New Jersey Board of Utilities has announced that consumers can expect a slight dip in their electricity bills starting June this year. The drop can be anywhere from $3 to as much as $7.67 a month for residential consumers.
Different factors have helped drive down energy prices and reduce the congestion on the power grid. The prices of natural gas have lowered and more efficient power plants have been launched recently. Transmission networks have also expanded to reduce the price of electricity. This is the 8th time that electricity rates have fallen or stabilized, a trend that is most welcome by Chris Christie’s administration.
One of the top priorities of Christie’s administration is to reduce the nation’s energy bills. The cost to consumers actually result from the prices that are locked in by the electrical utilities that buy the power distributed to consumers from an online auction that is overseen by the state.
With the price of power going down, the agency generated billions of dollars of investments in the form of modernized infrastructures from the state’s four utility companies. Poles, wires and equipment have been upgraded to deliver a more reliable electric service to consumers.
In spite of the actions of the regional power grid operator, PJM interconnection and the Federal Energy Regulatory Commission, electric rates have gone down. The state has always opposed the actions to increase the wholesale prices of electricity but mostly without success.
New Jersey is among the top 10 in terms of nationwide energy costs and the drop is welcome news to consumers. According to energy analyst, Paul Patterson, the drop is a little lower than expected and it is a part of the continuing trend where there is less congestion that can spike prices. Even when demand for electricity peaks, there is enough to electricity available to meet consumer needs.
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