New Jersey will give credits of $100 to $250 on electric bills this summer as rates soar

ATLANTIC CITY — All electricity customers in New Jersey will receive a credit of at least $100 on their power bill this summer, and low-to-moderate-income customers will get $250 under an initiative Gov. Phil Murphy announced Thursday.

On a day when temperatures reached the mid-80s and people around the state clicked on air conditioners in cars and homes, the governor and fellow Democratic legislators said the state will spend $430 million on bill credits for all 3.9 million electric ratepayers in the state.

The move is temporary relief as electricity rates increased this week by 17% to 20% across the state under soaring prices set by the most recent auction conducted by regional grid operator PJM Interconnection.

Republicans denounced the move as "smoke and mirrors" and "a Band-Aid" th