Higher Electric Bills on the Way for Most NJ Residents

If you're one of those people who have been complaining on social media about how high your electric bill has been since the electric companies began installing new "smart" meters, you're going to be even more unhappy as new rates kick in June 1.

NJBPU Approves Rate Hike for ACE, JJCP&L, PSE&G, RECO

The New Jersey Board of Public Utilities has approved rate hikes for Atlantic City Electric Company (ACE), Jersey Central Power & Light Company (JCP&L), Public Service Electric & Gas Company (PSE&G), and Rockland Electric Company (RECO), collectively, the New Jersey Electric Distribution Companies (EDCs).

According to a statement released by Christine Guhl-Sadovy, President of the NJBPU,

The average bill is based, in part, upon the results from the last three BGS auctions. As a result, in 2024, BGS ratepayers will experience a moderate increase in energy costs.  Our primary goal remains to do what is in the best interest of ratepayers across New Jersey.

NJ Electric Bills Going Up

The NJBPU says that customers of Atlantic City Electric can expect to see an increase of 4.8% ($7.34), JCP&L customers 8.6% ($8.34), PSE&G customers 6.2% ($8.22), and RECO 3.6% ($4.71).

More Bad News for Customers of JCP&L

For JCP&L customers, this increase doesn't take into account a 3.6% increase that was already awaiting BPU approval would help pay for electric infrastructure improvements and storm recovery costs.  If approved, that increase would take effect June 1.