PHILADELPHIA (CBS) – Electricity costs in the Garden State dropped a little this week thanks to action taken last winter.
The state’s utilities actually take part in an auction to purchase the power they distribute.
That sets the supply rate for 12 months starting June 1st and market conditions brought that rate down just a bit. For consumers, if you get your power from Atlantic City Electric.
“The average residential customer who uses about a thousand kilowatt hours of electricity a month will see their bills decrease by about $5.80. That’s approximately 4.5 percent,” said spokeswoman Sandra May.
The state’s largest utility, PSE&G, will see its supply rate drop just under 5 percent an average residential saving of a little over seven bucks a month. Utilities are not allowed to profit from the cost of the electricity.
Reported by David Madden, KYW Newsradio