Regional Power Grid Faces Energy Shortage as Demand Soars

Already rising fast, electric bills in New Jersey are expected to continue increasing in coming years, after the regional power grid failed to secure enough energy to meet expected demand.

PJM Interconnection, which operates the power grid serving more than 67 million people across New Jersey and a dozen other states, released the results of its latest industry auction on Wednesday, with capacity prices hitting a record-high of $16.4 billion. Capacity prices cover the costs of supplying power to the electrical grid, which gets passed onto consumers.