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Re:  In The Matter Of The Provision Of Basic Generation Service (BGS) For The Period Beginning June 1, 2024

February 8, 2024)

From the Order:

By Order dated November 17, 2023, the New Jersey Board of Public Utilities (“Board”) approved the joint Basic Generation Service (“BGS”) proposal by Atlantic City Electric Company (“ACE”), Jersey Central Power & Light Company (“JCP&L”), Public Service Electric and Gas Company (“PSE&G”), and Rockland Electric Company (“RECO”) (collectively, “EDCs”), to hold two (2) descending clock auctions to secure the EDCs’ BGS electricity requirements for the period beginning June 1, 2024. 2 To mitigate risk to ratepayers, the Board directed the EDCs to procure, through the auction, approximately one-third of their BGS residential and small commercial pricing (“BGS-RSCP”) customers’ load for a 36-month period via a single clearing price for each EDC’s BGS supply requirements.3 The Board also directed the EDCs to use a 12-month procurement period for their hourly load BGS commercial and industrial energy pricing (“BGS-CIEP”) customers.

BGS-CIEP AUCTION SUMMARY 

The BGS-CIEP Auction was conducted on February 2, 2024; it ended the same day after 25 rounds with 38 total tranches secured, resulting in the following closing prices for each EDC as follows:

EDC Closing Price ($/Mw-day) Total Tranches Sold 

ACE 370.86 4 

JCP&L 357.14 12 

PSE&G 378.21 21 

RECO 300.84 1 

Note: A list of the BGS-CIEP Auction winners is included in Attachment A to this Order. 

BGS-RSCP AUCTION SUMMARY 

The BGS-RSCP Auction began on February 5, 2024, and ended on February 6, 2024, after 29 rounds with 57 total tranches secured, resulting in the following closing prices for each EDC as follows:

EDC Closing Price (cents/kWh) Total Tranches Sold 

ACE 8.142 7 

JCP&L 8.295 20 

PSE&G 8.088 29 

RECO 8.555 1

A list of the BGS-RSCP Auction winners is included in Attachment A to this Order

Order  (02/08/2024)
ER23030124  (03/02/2023)