Ratepayers would get $100 minimum — though details remain murky
By Nikita Biryukov, NJ Monitor
New Jersey will send ratepayers at least $100 to defray the impact of a steep rise in electricity prices that took effect this month, top Democrats announced Thursday.
The $430 million program, which is not yet approved by state energy regulators, would provide each of the state’s 3.9 million ratepayers with $100, with an additional $150 for low- and moderate-income residents.
“We’re taking this step today because the fact is the people of New Jersey are being battered by the rising cost of energy, and by the way, this is not unique to New Jersey,” Gov. Phil Murphy said at a press conference in Newark. “You can look all around the country right now, and certainly all around this region to see that we are not alone. Wholesale electricity prices are up multiples of what they were even a year ago today.”
Christine Guhl Sadovy, president of the state Board of Public Utilities, suggested residents enrolled in the state’s winter termination program would be eligible for the $150 payment. That program bars utility shutoffs between Nov. 15 and March 15.
Officials were deliberating a second $100 payment but had not reached a decision as of Thursday afternoon, Murphy said.
It was not immediately clear when or how the benefits would be paid. Murphy suggested they could come in September or October but cautioned that the timeline is hazy as the aid still needs approval from the Board of Public Utilities, whose next meeting is set for June 18.
Lawmakers’ announcement comes just days after electricity prices rose by roughly 20% at the start of June, pushed upward by the results of price-setting auctions held in July and February, and as hot weather pushed temperatures to roughly 90 degrees in much of the state Thursday.
It also comes as all 80 seats in the state Assembly — which Democrats control by a 52-28 majority — are on the ballot in the fall (the primaries are on Tuesday).
Funding for the payments would come from the state’s Clean Energy Fund, the state’s share of Regional Greenhouse Gas Initiative money, and the Solar Alternative Compliance Payment, which is paid by electricity suppliers that are unable to meet the state’s renewables standard.
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