Garden State Times

Senate Republican Leader Anthony M. Bucco (R-25) has raised concerns about escalating energy costs and future grid reliability for New Jersey residents following the latest PJM Interconnection power auction results, which showed a dramatic 800 percent increase in costs. The recent auction revealed that the cost of electricity in the PJM region—including New Jersey—will soar to $14.7 billion for the 2025/2026 delivery year, a significant jump from $2.2 billion announced from the previous auction in February 2023.

"Phil Murphy’s years of political meddling in our energy systems is now playing a central role in skyrocketing electric bills with the risk of more blackouts on the horizon for New Jersey," said Sen. Bucco. "Last week’s 800 percent increase in power grid pricing is a stark reminder of how already struggling New Jersey residents will always get stuck with the bill for the Democrats’ bad policy decisions. These are real issues of supply and demand that impact all of us."

Bucco emphasized that Governor Murphy needs to "stop listening to the extreme wing of his party and start listening to power grid engineers, energy experts, and economists." He called for more reliable energy infrastructure instead of what he described as "fairytales and bumper sticker slogans."

Senator Bucco has consistently warned that these higher costs will inevitably impact consumers through increased energy bills for households and businesses throughout New Jersey, adding to already rising energy costs experienced by Garden State residents. He continues to question Governor Murphy's Energy Master Plan (EMP) as the Governor pursues complete electrification, which Bucco believes could exacerbate the situation further. He has repeatedly called for a reevaluation of state energy policies, emphasizing the need for a cost analysis of the EMP.

"Governor Murphy's push to deprioritize natural gas as a reliable low-carbon fuel source for heat and half of New Jersey’s electricity, and enforce widespread electrification are all contributing to these rising costs,” said Bucco. “Time is up. It’s been years with no serious assessment about the full impact of his extreme energy agenda. We must ensure that our energy strategy is in the best interest of New Jersey residents when it comes to reliability, affordability, and a clean environment - clearly his plan is failing.”

According to E&E News by Politico, coal and natural gas generation is shutting down too quickly while new wind and solar projects can’t get approved fast enough inside PJM—the power market and transmission operator serving 65 million people in a 13-state region.

Under the Murphy Administration, numerous privately-funded, federally-approved, and PJM-backed natural gas energy infrastructure projects have faced delays or denials. Offshore wind projects promoted by the Administration have required legislative bailouts or were canceled due to exploding construction costs. Recent attempts to mandate building electrification—despite its higher carbon emission footprint—would have resulted in significantly higher costs for businesses, schools, and large commercial buildings.