Murphy releases 2024 Energy Master Plan outlining ‘no-regrets’ strategy for New Jersey’s clean, affordable energy future
TRENTON, N.J. — Governor Phil Murphy on Tuesday announced the release of the 2024 Energy Master Plan (EMP), a long-term roadmap intended to guide New Jersey’s energy policy over the next decade with a focus on affordability, reliability and clean-energy growth.
The plan, developed over a 22-month period from early 2024 through October 2025, updates and expands on the state’s 2019 EMP. It incorporates new technologies, policy developments and economic analysis to outline strategies that state officials say will help New Jersey meet its energy-demand and supply goals while transitioning toward cleaner systems.
“This report is the culmination of our no-regrets strategy to tackling the challenges of energy affordability, supply and demand, and climate change,” Murphy said. “I am proud of all that we’ve been able to achieve to make our energy sector cleaner and more efficient over the past eight years. This report’s recommendations will help guide energy policy to new heights in the future.”
The EMP was prepared by consultants from Energy and Environmental Economics (E3), ILLUME Advising and BW Research.
A flexible ‘no-regrets’ framework
State officials said the 2024 EMP centers on a flexible and adaptive “no-regrets” approach — strategies that can be pursued regardless of how energy markets evolve. The plan builds on existing initiatives developed under the Murphy administration across renewable energy, transportation, efficiency and workforce development.
Key strategies include:
Accelerating clean-energy deployment:
The plan calls for expanded in-state generation from solar, wind, advanced nuclear, green hydrogen and battery storage. Officials say doing so will reduce electricity imports, diversify the energy mix, support long-term price stability and create clean-energy jobs.
Expanding decarbonization and energy-efficiency programs:
New Jersey’s energy-efficiency efforts are described as a major tool for lowering customer bills and reducing demand on the wholesale power market. More efficient equipment and buildings can reduce emissions in both the power and buildings sectors.
Ensuring a reliable, modern grid:
The EMP emphasizes the need for updated electric infrastructure to meet growing loads. The New Jersey Board of Public Utilities has begun regulatory updates to improve interconnection for distributed energy resources, and the plan outlines the need for continued coordination with PJM on transmission reliability.
Continuing transportation electrification:
New Jersey is nearing its statutory goal of 330,000 light-duty electric vehicles by the end of 2025, with 260,000 already on the road and more than 5,000 charging ports installed statewide. The EMP recommends continued consumer incentives, utility investment and public-private partnerships.
Prioritizing energy affordability and environmental fairness:
The plan highlights existing recommendations from the Energy Equity and Affordability Report, including expanded bill assistance, time-of-use charging rates and lower upfront costs for energy-efficiency equipment, heat pumps and EVs for low- and moderate-income households.
Enhancing regional coordination:
New Jersey recently joined 10 PJM states in a Statement of Intent to establish a governor-level collaborative to address reliability, clean-energy integration and affordability. The EMP recommends further engagement in PJM decision-making.
Driving innovation and workforce development:
The state projects that between 14,300 and 42,400 additional workers will be needed in New Jersey’s energy and green-economy sectors by 2035. Existing workforce initiatives — including clean-energy training hubs, apprenticeships and wraparound services in overburdened communities — are identified as priorities for continuation and expansion.
The full 2024 Energy Master Plan provides detailed modeling, policy recommendations and analysis aimed at helping New Jersey transition toward a cleaner and more affordable energy future while ensuring grid reliability and economic stability.
State Sen. Anthony Bucco issued a response following the EMP release, raising concerns about timing, cost transparency and the plan’s electrification goals.
“Timing is everything, and it’s concerning that Governor Murphy has chosen to officially release his 2024 Energy Master Plan less than 60 days before the end of his administration. Major policy decisions of this magnitude will shape New Jersey’s future for decades, and the next administration and incoming legislature deserve a real voice in determining the direction of our state’s energy strategy.”
“What continues to be missing from the Governor’s plan is transparency. We still don’t have a clear picture of what this will cost New Jersey families, businesses, and government entities. Utility customers have already endured steep rate increases, and they deserve to know how much more they will be asked to pay.”
“Doubling down on full electrification by 2035 will only make the state’s energy challenges worse and push our utility rates even higher. These unrealistic mandates will only serve to further strain our grid, increase costs, and undermine reliability.”
“One thing Governor Murphy and Governor-elect Sherrill should be considering is following the lead of Pennsylvania’s Democrat Governor Shapiro, who recently withdrew his state from RGGI to protect ratepayers. Another option would be to consider Republican legislative proposals, like S-4765, that would immediate lower our residents’ energy bills.”
“New Jersey should be pursuing commonsense, balanced energy solutions that protect both our environment and household budgets—not doubling down on policies that make life more expensive. As we prepare for a new administration, I look forward to pursuing these common sense solutions that lower electricity costs, strengthen our energy reliability, and make New Jersey more affordable for families, seniors and small businesses.”
