Newark, New Jersey — Gov. Mikie Sherrill moved swiftly on her first day in office Tuesday, ordering state regulators to expand electricity bill credits and halt proceedings that could approve new rate increases scheduled to take effect in June.
Sherrill signed two executive orders during her inauguration at the New Jersey Performing Arts Center, following through on a campaign promise to address rising utility costs. The orders direct the New Jersey Board of Public Utilities to expand credits similar to those issued last summer and to pause reviews that could allow additional rate hikes.
The administration has not yet said how much the new credits will reduce monthly bills, noting that the amounts will vary based on electricity usage. Funding will come in part from fees assessed on power suppliers that fail to meet New Jersey’s renewable energy standards, as well as proceeds from the Regional Greenhouse Gas Initiative. A similar program launched under former Gov. Phil Murphy cost roughly $430 million, and officials expect the new effort to exceed that amount.
Sherrill also instructed regulators to consider reducing the “societal benefits charge,” a surcharge that adds about 3% to electricity bills, and to refocus the state’s Clean Energy Program on energy efficiency and direct ratepayer relief.
Additional provisions require regulators to examine utilities’ allowed returns on infrastructure investments and to accelerate approvals for new solar, storage, and power generation projects. The moves come as electricity prices across the PJM regional grid continue rising, driven in part by increased demand from data centers and recent capacity auctions.
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