Ratepayer Impact Study and stakeholder meeting is meaningless without releasing original cost analysis; AENJ research finds EMP costs over $500 million
TRENTON, N.J., March 24, 2022 /PRNewswire/ — Ahead of this week’s first cost discussion, Affordable Energy for New Jersey (AENJ) calls on the New Jersey Board of Public Utilities (BPU) to stop hiding the costs of the Energy Master Plan (EMP) and to tell the public the truth. Despite releasing the EMP more than two years ago, the BPU has yet to release the cost estimate of how much more residents will be expected to pay.
At the same time, the BPU has refused to slow down its implementation of these policies – spending taxpayer money without regard. This is simply unacceptable for a government agency to move forward with wholesale societal change without any cost estimates to consumers.
“The BPU’s lack of transparency and refusal to release the first cost estimate means any new greenwashed Ratepayer Impact Study is an empty gesture – and a stakeholder’s meeting won’t paper over the fact that the board is hiding the true cost of the EMP from New Jerseyans,” said Ron Morano, Executive Director of AENJ. “This plan will dramatically change the way our residents and businesses receive and pay for our energy. We deserve to know what it will cost before implementation, not years after.”
AENJ continues to advocate for transparency from the Murphy Administration officials tasked with planning New Jersey’s energy future. In lieu of a public analysis from the administration, AENJ has conducted extensive research into the EMP’s costs – and found that this misguided policy will cost a family of four over $200,000. The state overall could easily spend more than $500 billion on this plan, yet officials refuse to release even a rough estimate of the program’s costs. Other estimates have pegged the cost of New Jersey’s full electrification at nearly $1 Trillion dollars.
As energy stability is thrown into stark relief at a time of global unrest, New Jersey’s energy future must focus on affordability, reliability, and feasibility while addressing climate change. The electrification mandates in the EMP alone will saddle New Jersey families and businesses with tens of thousands in new upfront costs – in addition to higher utility costs and tax bills.
“We need clean energy policy that prioritizes affordability. Delay tactics from the BPU won’t change the fact that it’s been more than two years since this policy was announced, and they still won’t say what it will cost our working families,” said Morano. “We urge the BPU to release a full cost estimate of the EMP now, not waste time with studies that will never see the light of day.”
The Affordable Energy New Jersey Coalition is a dedicated group of business, labor, industry, civic and community organizations in New Jersey who have come together to ensure that families and businesses maintain access to clean and affordable energy.
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SOURCE Affordable Energy for New Jersey Coalition