Higher electric rates coming to New Jersey

February 8, 2008 7:15:01 PM PST
New Jersey residents will see double-digit increases in their electric bills come this summer.

The increases, ranging from 10.5 percent to 17.3 percent, are based on the results of the annual auction for basic generation service conducted this week by the state Board of Public Utilities.

The BPU certified the auction results on Friday.

Regulators cited the sharply higher prices utilities must pay to deliver electricity to customers, due primarily to record increases in costs for oil, natural gas and coal.

Starting June 1, an average residential customer of Rockland Electric will see his bill rise by 17.3 percent - or $18.02 a month. Customers of Public Service Electric & Gas Co., Jersey Central Power and Light and Atlantic Electric Co. will see rate increases ranging from 10.5 percent and 12.1 percent more.

JCP&L residential customers can expect to see their monthly bills jump by an average of $11.16 per month, a boost of 10.5 percent. Public Service Electric & Gas customers will see their bills rise by 12.1 percent, or $12.57 per month. Atlantic Electric customers will pay $12.41 more on average, an increase of 11.73 percent.

On the Net: http://www.nj.gov/bpu/