Gov. Phil Murphy (D-NJ) spoke about high utility rates facing New Jersey residents, and announced new relief funding.
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00:00can anyone explain why we changed the configuration of the room any any
00:07insights anyone we've never we've never held it this way but we are today we got
00:19up quite a few folks who were gonna say a few words here so allow me to jump
00:26right in this is also a this is a new mic here okay good afternoon everybody hi
00:37Tim thank you for joining us here in the brick city as always with the start of
00:43June and we're still in the early days I know we're all excited for another summer
00:49full of barbecues family get-togethers trips down the shore to our lakes etc
00:55but as households across New Jersey begin to crank up the air conditioning and
01:01plug in their fans to stay cool in the summer heat we know there is one concern
01:07that is top of mind for many if not most the rising cost of energy so today I'm
01:13proud to announce that starting next month our administration will begin
01:17providing direct economic relief to the people of New Jersey to lower the cost
01:23of your monthly energy bill altogether we're going to invest more than four
01:29hundred and thirty million dollars into reducing the cost of every New Jerseyans
01:34monthly energy bill with even more relief for our state's middle and low income
01:40households before I dive into the details of this new form of direct economic
01:46relief for hard-working New Jerseyans I first want to thank the state's leaders
01:51who have made this announcement possible let me be explicitly clear we are not in
01:56this by ourselves without the legislature we don't get this done I want to
02:01acknowledge a few who are with us today Senate President Nick Scutari Speaker of the
02:06General Assembly Craig Coughlin Senators John Berzicelli and John McKeon and
02:12Brittany Timberlake Assemblywoman Illiana and Chair Illiana Pintor Marin the
02:18president of the New Jersey Board of Public Utilities Christine Gull Sadovi we
02:24also have Dave Bailey Assemblyman Dave Bailey Assemblywoman Michelle Droulis
02:29Assemblywoman Shanique Spate is Dan Hutchison here yet I don't even seen him I
02:35think he's on route still right and Dan is hopefully gonna join us it is thanks to
02:44their commitment to lowering costs for the people of New Jersey along with that of all
02:50of our partners in the state legislature that we will begin deducting at least $100 from every
02:56household's energy bills and for our state's most vulnerable families we will be deducting a total
03:01of up to $250 from their energy bills this initiative reflects our administration's broader and
03:09enduring commitment to making New Jersey more affordable for more families from housing to
03:16health care to higher education and of course today's topic to utilities and we're taking this
03:22step today because the fact is the people of New Jersey are being battered by the rising cost of
03:28energy and by the way this is not unique to New Jersey you can look all around the country right now
03:33and certainly all around this region and see that we are not alone wholesale electricity electricity
03:39prices are up multiples of what they were even a year ago today and while all of us as public
03:46officials bear a responsibility to protect the economic well-being of our state's residents let us
03:53also be clear about one other item while there are multiple factors driving up the cost of energy in
03:59our state there is one culprit that is largely responsible for placing the burden of that cost
04:05on the people of New Jersey and that culprit is the Pennsylvania Jersey Maryland interconnection
04:12otherwise known affectionately as PJM which manages the flow of power to households in New Jersey
04:19as one of 13 states and the District of Columbia in our region during a time in which demand for
04:26electricity is on the rise PJM has failed to plan for increased energy capacity or for bringing
04:34especially for bringing new clean energy sources online and as a result of these failures PJM is now
04:41trying to pass the buck on to the people of New Jersey by increasing the average energy bill in our state
04:48by a lot of dollars and that is by the way a lot of dollars is a conservative estimate that is shameful and
04:55unacceptable it is exactly why the announcement we're making today we are going to provide that
05:02we're going to provide immediate and direct economic relief to every household in New Jersey but of course
05:08let me state the obvious this new form of direct economic relief is a short-term solution in order to
05:15stabilize household energy costs in the long term PJM must take swift and far-reaching actions to meet growing energy demand
05:25to give one example PJM must finally provide long overdue approvals for new clean energy sources
05:34like solar power that would help expand our supply of energy Craig and I were this week in Perth Amboy
