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Electricity prices fell in New Jersey's annual power auction, according to state regulators.
The state's Board of Public Utilities said Thursday the power price to supply residential and commercial customers of Public Service Electric & Gas Co., the largest utility in the state, settled at 9.577 cents a kilowatt-hour, down 7.7% from last year. Three smaller utilities in New Jersey saw similar price declines.
Winning bidders included PSEG Energy Resources & Trade and units of FPL Corp. (FPL), PPL Corp. (PPL), JPMorgan Chase & Co. (JPM), DTE Energy (DTE), Constellation Energy (CEG) and Sempra Energy (SRE). PSEG Energy Resources and Public Service Electric & Gas are both subsidiaries of Public Service Enterprise Group Inc. (PEG).
New Jersey conducts an annual auction to supply electricity for most of the state's residential and commercial customers. The auction was for a third of the power demand for the next three years. Winning suppliers must provide not just the power, but also take on various risks including transportation costs and shifts in consumption.
Other utilities securing supply through the auction were Pepco Holdings Inc. (POM)'s Atlantic City Electric Company, FirstEnergy Corp.'s (FE) Jersey Central Power & Light Co. and Consolidated Edison Inc.'s (ED) Rockland Electric Co., with prices falling 6.5%, 8.8%, and 8.3%, respectively.
The drop in prices are similar to declines a year ago when auction prices fell 6% to 10%.
-By Mark Peters and Mark Long; Dow Jones Newswires; 212-416-2457; firstname.lastname@example.org