Electricity Suppliers in New Jersey
New Jersey deregulated its natural gas and electricity markets in late 1990’s which made it one of the states that joined the trend a little late. The new Jersey Board of Public Utilities i.e. the NJBPU, which is the governing body for oil, electric, and natural gas services, introduced a bill which aimed to deregulate the entire state’s energy marketplace for its residential customers. This was called the Electric Discount and Energy Competition Act (EDECA) and it was intended to enable energy consumers in New Jersey to select the supplier they deemed the best in a competitive marketplace.
In the late 1990’s it provided retail access to all those customers that wanted to choose new electric suppliers so they could save money by lowering their energy bills. This required utilities to unbundle the services they provided and sell off their generation assets in order to have the ability to purchase power on the wholesale competitive market along with new competitors. Now, New Jersey residents pay a lot less for electricity than they did back in 1999. This is simply because of the increasing competition in the marketplace.
Despite the fact that they pay less than what they did in 1999, there are still a few issues in the system. The New Jersey Public Interest Research Group's Citizen Lobby and Law & Policy Center in Trenton published a report which concluded that the state of New Jersey as a whole paid 50 percent more than the national average for electricity.
The utility of that area is still responsible for delivering the electricity, no matter where you buy it from. All transportation and delivery of the electricity that you purchase is, however, regulated by the state of New Jersey. The incentive of the competitive marketplace s incredible alluring though. There are barely any fees, if at all, for switching electricity providers, and the whole procedure is quick, easy, and hassle free for the customer.
Only around 20 percent of New Jersey’s electricity customers have switched their electricity providers. However, the 20 percent savings on electric and gas rates in various utility territories of New Jersey, residents, business owners, and industries continue to switch to competitive suppliers of gas and electricity. Despite this, third party electricity suppliers barely represent 4 percent for the electric supply switchers.
The listing below is sorted by cities in alphabetic order.