05:42celebrating yet another community solar project they are dead easy to build they're dead easy to get into operation
05:51there's no nimbyism we're now over five gigawatts of installed solar capacity which by the way is enough to power 750,000 homes
06:01but for some inexplicable reason PJM has delayed the process for allowing new sources of clean reliable energy to fully flow into our state's homes
06:13it's only if only by the way a small fraction of these projects were approved and generating electricity
06:21prices would already be lower for our families and businesses
06:25additionally PJM has also refused to address market flaws that have artificially raised energy costs for our state's residents
06:33just last month I sent a letter to the federal energy regulatory commission otherwise also affectionately known as FERC
06:41calling upon its members to investigate
06:44PJM for potential market manipulation
06:47and next week I am meeting
06:50with the CEO of PJM
06:52Manu Astana
06:53in Trenton so we could discuss the steps that he and his team will be taking to lower costs for New Jerseyans
07:00while at the same time ensuring the steady supply of energy for our state's households
07:05so while the announcement we're making today is vitally important and will directly lower costs for the people of New Jersey
07:12it is also a starting point and as we move forward we're going to work alongside again the Senate President and Speaker and all of their colleagues
07:21in the state legislature to build out our state's supply of energy and to crack down on bad actors seeking
07:29excessive profits at the expense of our families
07:32we're also going to work with our state's utilities to help further lower energy costs for the people of New Jersey
07:40and I want to thank them for doing their part to help support our neighbors
07:44in fact PSE&G has already announced meaningful summer relief initiatives
07:49and we're now having constructive conversations as well with our other utilities
07:54but above all we're going to continue doing everything we possibly can
07:59to make New Jersey more affordable for the people we serve
08:02especially when it comes to necessities
08:05like energy, health care and housing
08:08thank you again all for being here in the brick city, the great city of Newark
08:11Newark and with that I'd like to turn the podium over to a valiant champion for the people of New Jersey
08:17please help me welcome Senate President Nick Scutari
08:25Thank you Governor and I'll be brief I think you've said it all
08:29and I rather appreciate you spelling out the acronyms for most people because they don't know what they are
08:34I do that as a pet peeve of mine every day
08:36I want to thank the speaker for his leadership on this issue
08:41I want to thank my senators that are here, Senator John McKeon, Senator Brittany Timberlake
08:45Senator John Berzicelli all the way up from South Jersey
08:48because of their commitment to the people of the state of New Jersey
08:51with an upcoming issue which is higher energy costs
08:55this targeted relief as the Governor mentioned is a short-term solution for a long-time problem
09:01the legislature really, I will say, and neither the Governor
09:05this is not really our problem
09:07we've only, we're only making it our issue
09:09because of our commitment to the people of the state of New Jersey
09:12I don't want people to come up with the mistaken idea that this clause was a state issue
09:16this is much larger than New Jersey
09:18but because of our position and the Governor's position with respect to monies that we have available
09:24we're going to make it our problem, at least in the short-term
09:27while we have meetings with PJM and others to try to get to the bottom of
09:31essential things for the people of New Jersey
09:34which is their utilities, affordable utilities
09:37we don't see it yet
09:38we've taken steps to get in front of it
09:41a bipartisan committee already had hearings on this issue
09:44with respect to rising energy costs that are already coming forward
09:48but we don't have solutions there yet
09:50this is a solution
09:51it is a short-term solution
09:53but it is a solution that the Governor's come up with
09:55the Governor for making this day happen
09:57but we have a commitment to try to help the issue
09:59we can't do it ourselves
10:01we need national figures to be in on this
10:03we're trying to figure out the reason
10:05the cost generators for why energy costs are going to be rising so swiftly
10:09we do need to produce more power
10:11we do need an upgraded grid
10:13these are not generally state issues in general
10:16but we're getting ourselves involved in it
10:18because we do not want to see our citizens suffer
10:20we know that they need help
10:22we're going to do what we can
10:24we have larger issues coming up
10:25we see Medicare cuts
10:26Medicaid cuts coming up
