New Jerseyans could see another increase in their electric bills next year
Grid operator PJM secured electricity needs for the 2026-2027 delivery year for more than 67 million people across 13 states.
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The regional power grid announced its results for this year's capacity auction, and it looks like New Jerseyans will have to loosen the purse strings yet again when it comes to their utility bills.
Ira Smith, from Edison, said it's like gas prices. When the price goes up, consumers bite the bullet.
"I have heard that they’re supposed to go up but who knows? It’s one of those things that just come out of your account, and you don’t even know about," Smith said.
Grid operator PJM secured electricity needs for the 2026-2027 delivery year for more than 67 million people across 13 states.
Consumers in the Garden State can expect up to a 5% rate hike, while still feeling the heat of a 20% rate hike after last summer’s auction.
Gerald Edwards recently moved from a bigger home to a townhouse in Piscataway. He says he went from a $700 bill to $300, but it's still high.
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"When you count the summer and the air conditioning that’s going constantly, especially as hot as it has been, I can tell the electric is going up," Edwards said.
Lawmakers sounded off after Tuesday's announcement, with Republicans blaming Democrats - and Democrats blaming grid operator PJM with mismanagement.
Rep. Mikie Sherill, Democratic candidate for governor, posted to X, saying in part, “New Jerseyans are bearing the brunt of failures by our grid operator, PJM. And today, we found out they’re raising rates again."
She then lays out her plan to lower the cost of utilities through clean energy projects, if she’s elected governor.
State Senate Republican Leader Anthony Bucco said in a statement, “Today’s PJM auction results confirm what we’ve been warning about for years: Trenton Democrats’ failed energy agenda is directly driving up costs and putting the stability of our grid at risk.”
The auction sets utility rates for the following year, and those prices are driven by supply and demand.
