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New Jersey regulator approves $6 billion power auctions

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Feb 5 (Reuters) - New Jersey Board of Public Utilities (BPU): * New Jersey regulators on Wednesday approved the results of the state's 19th annual electricity Basic Generating Service (BGS) auctions, which secured about 7,700 megawatts of power worth about $6 billion. * The BPU said the auction results is slightly higher costs for electricity supplied to most residents and small and medium-sized businesses * The state's four utilities are Exelon Corp's Atlantic City Electric (ACE), FirstEnergy Corp's Jersey Central Power & Light (JCP&L), Public Service Enterprise Group Inc's (PSEG) Public Service Electric and Gas (PSE&G) and Consolidated Edison Inc's Rockland Electric Co (RECO) * The winning bidders in the BGS auctions included units of BP Plc, Calpine Corp, Covanta Holding Corp, DTE Energy Co, Exelon, Hartree Partners, NextEra Energy Inc and PSEG. The following table illustrates how the auction results will affect electricity supply costs for the average residential customer when the new rates take effect on June 1, 2020: Utility Usage (kWh) Current Bill Increase/Decrease New Bill Percent Change ACE 650 $125.15 $0.40 $125.55 0.3% JCP&L 650 $85.41 $2.09 $87.50 2.4% PSE&G 650 $117.60 $5.20 $122.80 4.4% RECO 650 $117.08 -$1.89 $115.19 -1.6% Source: https://bit.ly/2SoMRl9 (Reporting by Eileen Soreng in Bengaluru; Editing by Sandra Maler)