10:27we're not going to be able to plug those holes either
10:29but we're going to do the best that we can
10:30for the people of New Jersey
10:31under the Governor's leadership
10:32the Speaker and the Senators that came here
10:34thank you everybody
10:35appreciate it
10:39Nick, thank you
10:40to Nick's point by the way
10:41he and the Speaker don't have to be in the meeting with PJM
10:43but they want to be at the table
10:45and they'll be right beside me
10:46because we're collectively trying to find our way through this
10:49so thank you again
10:51Nick for everything
10:52including your leadership on this
10:54with that
10:55please help me welcome another outstanding leader
10:58and great friend
11:00please help me welcome the Speaker of the General Assembly
11:02Craig Coughlin
11:03a little applauding before I even said your name
11:05thank you
11:07well I have more members here
11:09than the Senate
11:11good afternoon everybody
11:12it's a real pleasure to be here
11:14and I want to start by
11:16thanking Governor Murphy
11:17and Senate President Scutari
11:19for their partnership
11:21and recognizing the urgency for
11:23so many New Jerseyans
11:25and putting ourselves to work right away
11:27I also want to thank my colleagues from the Assembly
11:30who are here
11:31Assemblywoman
11:32the Governor's already mentioned them
11:33but it bears repeating
11:35and I want them to be recognized
11:38Shanique Spade is here
11:39Dave Bailey
11:40Michelle Droulis
11:41Eliana Pinter Marin
11:43and I think Dan Hutchinson
11:45who's coming from
11:46who'll probably get the distance award
11:47oh he's here
11:48he's arrived
11:49welcome
11:50to everybody
11:51to you and to my colleagues in the center
11:53both of whom happen to be former assembly people
11:56a place they remember fondly
11:58so
12:01look
12:02this was something that we've come
12:04it's come together fast
12:05and as the Senate President pointed out
12:06the urgency was because we care so much about
12:09what happens to
12:11the people of New Jersey
12:12and the impact the higher cost will have on them
12:15every day
12:16like so many states across the country
12:19we recognize early on that the rates would not be sustainable
12:23more importantly that they just simply weren't fair
12:25and that's why we went to work
12:26and we went to work immediately
12:28not just for
12:30to start
12:31to solve the immediate problem which we're doing here today
12:34but to start the work on the long-term solution
12:37I think we have to do three things
12:38where we have to
12:39have this immediate solution to the people
12:41so they're not impacted
12:42particularly over the summer when
12:44energy bills are higher
12:46and people feel the impact more directly
12:48we have to figure out ultimately
12:50what is in basic form a simplest problem
12:53right we have more demand than we have
12:55power to provide
12:57we have to solve that ultimately
12:59and then we have to figure out how we get there
13:01because any energy generation projects aren't done overnight
13:06so we have held the Senate and the assembly of both health hearings
13:10directly with utility
13:12we've met with utilities regulators
13:14consumer advocates and residents
13:16and we've asked hard questions
13:18we're demanding transparency
13:20and one thing will be clear throughout that
13:22that ratepayers have to always be
13:24at the center of our efforts
13:26we introduce and pass some legislation
13:29we've done the things that we think we'll do
13:32in pursuing an all-out plan to solve this energy challenge
13:36that we face right now
13:38generating our own energy at lower cost
13:41is obviously good for the state
13:43and good for the people that it will employ
13:46and we'll expect our utility partners
13:49to be part of that solution as well
13:52the real practical reality is that so many of us
13:57and I dare say probably everybody in this room
13:59the amount of money that will go up in an electric bill
14:02will have a profound impact
14:04but we're not everybody in the state
14:06and for many people they'll make a hard choice
14:09between whether to turn the air conditioner on
14:11or suffer through
14:12whether to buy gas or turn the heat up
14:14whether to get their medicine
14:16or avoid trying to minimize their energy costs
14:20so it's real and it's meaningful to those people
14:23and so I want to commend the governor
14:27and the BPU for finding resources
14:29to solve this immediate problem
14:31I want to thank the utility companies
14:33who have worked on the smoothing process
14:35which will make it easier
14:36particularly in the summer for everyone
14:38and I want to remind everybody
14:39that this is just the beginning
14:41we solved this immediate problem today
14:43we get on to solving the bigger problems tomorrow
14:46thanks everybody for being here
14:47and let me be with you
14:48thank you
14:57Mr. Speaker well said
14:58including the sad reality of
15:00folks are going to have to make some tough choices
