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New Jersey Ratepayers Implore Board of Public Utilities to Reject Utility Cash Grab April 26, 2021, 10:50 am | in
Latest $300 million demand from PSE&G and Exelon would crush New Jerseyans reeling from pandemic
Trenton (April 23, 2021) After securing a $300 million-per-year subsidy despite failing to demonstrate need, PSE&G and Exelon are back again, using the threat of closures and job losses to demand yet another round of corporate handouts paid for by New Jersey ratepayers.
The New Jersey Board of Public Utilities (BPU) held evidentiary hearings on the renewal of the $300 million annual zero-emission credit (ZEC) subsidies this year. On April 27, the BPU is expected to rule on the renewal for a three-year period, which would total upwards of $900 million in higher electricity costs for ratepayers.
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Exelon to Split Business, Spin Off Generation Segment
Responding to rapid changes in the power industry, Exelon Corp. plans to cleave its business into two publicly traded companies: one comprising its six regulated electric and gas utilities, and the other, which it plans to spin off, comprising its 31-GW competitive generation fleet and customer-facing businesses.
The separation which the company’s Board of Directors approved on Feb. 21 and Exelon wants to complete in the first quarter of 2022 will give each company the “financial and strategic independence to focus on its specific customer needs, while executing its core business strategy,” the company said on Feb. 24.
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2020: A Year of Reckoning for Competitive Generators
Over the past year, power generators that depend on wholesale electricity markets for the bulk of their revenues endured remarkable pressure stemming from the pandemic, changing company business priorities, and environmentally driven policy shifts. But customer-centric efforts, founded on principles of healthy competition, have helped them persevere, said the Electric Power Supply Association (EPSA).
The 1992-founded national trade group which fiercely advocates for well-functioning competitive wholesale electricity markets has 16 members that together own and operate more than 150 GW in markets governed by Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs) in New England, New York, the Mid-Atlan