BPU PRESS RELEASE:
NEWARK — Based on a recent electricity auction, the monthly utility bill for the average Atlantic City Electric customer will increase by 15 cents or .13 percent from $114.60 to 114.75. Atlantic Electric services all of Cape May County as well as many other South Jersey communities.
Atlantic Electric was the only one of the four major state electric companies whose rates will increase – electric bills for JCP&L, PSE&G and Rockland customers will decrease between .5 and 1.1 percent.
According to a release, the New Jersey Board of Public Utilities (BPU) Feb. 11 unanimously approved the results of the state’s ninth annual electricity auctions for Basic Generation Service (BGS), which determines the cost of electricity for most New Jersey residents and businesses. This approval will result in a minimal change in the price of the commodity effective June 1.
“Once again, New Jersey has had a competitive auction for electricity, which will provide stable costs for residents and businesses across the state,” said Acting Board President Elizabeth Randall.
The energy secured in the fixed price auction will meet one third of the state’s residential and small business electric demand for the next three years starting June 1, 2010. The remaining two- thirds of demand will be met by generation secured in the auctions of 2008 and 2009.
