New Jersey residents are about to see slightly smaller electric bills
There's a little bit of good news coming up for New Jersey electric customers — a break on their bills.
As a result of New Jersey's 16th annual auction for basic generation service, electric rates for residents will drop between 2.6 and 6.3 percent, according to Richard Mroz, president of the New Jersey Board of Public Utilities. He said the decreases should start to show up over the next few months.
In each of the 4 service territories, the prices will be going down:
• For a customer in the Atlantic Electric territory, rates will go down 3.3 percent
• Jersey Central Power and Light rates will go down 4.2 percent.
• Rockland Electric rates will go down 6.2.
• Public Service Electric and Gas rates will going down 2.6 percent.
Mroz pins a lot of the lower rates on cheaper natural gas, "so that can be passed along to New Jersey customers."
He admits that it is a modest reduction, but "we are pleased for the ratepayers, the electric customers in New Jersey that their rates will be going down. This just continues, for the eighth year in a row, this trend — and this is a trend the governor's administration has been looking forward to to continue to try to keep prices low for the people in New Jersey."
One example of the savings: PSE&G customers will see an average monthly drop on their bills of about $3.
Joe Cutter is the afternoon news anchor on New Jersey 101.5.
More from New Jersey 101.5: