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New Jersey Residential, Small C&I BGS Default Service Auction Results In Higher Prices Versus 2017 Rates Being Replaced
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The New Jersey BPU has approved the 2020 procurement of contracts for one-third of the fixed price Basic Generation Service (BGS) default electric service
For fixed price residential and small commercial customers (BGS-RSCP, below 500 kW), the 2020 BGS auction procured 36-month tranches for the period starting June 1, 2020, with pricing as follows:
Since the PJM base residual auction for capacity has not yet been conducted for the delivery year beginning June 1, 2022, a capacity price proxy was used in the BGS RSCP auction. A later true-up will be conducted
Final fixed price BGS rates will reflect a blend of the above prices and prices from the two prior BGS auctions, under a blending process. The energy secured in the fixed-price auction will meet one-third of the state's residential and small business electric load requirements for the next three energy years, starting June 1, 2020. The remaining two-thirds of customer supply requirements for the 12-month time period beginning June 1, 2020 will be met by electric supply secured in the BGS auctions of 2018 and 2019.
Aside from PSE&G, the 2020 winning prices are lower than the 2019 winning prices. The PSE&G 2020 winning price increased about 4% versus 2019, due in large part to higher transmission costs
However, the 2020 rates are higher than the 2017 rates rolling off, resulting in "slightly" higher energy costs for BGS RSCP electricity supply customers, said BPU President Joseph L. Fiordaliso
For comparison, the 2017 BGS auction for residential and small commercial customers had produced the following rates, which are rolling off and being replaced by the new rates in the blend discussed above
The BPU also approved results from the CIEP auction (hourly priced customers)
The winning prices for the CIEP auction was as follows:
The winning bidders of the 2020 fixed priced Residential and Small Commercial Pricing (RSCP) Auction are:
The 2020 BGS-CIEP Auction winning bidders are:
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"Slightly" Higher Energy Costs For Customers
February 5, 2020
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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
2020 BGS-RSCP Auction Prices
Utility Closing Price Tranches
(¢/kWh) Procured
ACE 8.269 8
JCP&L 7.243 15
PSE&G 10.216 28
RECO 8.242 2
2017 BGS-RSCP Auction Prices
Utility Closing Price
(¢/kWh)
ACE 7.549
JCP&L 6.908
PSE&G 9.078
RECO 8.050
CIEP Auction 2020 Prices
Utility Closing Price Tranches
($/Mw-day) Procured
ACE 350.55 4
JCP&L 321.00 12
PSE&G 359.98 24
RECO 383.31 1
BGS-RSCP Auction Winners
• Axpo US LLC
• BP Energy Company
• Calpine Energy Services LP
• Covanta Energy Marketing LLC
• DTE Energy Trading, Inc.
• Exelon Generation Company, LLC
• NextEra Energy Marketing, LLC
• PSEG Energy Resources & Trade LLC
• Shell Energy North America (US), L.P.
BGS-CIEP Auction Winners
• DTE Energy Trading, Inc.
• Exelon Generation Company, LLC
• Hartree Partners, L.P.
• NextEra Energy Marketing, LLC
• PSEG Energy Resources &Trade LLC
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