PSE&G Proactively Implements Summer Relief Initiative to Protect Residential Electric Customers from Higher Costs
PSE&G Proactively Implements Summer Relief Initiative to Protect Residential Electric Customers from Higher Costs |
| [03-June-2025] |
PSE&G Also Continues to Support Deferral of Electric Supply Increase This Summer Due to Record-Setting Electric Supply Auction NEWARK, N.J., June 3, 2025 /PRNewswire/ -- PSE&G today announced that it is proactively implementing a Summer Relief Initiative to protect qualified residential electric customers from disconnection, while seeking approval from the New Jersey Board of Public Utilities (BPU) to provide New Jerseyans relief on their summer electric bills. To combat the significant electric supply price increase on June 1 that is the result of PJM's capacity price auction, PSE&G is proactively implementing a Summer Relief Initiative including:
The implementation of the Summer Moratorium and reconnection fee suspension comes on the heels of the company's filing with the BPU where we propose to defer the effects of the June 1 supply increase for residential electric customers over the summer months. PSE&G first filed for approval of this action on May 7 and added additional support for residential customers on May 15, which is pending BPU review and approval. "There is now widespread recognition that New Jersey needs more power generation to address the forecasted energy supply-demand imbalance," said Kim Hanemann, president and COO, PSE&G. "PSE&G is not the cause of the 17% rise in electric rates, but we can support our customers by advancing critical solutions. These actions should help relieve a burden to families and communities just as the weather is getting warmer and electricity usage hits its peak. We encourage our customers to reach out to us if they are struggling to pay their bill so we can help them access the solutions available." New Jerseyans' energy usage is already at its highest during the summer months and the required electric rate increase would only exacerbate the situation. During this summer deferral period, PSE&G will still continue to pay the electricity suppliers, who benefit from the supply increase, the full cost of the generation in the new electric supply rate. PSE&G is proud of its track record of high customer satisfaction while maintaining customer affordability and award-winning reliable service. PSE&G combined electric and gas bills are nearly equivalent to their 2008 levels when adjusted for inflation. Understanding the Impact of Summer Heat on Bills It is important not to confuse increased electric rates with increased electric usage: summer months often coincide with high heat, frequently leading to increased electric usage as customers run their air conditioners more often. The amount of electricity needed to cool your house to 75 degrees when it's 90 degrees outside is 125% higher than when it's 85 degrees outside. Regardless of electric rates, customers can take steps now to understand and manage their energy usage. Customers can find valuable energy efficiency information at pseg.com/energyefficiency and bizsave.pseg.com. Long-term Solutions Needed For several years, PSE&G has been warning about the supply and demand imbalance in the region. We remain committed to working with policymakers regarding long-term solutions to these significant rate increases, including advancing policies that encourage the development of new power generation in New Jersey. 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. 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. Customers can find valuable energy assistance information at pseg.com/saveenergy. 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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