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Governor Murphy Signs Legislation to Address Regional Energy Cost Crisis
In a press release New Jersey Governor Murphy signed into law SR154 and AB5463.
Among other things, the new law “directs the Board of Public Utilities (BPU) to open registration by October 1, 2025, for an additional 3,000 megawatts of community solar projects. This will mark a massive expansion of New Jersey’s nation-leading solar programs and help hardworking families and businesses save money on their monthly electric bills.”
SR154 directs BPU to investigate PJM’s Reliability Pricing Model and to work with neighboring states to promote market reforms and speedier interconnection review at PJM; while AB5463 requires BPU’s annual report to the governor and legislature to include all utility reports, not just a summary of them, on PJM meetings and indicates how the utilities voted.
Excerpts from the press release:
“The two bills signed today build upon the Murphy Administration’s ongoing efforts to mitigate rising energy costs due to mismanagement by regional grid operator PJM.
Other notable measures that the Murphy Administration has taken include:
- Calling for a formal investigation into the energy cost crisis facilitated by PJM
- Announcing $430 million in direct economic relief for New Jersey ratepayers
- Sending a bipartisan letter to PJM demanding increased transparency and oversight
- Signing legislation to increase public accountability from grid operators
“A5267/S4289 establishes a transmission-scale energy storage incentive program to achieve New Jersey’s goal of 2,000 megawatts of energy storage by 2030. The program seeks to rapidly install new clean energy capacity and reduce costs for New Jersey’s energy customers.”
“In an effort to provide necessary energy alternatives, these pieces of legislation allow for the rapid expansion of New Jersey’s community solar program and swift creation of new energy storage facilities. Solar capacity has increased from 2.4 gigawatts to 5.2 gigawatts under the Murphy Administration, with solar currently powering the equivalent of over 600,000 homes.”
