PSE&G Proposes New Solutions To Help Customers Dealing With Upcoming Energy Price Increases
PSE&G Proposes New Solutions To Help Customers Dealing With Upcoming Energy Price Increases |
| [15-May-2025] |
PSE&G files updated proposal to offer additional short-term assistance, while standing ready for long-term solutions NEWARK, N.J., May 15, 2025 /PRNewswire/ -- PSE&G today announced that it is amending its May 7, 2025 filing with the New Jersey Board of Public Utilities (BPU) to provide additional short-term relief for mitigating the impact of recent significant increases in electric supply costs caused by PJM's high capacity market prices. In the filing, PSE&G is responding to requests for temporary solutions from Gov. Phil Murphy issued in a press release yesterday, in addition to a one-time waiver of carrying costs for credits that might be issued this summer, pending BPU action.
"As Gov. Murphy said yesterday in his press release, utilities are not the cause of the unexpected rise in utility rates, but we have a role to play in providing options to assist our customers," said Kim Hanemann, president and COO, PSE&G. "PSE&G works closely with our customers and communities to help ensure they have access to programs that fit their needs to manage their bills. We will continue to work with policymakers on short-term solutions to assist our customers while working with the state on long-term solutions, including the need for more generation." For decades, PSE&G has worked with customers, and with nonprofits and community organizations who work with utility customers, to raise awareness, educate and inform customers about energy assistance options. In recent years, PSE&G has participated in hundreds of events across the state and communicated directly to customers through the mail and online about the programs and support available to help manage bills. Short-term solutions filed with the BPU
PSE&G is proud of its track record of maintaining customer affordability and award-winning reliable service. PSE&G bills are nearly equivalent to 2008 levels when adjusted for inflation. PSE&G works hard to keep customer bills as low as possible and this has resulted in PSE&G being a top performer nationally in affordability. May 7 filing with the BPU In compliance with the BPU's order dated April 23, 2025, PSE&G's May 7 filing describes options for the creation of a Temporary Supply Offset Clause ("TSOC"), a temporary credit beginning on July 1, 2025 to offset the electric bill increases that will occur this summer, bill increases that largely stem from the July 2024 PJM Base Residual Auction. As indicated in the May 7 filing, the three options included a 100% offsetting credit, a 50% offsetting credit and a 25% offsetting credit, which were based on guidance from BPU Staff. Long-term solutions needed While PSE&G has been warning for several years about the supply and demand imbalance in the PJM region, we remain committed to working with stakeholders in government regarding long-term solutions to these significant rate increases, including policy and legal changes to encourage the development of new generation. PSE&G customer assistance PSE&G works directly with its customers, and with nonprofits and community organizations who work with utility customers, to inform them about energy assistance options. These efforts are designed to provide access to information on a range of energy efficiency and affordability offerings – from rebates and discounts to programs for small businesses and corporations. PSE&G's energy efficiency programs provide free assessments to help make customer's homes or businesses more efficient, and lower energy use year-round. As of this past February, over 415,000 customers benefitted from programs that reduced energy consumption and lowered bills. On an annual basis, participants saved nearly $640 million. Last year, PSE&G made improvements to better identify and reach customers who are most likely eligible for energy assistance programs and affordability options. In the end, approximately 226,000 customers received more than $265 million in support and assistance from these and other outreach initiatives. We estimate that another 100,000 customers are eligible for these programs but have yet to reach out. PSE&G provides information regarding affordability options that customers may qualify for based on certain criteria like income eligibility (i.e. the Low Income Home Energy Assistance Program (LIHEAP), or SHARES for customers who may be experiencing a temporary financial crisis). There are also additional bill payment tools to help customers manage costs, including PSE&G's Equal Payment Plan and Deferred Payment Arrangements. PSE&G's Equal Payment Plan estimates annual energy costs, and divides bills into 12 equal monthly payments, which allows customers to levelize their monthly spend expectations. Deferred Payment Arrangements allow customers to pay a portion of past-due balances over an agreed-upon period. PSE&G is promoting affordability and bill management programs in person through its customer service centers and call center, while also educating customers through a multichannel communication that includes bilingual emails, social media, newsletters, bill inserts, direct mail, media interviews and webinars and events with our community partners. Customers can also find valuable energy assistance information at pseg.com/saveenergy and bizsave.pseg.com. PSE&G Forward-Looking Statements Visit PSEG at: CONTACT:
SOURCE Public Service Electric & Gas Company (PSE&G) | ||
Company Codes: NYSE:PEG |
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