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We offer New Jersey customers a range of energy products that are designed to meet a wide variety of needs.
The State of New Jersey began its deregulation program in August 1999. The State instituted the Energy Discount and Energy Competition Act ("EDECA") as part of its Energy Master Plan. EDECA set up the transitional framework to a fully competitive electricity market. Under the Act, all customers will be transitioned to market based prices by July 31 2003. During the Transition Period customers received mandated discounts off the Bundled Utility rates. The discounts were phased in 5% increments, resulting in approx. 20% discounts by Year 2003.
However, beginning in August 2003, the NJ market structure changed dramatically. The largest energy consumers in the state - CIEP customers now face market based pricing as their default service and as such will bear all the volatility of the PJM market. The remainder of the C&I sector has the alternative of receiving Fixed Price Basic Generation Service; of course all customers have the alternative of selecting a Third Party Supplier.
What happens when you choose a new electricity supplier:
- The new supplier notifies the old supplier and utility that you have changed suppliers.
- The new supplier transmits utility account information to the utility in order to enroll you as a customer.
- The utility confirms, by letter to you, of your new supplier selection and the date your new service begins.
- The actual change of supplier occurs on the meter reading date following a successful enrollment.
Competition in New Jersey has been well received. Approximately 50% of the eligible customers have entered the market and have switched to a provider other than the incumbent utility. Switching has been greatest in the CIEP class, driven by a $5/MWhr credit to customers that switch.
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