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New Jersey Board Of Public Utilities Approves 2024 Electricity Auction Results
The New Jersey Board of Public Utilities (NJBPU) approved the results of the State’s 23rd annual electricity auction for Basic Generation Service (BGS), resulting in slightly higher costs for electricity supplied to most residents and small and/or medium-sized businesses by Atlantic City Electric Company (ACE), Jersey Central Power & Light Company (JCP&L), Public Service Electric & Gas Company (PSE&G), and Rockland Electric Company (RECO), collectively, the New Jersey Electric Distribution Companies (EDCs).
The following table illustrates how the auction results will affect electricity supply costs for the average residential customer when the new rates take effect on June 1, 2024:
Monthly Impact of BGS Auction on Average Residential Accounts are as follows:
| EDC | Usage (kWh) | Current Bill | Increase or Decrease | New Bill | %Change |
| ACE | 650 | $154.28 | $7.34 | $161.62 | 4.8% |
| JCP&L | 650 | $96.59 | $8.34 | $104.93 | 8.6% |
| PSE&G | 650 | $131.90 | $8.22 | $140.12 | 6.2% |
| RECO | 650 | $131.90 | $4.71 | $135.57 | 3.6% |
Press Release (02/09/2024)
ER23030144
