By: David P. Willis |
Just in time for summer, New Jersey residents’ electric bills will drop in June.
The state Board of Public Utilities on Thursday approved the results of the state’s annual electricity auction.
It sets the wholesale electricity prices that the state’s electric utilities will pay and pass through to all New Jersey residential customers who have not chosen a third-party electric supplier. It does not increase or decrease a utility’s profits.
As of June 1, customers of Jersey Central Power & Light will see their average monthly bill fall by $3.25, or 3.53 percent, to $88.71.
Average monthly bills for Atlantic City Electric customers will drop by $5.86, or 4.65 percent, to $120.23, while Public Service Electric and Gas bills will fall by $2.16, or 1.91 percent, to $110.69. Rockland Electric, which services the far northern portion of the state, will see a 4.27 percent decrease, dropping bills by $5.09, to $114.13. The average assumes using 650 kilowatts a month.
“I am pleased to see the overall ratepayer impact is going to be a little decrease rather than an increase,” said Joseph L. Fiordaliso, BPU president.
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The lower rates come even as the prices in the state’s auction came in higher than last year. Fueled by lower wholesale natural gas prices, the winning bidders replace more expensive contracts from three years ago, regulators said.
The auction “was another success and it has really been a successful process for us here in New Jersey over the past 17 years,” Fiordaliso said.