Electricity Prices Set to Rise by Roughly $25 Per Month This Summer

February 12, 2025 | newjerseymonitor.com

The price of electricity is set to soar this June after successive electricity auctions yielded results that could boost bills by more than $25 a month. 

The Board of Public Utilities on Wednesday approved the results of a Monday electricity auction, green-lighting prices driven higher by growing demand for electricity.

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NJ SEED: New Jersey gets most of its electricity from gas and nuclear power plants, which account for 91% of local generation. The commercial sector represents 50% of electricity consumption, followed by the residential sector at 40%. The industrial and transportation sectors account for the remaining 10% of consumption. 

Although price increases are usually unwelcome, NJ ranks among the top 10 states with the lowest energy consumption per dollar of GDP, and 11th among the states with the lowest energy consumption per capita. NJ is one of the most energy efficient states with respect to its population and economy.