Former Senate President Steve Sweeney stated that if elected governor, he would target a regional energy firm after news outlets reported that rising electricity rates might raise energy bills by $25 per month this summer.
Last summer, energy costs for residents of New Jersey were so high that a hearing was organized by state lawmakers to decide what to do next. After a Monday electrical auction proved to be more costly than anticipated, the energy increase for this summer was announced.
Sweeney accused PJM Interconnection, which runs the electric grid for New Jersey and twelve other states, of manipulating the market, being opaque, and impeding the state’s efforts to achieve renewable energy targets. According to the former lawmaker, he would file a lawsuit against PJM in a manner akin to the state of Pennsylvania’s case against PJM.
Late last month, Pennsylvania and PJM reached a settlement in the lawsuit; according to a statement from Governor Josh Shapiro’s office, the resolution will save $21 billion for consumers, including those in New Jersey, over the following two years.
“As the next Governor of New Jersey, I am dedicated to protecting our citizens’ rights and making sure they have access to clean, affordable, and dependable energy,” Sweeney stated in the statement. Practices that unjustly burden our consumers and impede our state’s energy goals must be categorically opposed.
Sweeney is running for governor and is hoping to win the Democratic nomination.
When voters head to the polls this year, cost of living is anticipated to be their top concern.
The Board of Public Utilities’ president, Christine Guhl-Sadovy, told the New Jersey Monitor that rising demand and falling supply were factors in the price increases.
The company’s electricity auction concept was the focus of Pennsylvania’s lawsuit against PJM.
According to Sweeney, PJM has put consumers and the state’s energy companies under excessive financial strain.
“We must hold companies like PJM accountable because New Jerseyans deserve a strong energy market that reflects their needs and priorities,” Sweeney stated. In order to guarantee accountability and transparency in our energy system and promote a more competitive market that eventually helps all consumers, this legal action is essential.
