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NJ SR133
Resolution
Status
6/30/2025
Primary Sponsor
Brian Stack
Click for details
AI Summary
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Urges the Federal Energy Regulatory Commission (FERC) to reject the results of PJM Interconnection's July 2024 capacity auction for the 2025/2026 delivery year and require a rebid
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The July 2024 auction resulted in capacity clearing prices nearly 10 times higher than the previous auction, projected to increase average monthly electric bills in New Jersey by 17-20% starting June 2025
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The Organization of PJM States and the Independent Market Monitor found flaws in the capacity market construct that made the auction susceptible to market manipulation and artificial supply scarcity
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New Jersey ratepayers are directly affected because electricity procured through the state's Basic Generation Service auction passes through PJM capacity prices to customers
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The New Jersey Board of Public Utilities has no control over PJM auction results since PJM is regulated by FERC, prompting this legislative request for federal intervention
Legislative Description
Respectfully urges Federal Energy Regulatory Commission to reject results of PJM Interconnection, L.L.C.'s 2025/2026 Base Residual Auction and require rebid.
Resolutions and Concurrent Resolutions Filed w/Sec. of State
Last Action
Filed with Secretary of State
6/30/2025