Energy

This bill requires New Jersey's Board of Public Utilities (BPU) to collaborate with neighboring states to research alternatives to PJM Interconnection's capacity market system, which has caused record-high electricity costs for consumers. It directs the BPU to evaluate three specific options: requiring electric utilities to secure 80% of their future capacity through long-term contracts, withdrawing from PJM's market to create a new multi-state compact, or leaving PJM's transmission grid entirely. The BPU must submit a report by December 2025 with findings and recommendations, addressing concerns that PJM's current system has led to $14.7 billion in projected consumer costs for 2025/2026 - up from $2.2 billion previously. The bill directly affects New Jersey ratepayers and electric utilities by seeking to reduce electricity costs through regional grid policy changes.

This bill amends New Jersey's solar incentive program (SREC-II) to increase the state's solar energy development goal from 3,750 megawatts to 6,500 megawatts and extend the target deadline from 2026 to 2035. It maintains the existing system where solar energy producers earn SREC-II certificates for each megawatt-hour generated, which can be sold to utilities to meet renewable energy requirements. The policy directly affects solar developers, property owners with solar installations, and utilities required to comply with renewable energy standards. The change aims to accelerate solar adoption by providing long-term certainty for projects through 2035.