15:02which ends up in going without unfortunately
15:05we're going to bounce back and forth between chambers
15:08if that's okay with everybody
15:09this is a statewide issue
15:11it's rare where we meet in one place in the state
15:14and we have such a geographic expanse
15:17of the districts that are represented here today
15:19please help me welcome from down south
15:21Senator John Berzicelli
15:30Governor thank you
15:31Mr. President and Speaker thank you as well
15:33Governor you really framed it correctly
15:36I'll add a bit to that because
15:39I want to remind those that are listening
15:41that we in the legislature
15:43have a tone of outrage
15:45that New Jersey is being held hostage
15:47other states are as well
15:48and I should recognize President BPU
15:51who has been just providing a human's effort
15:53with regards to trying to get our arms around this
15:55we have learned some things to this process
15:58we have learned that on a given day this month
16:01people generating electricity selling into our grid system
16:04are going to go from a rate of $28
16:06for a measure of electricity they sell into the grid
16:09to $270 on one day
16:13it's a 10 time increase
16:15and when that happened
16:16and although we are grateful for our utilities
16:18for participating in this short term issue
16:20to help us
16:21and the short term program
16:23we had no cry of outrage
16:25nobody banging on the table
16:26until the governor got involved
16:28the legislature got involved
16:30and as the president said
16:31it's not normally our role
16:32and frankly it's the last place we want to be
16:34and it's the last place the utilities
16:36and the generators want us to be
16:37but we're here now
16:38because we're the only voice
16:39that people have in this process
16:41and we have a reason to honestly be outraged
16:43as to where we are
16:45and to this governor
16:46to the BPU
16:47to our legislative leaders
16:49this step is an important one
16:50because this will ease things for the moment
16:52give us time to take steps
16:54to get a toll hold
16:55the governor's corresponded directly with FERC
16:57as he mentioned
16:58PGM answers to FERC
17:00they're supposed to be babysitting FERC
17:02and FERC has recently expressed a public statement
17:05of lack of confidence
17:07in the leadership of FERC
17:08considering they've had a board member
17:10not reappointed
17:11the chairman not reappointed
17:13and taken off the board
17:14the president announced
17:15or CEO has announced
17:16he's retiring
17:17moves back to Texas
17:18their house is not in order
17:19and we are in a spot now
17:21where we have fallen hostage to that
17:23so I can want to end on that
17:26but I just want everyone to know
17:27that we are outraged
17:30simply put
17:32this is not satisfactory
17:34we relied on the system to work
17:35it's been a deregulated market on generation
17:37for some time
17:38and suddenly it's gone sideways
17:40whether it's intentional manipulation
17:42incompetence
17:43or who knows what else
17:44we're looking to find out
17:45so governor thank you again
17:47and legislative leaders
17:48thank you as well
17:49for letting the legislative process work
17:51to the BPU for this creative approach
17:53in the short term
17:54this will help
17:55it'll take the edge off
17:56it's not the full answer
17:57there are people responsible for this happening
17:59and we have to fully understand it
18:01and they have to be held accountable
18:03because as older people will tell you
18:04you follow the money
18:06you will find the truth
18:07this is about money
18:08this is about people making a lot of money
18:10in the short term
18:11and a lot of windfall profits in generation
18:13and it's coming out of our households pockets
18:15this takes the edge off of this
18:16but remember
18:17the money is still going back to these people
18:19who are going to make a great deal of money
18:20more so than they've made
18:21in many many years
18:23thank you
18:24governor
18:25John thank you for that
18:32a couple of points
18:33I wanted to just underscore
18:35Christine tell me
18:38you'll correct me if I'm wrong
18:39I think the number of backlog projects
18:41in the queue
18:4279 in New Jersey
18:44but 1600 I believe overall
18:46which is extraordinary
18:48I mentioned clean energy sources
18:51which is a particular bone of contention
18:54but it's beyond that as well
18:56and I would also say this
18:58John mentioned that in a deregulated world
19:00this has gone sideways
19:01I think is the phrase you used
19:03the original intention of PJM
19:04which is like a century old
19:06of 13 states plus the District of Columbia
19:09the original notion made sense
19:11I might need it one day
19:12I might have excess power another day
19:14wouldn't it be smart to get a group of
19:16different states and the district together
19:19and be able to basically have a smoothing
19:21of all that experience
19:22so the intent the original intent of this
