Electric bills from the four major utility companies in the state will all go up beginning in June, following the latest state auction which determines the rates.

The New Jersey Board of Public Utilities has approved the results of the State’s 22^nd annual electricity auction for what it calls the Basic Generation Service, resulting in slightly higher costs for electricity supplied to most residents and small and businesses by Atlantic City Electric Company (ACE), Jersey Central Power & Light Company (JCP&L), Public Service Electric & Gas Company (PSE&G), and Rockland Electric Company (RECO), collectively known as the New Jersey Electric Distribution Companies.

The annual auction determines, in part, the cost of electricity for most New Jersey residents and many businesses for the 12-month period starting June 1, 2023.

The bids from all four utility companies increased compared to last year’s auction mainly due to higher energy costs and the risk of providing a fixed-price product, resulting in an increase for most customers, anywhere from 3.3% to 6.9%.

Specifically, ratepayers supplied by PSE&G will see an average estimated bill increase of 3.3%, ratepayers supplied by JCP&L will see an average estimated bill increase of 4.8%, ratepayers supplied by ACE will see an average estimated bill increase of 4.1%, and ratepayers supplied by RECO will see average estimated bill increase of 6.9%.

In an earlier statement, JCP&L President Jim Fakult reiterated that despite the average increase of $8.34 for their customers, “the agreement allows us to continue to keep our rates the lowest in New Jersey.”