WASHINGTON (dpa-AFX) - PSE&G (PEG) has introduced a Summer Relief Initiative aimed at shielding qualified New Jersey residential electric customers from disconnections and high utility costs following a 17 percent rate increase effective June 1. The hike stems from PJM's capacity price auction and is outside PSE&G's control.
The utility is seeking approval from the New Jersey Board of Public Utilities (BPU) to defer the effects of this increase through summer.
Key measures include a Summer Moratorium, an expansion of the Winter Termination Program, running from July 1 to September 30, 2025, to prevent shut-offs for low-income and eligible residents, and a suspension of reconnection fees. These steps follow PSE&G's proposals filed on May 7 and expanded on May 15, pending BPU approval.
PSE&G President and COO Kim Hanemann emphasized that while the company isn't responsible for the rate hike, it is stepping in to support customers. She encouraged struggling households to reach out for available assistance as electricity usage peaks during the summer.
Despite the deferral for customers, PSE&G will continue to pay suppliers the full generation cost. The utility stressed that increased usage, not just rates, drives higher bills, especially during hotter months. Cooling a home to 75°F when it's 90°F outside requires 125% more electricity than when it's 85°F.
PSE&G directed customers to energy efficiency tools at pseg.com/energyefficiency and bizsave.pseg.com to help reduce consumption.
The company also highlighted its commitment to long-term solutions through policy collaboration aimed at boosting power generation in the state.
For immediate help, PSE&G works with community partners to connect customers with programs like LIHEAP, SHARES, Equal Payment Plans, and Deferred Payment Arrangements. These services are designed to ease the financial burden and provide flexible payment options.
Monday, PEG closed at $82.31, up 0.50%, and is currently trading flat in after-hours on the NYSE.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
