Utility bills are bad now, worse in 2025, Senator Pennacchio says
Senator Pennacchio says Democrat energy policies are a "recipe for disaster"
NEW JERSEY – 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 without a change in direction soon, rates will soar even higher in 2025.
“Make no mistake, Governor Murphy’s energy master plan is the driving force behind the absurd surge of utility bills across the state,” said Pennacchio. “I am afraid it will only get worse as our grid efficiency falters and our demand for electricity 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, which is 21% more expensive than the national average of 16.41 cents per kWh—and rates continue to trend upward, Pennacchio said.
“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 who are calling for an all-inclusive energy policy with respect to nuclear, natural gas, and renewables,” Pennacchio said.
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 that went into effect June 1 from the Board of Public Utilities, Pennacchio said.
“If you think energy prices are bad now throughout New Jersey, just wait until PJM’s price increase hits in 2025,” Pennacchio said. “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, nearly one year after Orsted abandoned their offshore wind development citing similar industry wide problems, Pennacchio said.
