A new report found that New Jersey has little control of utility costs, despite Gov. Mikie Sherrill’s attempts to lower energy bills.
Residential utility rates rose 7.4 percent every year over the past five years, according to a study on utility business models that Sherrill ordered in her first executive order aimed at lowering energy costs.
But the largest driver of bill growth came from factors outside of New Jersey’s control, including regional grid operator PJM markets, FERC-regulated transmission rates and fuel prices.
Advertisement
The study by energy consulting firm E3 was commissioned by the Board of Public Utilities and focuses on distribution costs — which makes up about a quarter of a customer’s bill.
