Feeling nostalgic for the days when the utilities that bring electricity to your home also generated that energy themselves? Well, they say they are willing to get back in the game.

Leaders from the state’s four regional power distribution utilities were part of a joint legislative panel on April 25 as lawmakers tried to find solutions to the rate hikes about to hit electricity ratepayers June 1.

During their testimony, representatives of PSE&G, Jersey Central Power and Light, Rockland Electric and Atlantic City Electric all said they could take on the task of building power generation capability. Right now only PSE&G is engaged in power generation through its nuclear plants in Salem.

New Jersey’s deregulation of the electricity market in 1999 effectively barred the regulated distribution utilities from generating their own electricity. The goal of the deregulation effort was to foster competition in electricity generation. While the utilities continued as distributors of electricity, they no longer were primary generators.

The four utilities warned against proposals from lawmakers to break with the state’s grid operator, PJM Interconnection, and against attempts to lower utility profitability.

Utilities profit through a return on equity rate negotiated with state regulators, who set how much they receive from ratepayers in return for their investments. Right now that rate is roughly 9.6%, meaning the utility makes close to 10% guaranteed from ratepayers on its investments within its New Jersey territory. The utility representatives argued that any cut in that rate could mean the utility would lose investors.

Also discussed at the hearing was the state’s status as a net importer of energy and the ongoing loss of in-state net power generation as fossil fuel plants go offline.

Contact the reporter, Vince Conti, at vconti@cmcherald.com.