19:24is not the problem
19:26the problem is the behavior of it
19:28at this point in time
19:29John thank you for making those points
19:31as I mentioned we're going to bounce back and forth
19:33I want to ask by the way we are in her town
19:35so we are in her backyard
19:38please help me welcome
19:40budget chair assemblywoman
19:41Ileana Pintor Marin
19:45I will be hearing myself as a response
19:47yes
19:49thank you very much
19:50and yes welcome to the best
19:52I know that I have a lot of colleagues here
19:54this is the best state in the city
19:56the best city in the state of New Jersey
19:58so welcome all
19:59and I just want to really echo what
20:01I see you senate president
20:03your eyes you think Linden is better
20:05but I don't know about that
20:07I just want to echo a lot of sentiments
20:10that the senate president and the speaker
20:14really toted
20:16you know this is this is my backyard
20:18you're in the 29th legislative district
20:20my assembly colleague is here
20:22and for us we know the realities right
20:24you're here you're downtown
20:25you see these beautiful large buildings
20:27but a lot of our families are going to really struggle
20:30when some of these increases happen
20:32and that is correct
20:34it is a real struggle
20:35and it is a decision that they're going to have to make
20:38although this is not a cure at all
20:40this is by any means
20:42not going to establish
20:45what the rate is even going to be moving forward for next year
20:48we have been responsible throughout the last couple of years
20:53and we're lucky and fortunate that we have resources that we can allocate in order to be helpful for the next couple of months
21:00because this is not going away
21:02next year we're back to the same problem
21:04but if we can at least help to alleviate some of the stifleness that's going to happen
21:10I know I yell at my kids all the time I don't work for PSC and G
21:12so girls can you please turn off the lights
21:15but it's not going to be it's going to be even more serious this year
21:19because for a lot of those families they're not even going to turn on the light
21:22that's how serious this is for our district
21:25so I appreciate VPU and being creative and thoughtful
21:28I appreciate a lot of our utilities really helping and coming to the table with different ideas that they've presented as well to us as legislators
21:37and mostly I really appreciate and I'm thankful for the legislators that have participated in the bipartisan committee
21:44that have really talked about different issues
21:47and Governor for us as a state moving forward
21:50I do think that we seriously need to consider us being more thoughtful
21:54and creating our own system in order to not be reliant on others
21:59so I appreciate all of you here today
22:01I appreciate the thoughtfulness to help to fix temporarily this issue
22:08but again I just want to make clear that this is not going to solve our issues moving forward
22:13we are just at a moment in time that if we can help people
22:17it is our duty
22:18it is part of our oath that we take when we first come into office
22:22so thank you very much
22:28Iliana, thank you
22:29Switching chambers but staying in the same county
22:32please help me welcome another great champion Senator John McKeon
22:36John?
22:37Thank you Governor
22:38Welcome
22:39Thank you Governor
22:40Listen, they've only given me 15 minutes so I'm going to try to go as quick as I can
22:44and I always laugh I see that you know Governor when I've spoken with him before
22:47has these double-spaced typewritten events
22:49Iliana is talking you know off of her
22:51here's how I write things just like this
22:54that's about it
22:57Governor to start with and with all your friends in the legislature and particularly our leadership
23:02doing what you're doing and reacting to this issue is just emblematic of seven and a half years
23:09showing empathy literally for those that we all support
23:13and I really congratulate you on that
23:15and to blunt really what's going to hurt all of the working families in New Jersey
23:20so they all owe you a debt of gratitude and as do we
23:23I'm being a little light-hearted because I'm gonna you know
23:26I've been angry and very angry about this
23:28and for good reason
23:30and you know what I want to bring us back to
23:31the last 10 years
23:33we've had 13 climate disasters in this state
23:3713
23:38and I don't care if you're from Burlington
23:39if you're from Salem
23:41if you're from Bergen
23:42or if you're from Sussex
23:43every county's had at least five
23:4572 billion dollars worth of damage
23:48and we're sitting in a state that's warming faster than all but three
23:53and with that in mind
23:55if we stay on this current path
23:58with all of the property that we have within striking distance of our oceans and lakes and rivers
24:04New Jersey as we know it will cease to exist in the next 10 years
24:09it's all that important
