher this summer and outlined a mix of short- and longer-term actions to reduce the burden on ratepayers.
A BPU representative explained the role of PJM — the regional transmission organization responsible for the capacity auction — and said last year’s auction produced clearing prices that were “nearly 10 times higher” than the previous year, a result the BPU said is a primary driver of the projected June increases. The BPU estimated the June adjustment could be on the order of 17–20% for some customers, depending on utility territory and the customer’s usage profile.
The agenc…
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