BUSINESS & ECONOMY

Power Auction Could Mean Lower Electricity Prices for Ratepayers in New Jersey

Credit: philly.com

Credit: philly.com

By Tom Johnson for NJ Spotlight

By the end of this week, residential and business customers will learn if they’ll be paying more or less to keep the lights on beginning in June.

The state Board of Public Utilities is currently conducting an online auction that will determine how much the four electric utilities will pay for the power they need to supply customers who do not switch to alternative energy suppliers. The auction, which began last week, is expected to end in the next few of days.

The steep drop in natural gas prices over the past few years, which often sets how much power suppliers earn for the electricity they produce, has generally led to lower prices — particularly for most residential customers in the past few years.

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