New Jersey Gov.-elect Mikie Sherrill is promising to freeze New Jersey utility rates, but the owner of the state’s largest utility is poised to go on a spending spree.
That puts the Democrat’s affordability agenda on a collision course with her goal of boosting the state’s energy supplies.
In the long term, a robust supply of energy is supposed to keep prices from spiking. Right now, a supply-demand crunch is driving up energy costs. But getting new energy sources also costs money.
For much of the year, New Jersey lawmakers have been trying to figure out how to get shovels in the ground on new power plants. One solution is to green-light billions of dollars in spending by New Jersey-based PSEG, which owns the state’s largest utility, the similarly named PSE&G.
