New Jersey residents and businesses will be paying more on their electric bills after the state announced rates will increase by at least 17% for each of the major utilities.
The Board of Public Utilities announced the increases last week after holding its basic generation service auction following a similar auction from grid operator PJM Interconnection, which serves 13 states including Pennsylvania, New Jersey and Maryland. The new rate hikes will take effect on June 1, according to the state BPU.
Ratepayers can expect shocking increases whether they have Jersey Central Power & Light, PSE&G, Atlantic City Electric, or Rockland Electric Company.
The state’s Board of Public Utilities (BPU) broke down the increase for the average customer of different local electric utilities, based on an estimated usage of about 650 kilowatt hours a month. Here’s how much the average monthly bills are estimated to increase:
The average Atlantic City Electric customer’s bill would increase by $28, or 17%; the average JCP&L customer’s bill would increase by over $22, or 20%; for PSE&G, the average bill will spike over $26, or 17%; and for RECO, the average bill would rise over $25, or 18%.