24:11and Governor again with what you with your legislative partners did in moving forward in protecting nuclear
24:17in making certain that continued to do what we did with solar as continuing as a leader
24:24to do what you did with wind
24:26and then to have and you call it the PJM to me it's the PFFI
24:31protect fossil fuel industry
24:33is what's in play
24:35and that's really what's behind this
24:38just mentioned a couple things the 79 solar projects that should be a criminal investigation
24:43because the supply would be there and the prices would already be down
24:47but modernizing the grid
24:49three trillion dollars that we need to do it
24:52if we knew how to get it there there's enough wind in North Dakota to power the whole country
24:56but yet on the first day of the Trump administration with a stroke of the pen
25:01the literally trillions that were going to modernize our grid off the board
25:06don't get me going with wind because here in New Jersey
25:09one thing that the the PJM did is that the interconnections were negotiated
25:15that was ready to go
25:17wind shows at like a 67% you know reliability rate
25:22and that combined would have bought the prices of energy way down
25:27again with a stroke of the pen of the Trump administration
25:31that ended in the not to mention John 20,000 jobs in your neck of the woods
25:37so I I just say this and I'm sorry to have been a little bit partisan there
25:41but at the end of the day we need bipartisan science-based solutions
25:46our very survival as to what we are depends upon it
25:49so governor again thank you for what you're going to do for the people of our states
25:53commissioner you have your job cut out for you as we all do in the legislature
25:57god bless you and thank you
26:02you know I just want to underscore the wind piece of this
26:07we we have still I'm going to use the present tense because we haven't given up
26:11but we have a the largest offshore wind program in America
26:15eleven and a half gigawatts
26:17if you're in a supply demand conundrum as we are today
26:20and by the way part of the demand reason is a good one
26:23more people living here than ever before
26:27more people employed than ever before
26:29bless you
26:30more more businesses in operation than ever before
26:34we're becoming a huge AI hub
26:37all those are good things
26:39but it puts an enormous amount and Christine knows this better than anyone
26:42enormous pressure on the demand side
26:45so if you're in a supply demand imbalance John to your point
26:49why in God's name would you take eleven and a half gigawatts off the table of supply
26:55so we're going to continue fighting that
26:57and as you mentioned with all of us collectively
27:00John's been very involved in this the other John in my life today
27:03in keeping the nukes up alive open and well
27:07we'll continue to pound away on that as well
27:09and we'll obviously I mentioned Craig and I were together in solar this week
27:13that's going to continue to be a huge priority
27:15we are largely in all of the above mode at the moment
27:19with that one more legislator would love to hear from
27:22we're going to switch chambers again
27:23and then we'll hear from Christine
27:25and that'll that'll round us up
27:26but please welcome welcome
27:28from Legislative District 4 Dan Hutchison
27:31Dan
27:32good to have you buddy
27:33thanks for coming out
27:34first of all Governor I'd like to thank you personally
27:41this morning I met with a woman suffering from brain cancer
27:45and when I was reviewing her financial situation
27:47I saw a $471 electric bill
27:50I wasn't going to make it here today
27:53but I wanted to make it here today to thank you for Barbara
27:56good afternoon
28:00I want to thank everyone for coming together today
28:02and for moving swiftly to deliver real relief
28:06to the people of New Jersey
28:08as someone who represents community and communities in the South Jersey area
28:12I can tell you we've seen this story before
28:15we know what it feels like to open that utility bill
28:18and wonder what am I going to see
28:20whether you're a senior on a fixed income
28:25or a parent trying to make ends meet
28:27or a small business owner trying to stay afloat
28:31unaffordable energy disrupts everything
28:35today's action means immediate help
28:39to millions of people
28:41as the speaker said
28:42it's a lifeline to so many
28:45but we need to remember this moment isn't just about reaction
28:48it's about making sure we're prepared for what comes next
28:52that's why I was proud to be one of the co-sponsors of Bill A 4817
28:57which was signed into law earlier this year
29:00the law created the energy bill watch program
29:03giving families real-time updates on their usage and costs
29:07so they're never caught off guard
29:09it's about giving people more control
29:12more information
29:13more transparency
29:15and I was also proud to support several other bills
29:18that just recently passed the assembly
