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Auction leads to lower electric rates in NJ

TRENTON, N.J. (AP) -- Most New Jerseyans will pay less for electricity throughout the year.

The state Board of Public Utilities on Thursday approved the results of the annual basic generation service auction where utilities buy some of their wholesale energy from suppliers.

The BPU says natural gas has driven down energy prices for electric companies.

Public Service Electric & Gas customers will pay 6 cents more a month or $119.13 for electricity.

Monthly Jersey Central Power & Light rates are expected to decrease by nearly $3. Atlantic City Electric bills will be $6.42 a month lower. Orange and Rockland customers will pay $6.74 a month less.