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PSEG could offer lower rates to New Jersey’s incoming governor: equity analysts - Governor-elect Mikie Sherrill plans to freeze New Jersey’s utility rates on day one and expand clean energy to tackle soaring power bills. PSEG, the state’s largest utility, says it’s ready to cooperate by boosting investments in storage, efficiency, and transmission. The move could reshape how New Jersey balances affordability and reliability as energy demand rises.
Good news, Thursday!New Jersey’s next governor says she’s ready to take on high power bills, and Public Service Enterprise Group (PSEG) says it’s on board.
After years of rising electricity costs, Governor-elect Mikie Sherrill plans to declare a state of emergency on utility prices and freeze rates on her first day in office. She says the goal is to build more clean, affordable power while cutting pollution and helping families save.
The timing fits. PSEG, the state’s biggest utility, just reported quarterly earnings of $620 million, up 20% from last year. The company says it’s ready to work with the new administration to keep rates as low as possible and expand the state’s energy supply.
Public Service Electric and Gas Company (PSE&G) customers have seen some of the steepest rate hikes in New Jersey, with electric bills up about 36% last summer compared to the year before. Analysts say the utility might offer rate concessions and increase investments in battery storage, energy efficiency, and transmission to support Sherrill’s energy goals.
New Jersey still imports about 40% of its electricity, which keeps prices high. State lawmakers are now discussing whether to let utilities own and build new power generation, including solar and energy storage, to help close that gap.
Meanwhile, demand for electricity is climbing. PSE&G’s data center projects now total 2.8 gigawatts, and the company is exploring ways to power them with its nuclear plants and future storage projects.
It’s a big moment for New Jersey’s energy future. The next few years could decide how the state balances affordability, reliability, and clean energy growth.
If Sherrill follows through on her rate freeze and renewable push, New Jersey could become a model for how to tackle both rising energy costs and the growing power demand from AI.
Do you think freezing utility rates while expanding clean energy can work? What should the priorities be?
https://www.utilitydive.com/news/pseg-rates-new-jersey-sherrill-earnings/804853/