Latest news with #ratehikes
CBS News
3 days ago
- Business
- CBS News
New Jersey state senator introduces bills to combat high energy costs
A New Jersey state senator has introduced a series of bills to combat high energy costs as utility companies plan rate hikes that will increase bills as much as 20%. Sen. Britnee Timberlake held a press conference Friday, saying her constituents tell her they're being forced out of their homes because of high utility bills. "You have to account for the cost to heat and cool the home ... and these utility companies need to be stopped," she said. "People need the relief now" Timberlake says the Board of Public Utilities approved raising electricity rates by 17-20% starting in June. The Democrat is introducing a series of bills that in part call for a study of what she refers to as private companies that are monopolies, going back to 2020 energy levels, and placing a 2% cap on rate hikes every five years. "It needs to be fast-tracked because people need the relief now," Timberlake said. PSE&G said in a statement that the company "works hard to keep customer bills as low as possible while providing safe and reliable energy." They added both the demand for energy and cost are rising, and utility companies like PSE&G don't profit on the 17% increase. Timberlake's bills have made it through the Legislature. It remains to be seen if Gov. Phil Murphy or a future governor would sign them. CBS News New York reached out to the Board of Public Utilities but has not heard back. New Jersey residents describe difficult costs Tabetha Bassit, with Echoes Inc., says it costs $2,000 a month to light up her counseling center and the neighboring funeral home. "The more we absorb these costs, it creates a difficulty for us to offer free counseling," she said. East Orange resident Rev. Ella Johnson said her utility bill, which includes gas and electric, is out of control. "I have been a widow for 11 years, and it's not easy trying to maintain a home," East Orange resident Rev. Ella Johnson said. "The bills are not easy to pay because they can run anywhere from close to $600 in the month of January, and it gradually comes down." The 85-year-old wants to stay in the home she's been in for 56 years but says it's getting more difficult. "It is terrifying ... because not only do I have this to take care of, but I have other things to take care of as well," she said.
CBS News
12-05-2025
- Business
- CBS News
Baltimore City Council President Zeke Cohen calls for transparency in BGE multi-year rate hike case
Baltimore City Council President Zeke Cohen is calling for transparency after the Maryland Public Service Commission (PSC) said it expects to have a decision on Baltimore Gas and Electric's proposed multi-year rate hikes for 2026 by the end of June. Last week, BGE's parent company told their investors they expect a decision in an important case before the PSC about multi-year rate hikes by the end of June. That information isn't public. I'm calling on the PSC to either correct the record or investigate how BGE's parent… — Zeke Cohen (@Zeke_Cohen) May 9, 2025 The Maryland Public Service Commission approved BGE's multi-year delivery rate hikes in 2023, which authorizes a total increase of just under $408 million over three years, covering both gas and electric services. How much has the cost of energy gone up? In 2023, the PSC said its planned rate hikes for 2024 would result in the average residential electric bill being increased by about $4.08 per month, and the average gas bill by $10.43 per month. On January 1, 2025, BGE implemented a rate hike which was expected to increase the average gas bill by 9% and the electric bill by 7%. But this past winter, customers reported much more drastic spikes. Why the cost spike? By February 2025, customers reported seeing energy cost increases of more than $200. BGE attributed the dramatic increases to higher energy usage during a cold winter and a 30% year-over-year spike in the price of natural gas. Both cold winters and hot summers, along with infrastructural upgrades, can lead to energy rate hikes, according to the Maryland Office of People's Counsel. How have city leaders responded? Baltimore City Council has been vocal in its opposition, passing a resolution urging the PSC to halt BGE's planned 2026 rate hikes and arguing that infrastructure upgrades should not be funded solely by ratepayers. In April, state lawmakers passed the Next Generation Energy Act, which aims to reduce energy costs by requiring gas pipeline spending to prioritize safety and cost-effectiveness, directing the Public Service Commission to reject multi-year rate hikes that don't demonstrate customer benefit, and prohibiting utilities from charging ratepayers for certain expenses like trade association memberships and private planes.
