New Jersey lawmakers grill utility companies on impending rate hike

TRENTON, N.J. (PIX11) — State lawmakers came face to face with New Jersey’s major utility companies ahead of an impending rate spike.

“We did not cause this price spike,” said Rick Thigpen, Senior Vice President of PSE&G, during an hours-long hearing Friday.

In a Joint Select Committee hearing at the State House, utility company leaders offered testimony on the ongoing issue of energy affordability and what role the companies that appear on customers’ bills can play in helping them.

“We have to help them deal with the impacts this price spike will have on their budgets,” said Thigpen. 

The utility companies largely pointed how they’re helping direct their customers to bill assistance resources, saving them millions this year alone, while also pointing out that they do not set electricity prices. Lawmakers, though, pushed back, saying while many factors play a role in pricing, they, as companies, are the face of the issue.

“If you don’t make $1 billion, and you make $800 million, you all should be okay with that too, temporarily, so we protect the mothers and the fathers in the State of New Jersey,” said Sen. Teresa Ruiz (D-Senate Majority Leader). 

Some lawmakers are working on bills to help customers. Democratic Assemblywoman Andrea Katz has multiple bills, including one that would cap utility rate hikes at 2 percent annually.

“We need prices to go down,” said Katz (D-NJ 8th District). “Too many of my constituents are trying to make ends meet and figure out whether they’re going to put food on the table or pay their energy bills. That’s absolutely unacceptable.”

Meanwhile, Republican Assemblyman Alex Sauickie, too, has several bills, including one that would exempt gas or electric customers from paying sales tax on their bill, rather than the state benefiting from it.

“It’s examples like that that we’re trying to get through right now that at least lower the bills a little bit while we try to address the supply problem,” said Sauickie (R-NJ 12^th District). 

Rates are set to go up on June 1st.