New Jersey utilities board approves 2024 power auction results

Public Service Enterprise

12/02/2024 05:50

Feb 11 (Reuters) - The New Jersey Board of Public
Utilities (NJBPU) on Friday approved the results of the state's
23rd annual electricity Basic Generation Service (BGS) auctions,
which secured about 8,131 megawatts of power.
    The NJBPU said the auction would result in slightly higher
costs for electricity supplied to most residents and small- and
medium-sized businesses.
    The state's four utilities are Exelon's  EXC.O  Atlantic
City Electric (ACE), FirstEnergy's  FE.N  Jersey Central Power &
Light (JCP&L), Public Service Enterprise Group's  PEG.N  Public
Service Electric and Gas (PSE&G), and Consolidated Edison's
 ED.N  Rockland Electric Co (RECO).
    The winning bidders in the BGS auctions included units of BP
Energy  BP.N , ConocoPhillips  COP.N , NextEra Energy  NEE.N ,
Shell Energy US  SHEL.N  and Vitol Inc.
    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:
    
 Utility   Usage   Current    Increase  New Bill   Percent
           (kWh)   Bill                            Change
 ACE        650    $154.28     $7.34    $161.62     4.80%
 JCP&L      650     $96.59     $8.34    $104.93     8.60%
 PSE&G      650    $131.90     $8.22    $140.12     6.20%
 RECO       650    $131.90     $4.71    $135.57     3.60%
 

 (Reporting by Deep Vakil and Harshit Verma in Bengaluru;
Editing by Mrigank Dhaniwala)
 ((DeepKaushik.Vakil@thomsonreuters.com;))