New Jersey utilities board approves 2024 power auction results

Feb 11 (Reuters) - The New Jersey Board of Public Utilities (NJBPU) on Friday approved the results of the state's 23rd annual electricity Basic Generation Service (BGS) auctions, which secured about 8,131 megawatts of power. The NJBPU said the auction would result in slightly higher costs for electricity supplied to most residents and small- and medium-sized businesses. The state's four utilities are Exelon's Atlantic City Electric (ACE), FirstEnergy's Jersey Central Power & Light (JCP&L), Public Service Enterprise Group's Public Service Electric and Gas (PSE&G), and Consolidated Edison's Rockland Electric Co (RECO). The winning bidders in the BGS auctions included units of BP Energy, ConocoPhillips, NextEra Energy, Shell Energy US and Vitol Inc. 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, 2024: Utility Usage Current Increase New Bill Percent (kWh) Bill Change ACE 650 $154.28 $7.34 $161.62 4.80% JCP&L 650 $96.59 $8.34 $104.93 8.60% PSE&G 650 $131.90 $8.22 $140.12 6.20% RECO 650 $131.90 $4.71 $135.57 3.60% (Reporting by Deep Vakil and Harshit Verma in Bengaluru; Editing by Mrigank Dhaniwala)