New Jersey Posts BGS Auction Prices, Residential BGS Customers To See Bill Increases -- EnergyChoiceMatters.com

New Jersey Posts BGS Auction Prices, Residential BGS Customers To See Bill Increases

February 7, 2023

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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The New Jersey Board of Public Utilities (NJBPU) has approved the 2023 procurement of contracts for one-third of the fixed price (FP) Basic Generation Service (BGS) default electric service

For fixed price residential and small commercial customers (BGS-RSCP), the 2023 BGS auction procured 36-month tranches for the period starting June 1, 2023, with pricing as follows:

2023 BGS-RSCP Auction Prices
 36-Month Tranches 

Utility     Closing Price    Tranches
              (¢/kWh)        Procured
ACE            9.217            8
JCP&L          9.428           15
PSE&G          9.311           28
RECO           9.648            2

On a total bill basis, the New Jersey BPU said, as a result of the new BGS auction, residential default service customers supplied by PSE&G will see an average estimated bill increase of 3.3%, residential default service customers supplied by JCP&L will see an average estimated bill increase of 4.8%, residential default service customers supplied by ACE will see an average estimated bill increase of 4.1%, and residential default service customers supplied by RECO will see average estimated bill increase of 6.9%.

The BPU also approved results from the CIEP auction (hourly priced customers)

The winning prices for the CIEP auction was as follows:

CIEP Auction 2023 Prices
Utility       Closing Price   Tranches
               ($/Mw-day)     Procured
ACE              319.27           4
JCP&L            298.04          10
PSE&G            330.72          22
RECO             288.46           1

As of November 2022, approximately 81% of the CIEP load is being provided through individual contracts with third-party suppliers.

The winning bidders of the Residential and Small Commercial Pricing (RSCP) Auction are:

• BP Energy Company

• Calpine Energy Services L.P.

• ConocoPhillips Company

• Constellation Energy Generation, LLC

• DTE Energy Trading, Inc.

• Macquarie Energy, LLC

• NextEra Energy Marketing, LLC

• Vitol Inc.

The BGS-CIEP Auction winners are:

• ConocoPhillips Company

• DTE Energy Trading, Inc.

• Constellation Energy Generation, LLC

• NextEra Energy Marketing, LLC

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