NJ:Power Auction Price For PSE&G Territory Down 7.7% From '09
February 11 2010 - 12:56PM
Dow Jones News
Electricity prices fell in New Jersey's annual power auction,
according to state regulators.
The state's Board of Public Utilities said Thursday the power
price to supply residential and commercial customers of Public
Service Electric & Gas Co., the largest utility in the state,
settled at 9.577 cents a kilowatt-hour, down 7.7% from last year.
Three smaller utilities in New Jersey saw similar price
declines.
Winning bidders included PSEG Energy Resources & Trade and
units of FPL Corp. (FPL), PPL Corp. (PPL), JPMorgan Chase & Co.
(JPM), DTE Energy (DTE), Constellation Energy (CEG) and Sempra
Energy (SRE). PSEG Energy Resources and Public Service Electric
& Gas are both subsidiaries of Public Service Enterprise Group
Inc. (PEG).
New Jersey conducts an annual auction to supply electricity for
most of the state's residential and commercial customers. The
auction was for a third of the power demand for the next three
years. Winning suppliers must provide not just the power, but also
take on various risks including transportation costs and shifts in
consumption.
Other utilities securing supply through the auction were Pepco
Holdings Inc. (POM)'s Atlantic City Electric Company, FirstEnergy
Corp.'s (FE) Jersey Central Power & Light Co. and Consolidated
Edison Inc.'s (ED) Rockland Electric Co., with prices falling 6.5%,
8.8%, and 8.3%, respectively.
The drop in prices are similar to declines a year ago when
auction prices fell 6% to 10%.
-By Mark Peters and Mark Long; Dow Jones Newswires;
212-416-2457; mark.peters@dowjones.com
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