February 7, 2019 / 6:23 PM / 5 months ago

New Jersey regulator approves $6 billion power auctions

    Feb 7 (Reuters) - New Jersey Board of Public Utilities (BPU): 
    * New Jersey regulators on Thursday approved the results of the state's 18th annual
electricity
Basic Generating Service (BGS) auctions, which secured about 7,800 megawatts of power worth
about $6 billion
    * The BPU said the auction results would keep energy costs stable for 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
, PSEG and ConocoPhillips Co.

    
    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, 2019:

        Utility          Usage (kWh)  Current Bill  Increase/Decrease  New Bill  Percent Change
          ACE                650        $114.26           $0.90        $115.16        0.8%
         JCP&L               650         $90.81          -$2.03         $88.78       -2.2%
         PSE&G               650        $115.00           $0.35        $115.35        0.3%
          RECO               650        $113.98          -$0.59        $113.39       -0.5%
 
    Source: bit.ly/2Gg5Rin

 (Reporting by Harshith Aranya in Bengaluru and Scott DiSavino in New York)
  
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