PJM announced that the price-per-megawatt day for electricity in the upcoming year increased by 22% to $329.17. This price increase translates to an anticipated rise of 1.5% to 5% in consumer electricity bills next year, influenced by current jurisdictional rates. The increase follows a 20% spike in electricity costs for New Jersey residents in June due to prior auction results. The new price is capped following a lawsuit settlement, preventing an even higher potential cost for consumers.
PJM announced the capacity auction results, revealing a price-per-megawatt day of $329.17 for the next year, marking a 22% increase from the previous year.
Expected customer electricity bill increases next year range from 1.5% to 5%, depending on the jurisdiction and existing rates, according to PJM's Executive Vice President.
New Jersey residents' electricity costs already spiked by 20% in June due to last year's auction results, which saw a significant rise in price per megawatt day.
The recent auction price of $329.17 is the maximum allowed under a cap related to a lawsuit settled by Pennsylvania officials, preventing a higher price of $388.57.
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