Big electric bill rate hikes hitting 4 million New Jersey customers again

The New Jersey Board of Public Utilities has approved rate increases for the state's four largest electric utilities.

Over four million customers in New Jersey will see increases in their monthly bills. The BPU approved the increases on Friday.

The increases will affect customers for Atlantic City Electric, Jersey Central Power & Light Company, Public Service Electric & Gas Company, and Rockland Electric Company.

Officials admit a "moderate increase"

The increases are all greater than the rate hikes customers experienced last year. At the time, officials downplayed the higher costs and said the rate increases were generally lower than inflation.

Around four million ratepayers will experience a "moderate increase" to their energy bills, said Christine Guhl-Sadovy, president of the NJBPU.

“Our primary goal remains to do what is in the best interest of ratepayers across New Jersey," said Guhl-Sadovy.

How much rates go up is based on the results of an annual Basic Generation Service electricity auction.

How much monthly bills for each utility will increase

RECO, a subsidiary of Orange and Rockland Utilities, Inc., serves around 70,000 customers in North Jersey. It serves around 230,000 in New York, though they will not be affected.

ACE has around 556,000 customers throughout South Jersey.

Around 2.3 million electric customers use PSE&G as of February 2023.

JCP&L serves 1.1 million customers in Central and North Jersey, according to its website.