BRIEF-New Jersey Utilities Board Announces Higher Electricity Costs After Auction

Feb 13 (Reuters) - NEW JERSEY BOARD OF PUBLIC UTILITIES:

ANNOUNCES THE RESULTS OF NEW JERSEY'S 24TH ANNUAL ELECTRICITY AUCTION FOR BASIC GENERATION SERVICE (BGS), RESULTING IN HIGHER COSTS FOR ELECTRICITY SUPPLIED TO MOST RESIDENTS AND SMALL AND/OR MEDIUM-SIZED BUSINESSES BY NEW JERSEY’S FOUR REGULATED ELECTRIC DISTRIBUTION COMPANIES (EDCS)

SAYS THIS WEEK'S BGS AUCTION RESULTS ARE THE CULMINATION OF SEVERAL ISSUES: RAPIDLY INCREASING DEMAND FOR ELECTRICITY, COUPLED WITH LIMITED SUPPLY GROWTH DUE TO LAGGING NEW GENERATION INTERCONNECTION, AND FLAWED MARKET DYNAMICS IN THE PJM REGION

SAYS WINNING PRICES FOR ALL FOUR EDCS INCREASED COMPARED TO LAST YEAR'S AUCTION, WITH THE AVERAGE MONTHLY BILL PROJECTED TO INCREASE BETWEEN 17.23% AND 20.20% DEPENDING ON THE SERVICE TERRITORY