Electric rates in N.J. stable or lower after auctions

Posted: February 08, 2013

Electric rates for most New Jersey customers will remain stable or decrease slightly this year as a result of annual energy auctions the Board of Public Utilities approved on Thursday.

The price for basic generation service for an Atlantic City Electric customer who uses 650 kilowatt hours a month will drop 5.3 percent, from $119.99 to $113.57 per month, on June 1. Monthly prices for Public Service Electric and Gas Co. customers will increase by 6 cents, to $119.13 a month.

The BPU conducts annual auctions to buy one-third of the power supply for customers who don't buy their power from competitive suppliers. The average price of this year's auction is about 8 percent lower than the expiring price from the 2010 auction.

   - Andrew Maykuth

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