29:20which not only address the cost of utilities
29:23but bring greater oversight and transparency to the system as well
29:28together we're proving that affordability and accountability can go hand in hand
29:32that immediate relief and long-term reform are not separate goals
29:38but are part of the same mission
29:40thank you
29:41Dan, thank you for coming up all this way
29:48it's great to have you here with us
29:50last but not least
29:51this is as tough a job as there is in the state right now
29:55and I can say that with credibility given the job that I have
29:58but please help me welcome another outstanding leader
30:01the President of the Board of Public Utilities
30:03Christine Gould-Sadovi
30:04I think you have a pretty tough job Governor
30:11but thank you very much
30:13so good afternoon
30:14thank you to the Governor and all of our legislative champions
30:17I'm really honored to be here as we make this announcement
30:20this $430 million in direct relief to ratepayers in New Jersey
30:25residential ratepayers is a critical
30:27yes a short-term but a critical step in addressing the rising energy costs
30:31and it's so important that we're doing this right now
30:34not just because the new rates have gone into effect June 1st
30:38but because as we can all feel in this room it's quite warm
30:41right and the summer bills get higher
30:44and so making sure that we're helping to offset some of those
30:48those summer bills is so important to help support customers
30:52every residential utility customer in New Jersey will benefit
30:56because we are all in this together
30:58$430 million is more than just a number
31:01it's a direct investment to help support households
31:04so that they can lower their energy costs
31:06and it's really a testament to the Governor
31:08and our leaders in the legislature that we're able to do this right now
31:12it represents the best of what government can do
31:16and at a time when customers that are eligible for the Federal LIHEAP program
31:20the Federal Energy Assistance Program
31:22which is being gutted
31:23New Jersey is supporting providing ratepayer relief to customers
31:27this is part of our commitment
31:30our long-standing commitment in this administration to energy affordability
31:34this is one of the things that we are doing to address these affordability issues
31:39but there are more as the Governor mentioned
31:41community solar which is a great opportunity for customers to save money
31:45the BPU recently opened our additional community solar solicitation
31:50and that provides a minimum of 15% bill credit for all eligible customers
31:56some projects as high as 40%
31:58we've also proposed at the BPU expanding the universal service fund
32:03which is our energy assistance program
32:05we've also as the Governor mentioned
32:08directed the utilities to file cost mitigation plans
32:11so this direct ratepayer relief that we're here to announce today
32:14is a critical short-term step
32:16but we are providing other long-term solutions as well
32:19and I look forward to continuing to work with the legislature
32:22and with the support of the Governor
32:24thank you so much everyone
32:26I think what I'd like to do we're going to do on-topic questions from the podium
32:36if that's okay with everybody
32:38and then I'll gather in the corner for off-topic if you guys still want me
32:43but I wonder if I could ask Christine and all the legislators to come on up with me
32:47for a team shot and also be up here with us while we answer the questions
32:51does that work guys? Why not?
32:54Sure, whatever you say
32:56You good?
33:25Thank you all
33:27so real
33:28if you want to stay up if you guys join me
33:29because I'm not sure I'll have all the answers
33:31anything on-topic please
33:32You said $430 million
33:35I'm curious about something in particular
33:36where the funding you have to allocate from
33:39and you said short-term how long the program lasts
33:41and how customers will
33:43Yep
33:44So for the low and moderate income households
33:47it'll be $150 spread across their bills
33:51the months from July to December
33:53for
33:55they will also get another $100
33:57so that group will get $250 in total
33:59that's probably one or two payments
34:02when the bills are hurting the most
34:04my guess is September, October
34:05but this has to be approved by Christine and her board
34:08and everybody will get that latter $100
34:13so everybody out there gets $100
34:15low and moderate income
34:17will get $250 in total spread as I mentioned
34:20sources are three-fold
34:22the Clean Energy Fund
34:23the BPU's share of the REGI money
34:28important to say BPU share because other folks have pieces of that that we can't use
34:33and the solar fund that I always forget the name of
34:36The Solar Alternative Compliance Payment
34:38The Solar Alternative Compliance Payment Fund
34:42which rolls off the tongue
34:44those are the three sources
34:46Nikita, how are you?
