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NJ:Power Auction Price For PSE&G Territory Down 7.7% From '09

NEW YORK -(Dow Jones)- 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

Stock News for F P L (FPL)
DateTimeHeadline
06/15/201020:36:48US Senators Propose Extending Renewable-Energy Grant Program
05/21/201017:08:50FPL Group Formally Changes Name To NextEra Energy
05/12/201017:27:12Energy Executives Endorse Kerry-Lieberman Climate Bill
04/30/201008:54:45FPL To Spend $2 Billion Improving Plants, Cut Work Force By 300
04/27/201008:42:48FPL 1Q Profit Up 53% On Mark-To-Market Gains; Demand Rises
04/26/201018:03:12Low Carbon Investments Tied To Dimming Fate Of Climate Bill
04/05/201014:43:16Utilities Sue US Government To Suspend Nuclear Waste Fee
03/23/201017:22:58US Wind Developers Struggle To Ink Power Contracts
03/10/201016:51:35DOE, Treasury: Smart Grid Grants To Be Tax Exempt
03/04/201013:32:35MARKET TALK: US Nuclear Buildout Needs Policy Certainty -FPL
02/11/201012:56:35NJ:Power Auction Price For PSE&G Territory Down 7.7% From '09
01/26/201008:38:05FPL Group 4Q Profit Falls 14% On Weakness At Generating Operations
12/16/200919:46:40PG&E, DTE Energy Sign 45-MW Contract For Biomass Power
12/03/200917:16:07FPL CEO: Gas Pipeline, Nuclear Project Hinge On Rate Case
11/19/200912:35:09Federal Regulators OK Florida Natural Gas Pipeline Project
11/16/200910:32:07STREET MOVES: UBS Hires Utilities Analyst
11/05/200919:13:02US Government Says Fast-Tracking 6 Calif Solar, Wind Farms

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