⚡PJM is the company that coordinates the movement of electricity in 13 states

⚡It was ready to raise rates by 10%

⚡PJM accepted a plan that would cap rate increases


Following one of the coldest months in recent memory, Gov. Phil Murphy announced a deal that will keep down electricity prices.

PJM Interconnection is the company the coordinates the movement of wholesale electricity to 65 million people in 13 states, including New Jersey. After PJM's most recent capacity auction saw prices increase nearly 10 times over the previous year, Murphy joined with the governors of Delaware, Illinois, Maryland, and Pennsylvania to urge the company's commissioners to find a way to hold prices down.

PJM agreed to a price cap suggested by Democratic Pennsylvania Gov. Josh Shapiro that the governors said will save consumers $21 billion over two years.

“I am pleased that PJM did the right thing by finding a path forward that will save consumers billions of dollars on their energy bills," Murphy said in a statement. “New Jersey will continue to advocate for affordability on behalf of consumers and work with our partner states to hold PJM accountable for unconscionable and unnecessary price hikes that hurt families and businesses. This is the beginning of a long road to common sense reforms.”

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Area served by PJM
Area served by PJM (PJM)
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Air traffic controller of electricity

PJM describes itself as the "air traffic controller" for high-voltage power systems that does not operate with a profit motive.

"We have been warning for over two years that parts of our country could run short of power during high demand periods. This possibility has been growing, primarily as a result of state and federal policy decisions that are pushing generators to retire prematurely, and also due to unprecedented and rapidly growing data center construction," the company said in a response to a complaint from Shapiro.

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