“As we work to understand why energy costs have spiked, today’s hearing makes one thing clear: among the leading causes are PJM’s broken capacity auction system and its failure to bring new energy supplies online. Rather than taking responsibility, PJM continues to deflect blame while moving forward with yet another auction that could again send prices soaring. Its efforts to integrate new energy sources have fallen drastically short. The ongoing backlog in PJM’s interconnection queue is directly depriving New Jersey of the new energy it needs and denying residents the relief they deserve.
“At the same time, New Jersey’s clean energy future has been actively sabotaged. Trump-era policies and Republican obstruction have derailed transformative energy projects, including offshore wind. These cancellations erased the opportunity to deliver over 5,000 megawatts of clean power, enough to supply more than two million homes, and halted thousands of good-paying jobs tied to projects like the Wind Port and Paulsboro Marine Terminal. The economic ripple effects are massive. The Wind Port alone was expected to generate over 20,000 jobs and bring in $500 million annually in state revenue. With continued uncertainty, even next-generation projects like the new hydrogen hub are now in jeopardy.
“The numbers tell the story. PJM currently has around 1,600 energy projects stuck in its interconnection queue, 79 of them in New Jersey alone. A staggering 98 percent of these are clean energy resources. Collectively, they represent 250,000 megawatts of potential capacity. If even a fraction of these had been connected in a timely manner, supply would have more than doubled the volume that cleared the last capacity auction, helping to keep prices within historical norms. Estimates suggest that if just 30 percent of the queued projects had been operational, the last auction could have been 63 percent cheaper.
“This is not simply a temporary price spike. It is the direct result of systemic failure and deliberate neglect. Families are paying the price for years of missed opportunities and grid mismanagement. The one-two punch of PJM’s dysfunction and Republican obstruction has put New Jersey households in an untenable position.
“To build a reliable, affordable energy future, PJM must overhaul its markets, federal leaders must reverse harmful policy decisions, and Republican officials must stop standing in the way and start offering solutions. New Jersey deserves better and the time for action is now.”
Insider NJ recently reported on the Senate Select Committee’s statement regarding a utility hearing that took place earlier this week. The committee, which is responsible for overseeing the regulation of utilities in the state, expressed concerns about the lack of transparency and accountability from utility companies during the hearing.
According to the committee’s statement, utility companies have been failing to provide accurate and timely information to customers about outages, billing issues, and other important matters. This lack of transparency has led to frustration and confusion among consumers, who rely on these services for their daily lives.
The committee also raised concerns about the reliability of the state’s utility infrastructure, noting that recent storms and extreme weather events have exposed vulnerabilities in the system. They emphasized the need for utility companies to invest in upgrades and improvements to ensure that customers are not left without power or other essential services during emergencies.
In response to these concerns, the committee has called for increased oversight and regulation of utility companies in order to protect consumers and ensure that they receive the reliable and affordable services they deserve. They are also urging utility companies to be more transparent in their communications with customers and to prioritize investments in infrastructure upgrades.
Overall, the Senate Select Committee’s statement highlights the importance of holding utility companies accountable for their actions and ensuring that they are meeting the needs of consumers in a responsible and transparent manner. By addressing these issues, the committee hopes to improve the quality and reliability of utility services in the state for years to come.
