GET READY: Electric Rate Hikes Approved in New Jersey, Increases Begin in June

The New Jersey Board of Public Utilities approved the results of the “electricity auction” that takes place annually, with the result being that customers around New Jersey – regardless of their energy provider – will see an uptick on their electric bills beginning in June.

For JCP&L customers, the average monthly electric bill is currently $92.65, and is expected to increase by $4.49, or 4.8%.

Atlantic City Electric (ACE) customers will see an average increase of 4.1% on their bill, PSE&G customers will experience an increase of 3.3%, and Rockland Electric customers will see an increase of 6.9%.

“The average bill is based, in part, upon the results from the last three auctions,” said Board of Public Utilities President Joe Fiordaliso. “As a result, in 2023, ratepayers will experience an increase in energy costs that are generally at or below the current rate of inflation.”

The electric rate hikes come just months after the board approved rate increases for natural gas providers. Those increases were bigger than the new electricity bill increases – they were between 15% and 24%, depending on your provider.

 

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