For Immediate Release
Media Contact: Jackie Greger, Jackie.Greger@sierraclub.org
BREAKING: NJ Sierra Club Commends Gov. Murphy’s Call to Hold PJM Accountable, Pursue Low-Cost Clean Electricity and Queue Reform
Trenton, NJ - Today Governor Murphy released a statement calling for the Federal Energy Regulatory Commission (FERC) to investigate whether market manipulation by our regional grid operator, PJM Interconnection LLC (PJM), has resulted in the higher energy prices that are set to take effect this summer.
Specifically, he asked FERC to investigate the July 2024 Base Residual Auction (BRA) for the 2025/2026 Delivery Year. This auction resulted in total costs for ratepayers of nearly $14.7 billion, compared to 2023’s $2.2 billion, which is an additional $20-25 to the average customer’s electric bill.
In his letter to FERC, Governor Murphy asserted that PJM “clearly recognizes and acknowledges its design failures” which made it susceptible to market manipulation. He writes to FERC that this is unacceptable, as the rate hikes would harm consumers and businesses in New Jersey and the region at large.
Anjuli Ramos-Busot, Director of of the NJ Sierra Club, issued the following statement:
“The New Jersey Sierra Club strongly commends Governor Murphy for his bold action to confront our regional grid operator, PJM, regarding their failure to connect clean energy projects and bring down electric costs for NJ ratepayers. He is right; this was entirely preventable. According to a new Synapse Energy Economics report, if PJM were to reform its process and clear its backlog of low-cost clean energy projects that are currently stuck in its interconnection queue, New Jersey households would save $405 a year through 2040 and 23,000 jobs would be created annually. That’s real, tangible savings and jobs for families in New Jersey that PJM is holding up while continuing to rely on dirty, outdated, and expensive fossil fuels.
We thank Governor Murphy for standing up for New Jersey families’ wallets and for taking action to hold PJM accountable for exacerbating costs and delaying our just transition to affordable clean energy.”
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About the Sierra Club: The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information about our work in New Jersey, visit www.sierraclub.org/new-jersey.