New Jersey proposes sharing utility profits with customers

New Jersey residents face significant electric bill increases in the coming months. Starting June 1, the state's largest utility companies will raise rates by 17% to 20%. Lawmakers are concerned about how this will affect people's budgets. Senator Troy Singleton is proposing a new law called the Public Utility Fair Profit Act. This legislation aims to help consumers by requiring utility companies to review their profits annually. If they earn excessive profits, they must return the extra money to customers. Singleton explained that the bill would create more transparency in pricing. He wants customers to understand what they are paying and why. The Board of Public Utilities would decide how any rebates are handled, either through checks or credits on future bills. State officials have been pointing fingers regarding the rate hikes. Governor Murphy and the Board of Public Utilities say the issue lies with PJM Interconnection, which is responsible for the electric grid. There have been other suggestions to lower costs, but none have been approved yet. As the rate increases approach, many New Jersey residents are worried about how they will manage their electric bills.