MORRIS COUNTY — Senator Joe Pennacchio (R-26) slammed the Murphy administration’s energy master plan (EMP) as the root cause for New Jersey’s skyrocketing utility bills. He warned that rates will soar even higher in 2025 without a change in direction soon.
“Make no mistake, Governor Murphy’s energy master plan is the driving force behind the absurd surge of utility bills across the state,” said Sen. Pennacchio. “I fear it will only worsen as our grid efficiency falters and our electricity demand grows. The governor needs to stop pandering to the far left and start doing what’s right for the Garden State by listening to experts who understand the real-world impacts of his policies.”
New York-Newark-Jersey City is now ranked as the 5th most expensive metro area in the country for electricity prices. According to data updated daily by Energy Bot, the average cost in the metro area is 28.80 cents per kilowatt-hour (kWh).
In comparison, the average electricity rate for all New Jersey residents is 19.88 cents per kWh, 21% more expensive than the national average of 16.41 cents per kWh—and rates continue to trend upward.
“The Murphy administration has fanned the flames of rising costs with disastrous EV mandates and catering to the wind and solar industry, all while ignoring Republican legislators calling for an all-inclusive energy policy concerning nuclear, natural gas, and renewables,” Sen. Pennacchio continued.
In 2023, Senator Pennacchio sounded the alarm about Governor Murphy’s extreme energy master plan and the administration’s attempt to ban safe, reliable, and affordable gas stoves.
Now, Senator Pennacchio warns that the administration’s heavy-handed electrification mandates will further drive up electricity costs, pointing to how Democrat energy policies across the service region contributed to an 800% energy price increase at PJM’s latest power auction.
This is in addition to the Murphy-approved rate increases from the Board of Public Utilities that went into effect June 1.
“If you think energy prices are bad throughout New Jersey, just wait until PJM’s price increase hits in 2025,” Sen. Pennacchio continued. “We’re shutting down reliable energy sources too quickly, while renewables aren’t coming online fast enough, or even being built due to supply chain issues, to keep up with demand. It’s a recipe for disaster that will only worsen if we don’t change course immediately.”
A recent report indicated that another wind developer’s project is being delayed in New Jersey due to supply chain issues. This is nearly one year after Orsted abandoned its offshore wind development, citing similar industry-wide problems.
