New electric utility rates for NJ are here: See how much you’ll pay this summer

⚡ NJ electric bills won’t rise this summer — but don’t expect relief

⚡ BPU certifies auction results as governor touts affordability push

⚡ Credits coming, rates stable, costs still painfully high

TRENTON — Electric bills for most people in New Jersey won't cost more — but they'll still cost a lot.

The New Jersey Board of Public Utilities on Thursday certified the results of the 25th annual Basic Generation Service auction, which helps determine what utility companies pay for electricity supply on behalf of customers.

Electricity rates will remain largely stable for most New Jersey residents starting June 1. In addition, customers will see additional bill credits this summer.

What it means for you electric bill this year

PSE&G customers should see the biggest (albeit modest) decrease, while JCP&L customers will be slightly more. The news comes as new data shows that the average property tax bill in New Jersey climbed to an all-time high.

Cost of electric bills was a major campaign issue

The development was touted by Gov. Mikie Sherrill, who made affordability a major part of her campaign last year, even though her predecessor was also a Democrat.

Sherrill declared a state of emergency on utility costs in her first executive order after taking office in January. On Thursday, she said the auction results show efforts to cap PJM prices are helping.

“Affordability is my top priority,” Sherrill said, pledging to continue pushing for cost controls and relief for ratepayers. "The recent auction results demonstrate that the fight to implement price caps at PJM is working to keep electricity costs from further skyrocketing."

A third of residential supply for the next three years was locked in through this auction, with the remaining supply already secured in prior years. The BPU said a temporary “price collar” adopted last year helped prevent sharper spikes.

Sherrill's executive order directs the BPU to provide Residential Universal Bill Credits to offset supply increases beginning with the June billing cycle.

Report a correction 👈 | 👉 Contact our newsroom