34:48Well, thank you
34:49You mentioned APS Payback
34:51I want to say that it's not a legislative and act
34:53because it's regulated
34:55Yes, so do you want to talk about that?
34:57You got a June 18 meeting?
34:59Yes, although the funds are
35:02the funds are part of the Clean Energy Program
35:05the REGI funds
35:07which is not a BPU action
35:09it's just the BPU's allocation of funds
35:11and then the SACP
35:13which is also through the BPU
35:15I think what we are deliberating is the $100
35:19whether that's a one shot or a two shot
35:21and that we're getting guidance on
35:24also any formal arrangement
35:26and I again want to repeat that the utilities
35:29PSE&G first and publicly
35:32but also constructive discussions with the others
35:35whatever programs come out of that
35:37will have to be approved at the BPU meeting on June 18th
35:41and then on the deferred bill
35:43that's still something under consideration
35:45and so are there concerns about deferred bill
35:47about this
35:48that we saw on the regulation
35:50So I can't, again, those are
35:51we're still in conversation
35:53so I can't comment on that
35:54No news on that front
35:55Sir
35:56Sir
35:57I'll start and ask Nick and Craig to come in here
36:14clearly we need more supply
36:16so on my ledger
36:18we'll be continuing to try to find a way
36:20to get common ground with the Trump administration
36:23on offshore wind
36:25it'll be getting PJM to accelerate
36:28what is a huge backlog of supply sources
36:33it'll be to work with the legislature
36:35the BPU on doing everything we can
36:37to hypercharge solar and community solar in particular
36:41those are three things on my list
36:44I won't get into specifics of potential bills
36:46that might come our way
36:47but those are three high priorities
36:49Nick or Craig
36:50No, I mean, I think the governor's correct
36:52I mean, those are short-term solutions
36:54longer-term is recreating
36:56and looking at nuclear energy
36:57as a potential option
36:58if that doesn't happen overnight
36:59that takes years to get back online
37:01Senator Smith's been out to look
37:03at small-batch nuclear facilities
37:05that perhaps could be plugged in here
37:07but still takes time to get that done
37:09Craig, any?
37:10Yeah, we've passed some legislation
37:12We've passed some legislation already
37:14to talk about things like transparency
37:16we're working on a set of bills
37:19that we'll look at
37:20and we've considered some of them
37:22things about how we go about
37:24making things less expensive
37:26how we make things more affordable for people
37:29and what role we would see
37:31the utility companies playing
37:33in those solutions
37:36and then we've begun the process
37:38of engaging in conversations
37:40with energy producers
37:42like the solar folks
37:43as the governor alluded to
37:45the fact that we're in Tuesday
37:46or Wednesday
37:47in Perth Amboy
37:49as I understand it
37:51solar is the quickest and cheapest way
37:53to get some stuff online
37:55but as we said
37:57the larger problem
37:59we've begun the work of doing that
38:01I just want to reiterate
38:03that Nick mentioned nuclear
38:05which I meant to have on my list
38:06that's a big priority of ours
38:07in fact we had a big summit earlier this week
38:09with one of the big nuclear small modular reactor manufacturers
38:15you all good
38:16Nikita one more
38:18same as prior REAP right so
38:24yes the prior residential energy assistance payment
38:31was for income eligible customers
38:33who are enrolled in the
38:35what is the winter termination program
38:37which is it has a catch-all for economic eligibility
38:41we good again I want to thank all of our legislative colleagues
38:48who are here today
38:49many of whom schlepped the long distance
38:51I want to thank especially the Senate President and the Speaker
38:54and Christine as well to you and your BPU colleagues
38:58we're going to stay at this folks
38:59I promise you
39:00we're united in this cause
39:02and we're going to continue to do everything we can
39:04to make the utility bill more affordable
39:06and to make life in general more affordable
39:09thank you all
39:11I just need like five minutes to do it
39:13I'll put it up and I'll meet you guys in my office
39:15Sure, sure, sure
39:16Thanks, Dave
39:17Thanks
39:18appreciate your hand
39:19I understand you got a family trip
39:22coming up