“As we work to understand why energy costs have spiked, today’s hearing makes one thing clear: among the leading causes are PJM’s broken capacity auction system and its failure to bring new energy supplies online. Rather than taking responsibility, PJM continues to deflect blame while moving forward with yet another auction that could again send prices soaring. Its efforts to integrate new energy sources have fallen drastically short. The ongoing backlog in PJM’s interconnection queue is directly depriving New Jersey of the new energy it needs and denying residents the relief they deserve.

“At the same time, New Jersey’s clean energy future has been actively sabotaged. Trump-era policies and Republican obstruction have derailed transformative energy projects, including offshore wind. These cancellations erased the opportunity to deliver over 5,000 megawatts of clean power, enough to supply more than two million homes, and halted thousands of good-paying jobs tied to projects like the Wind Port and Paulsboro Marine Terminal. The economic ripple effects are massive. The Wind Port alone was expected to generate over 20,000 jobs and bring in $500 million annually in state revenue. With continued uncertainty, even next-generation projects like the new hydrogen hub are now in jeopardy.

“The numbers tell the story. PJM currently has around 1,600 energy projects stuck in its interconnection queue, 79 of them in New Jersey alone. A staggering 98 percent of these are clean energy resources. Collectively, they represent 250,000 megawatts of potential capacity. If even a fraction of these had been connected in a timely manner, supply would have more than doubled the volume that cleared the last capacity auction, helping to keep prices within historical norms. Estimates suggest that if just 30 percent of the queued projects had been operational, the last auction could have been 63 percent cheaper.

“This is not simply a temporary price spike. It is the direct result of systemic failure and deliberate neglect. Families are paying the price for years of missed opportunities and grid mismanagement. The one-two punch of PJM’s dysfunction and Republican obstruction has put New Jersey households in an untenable position.

“To build a reliable, affordable energy future, PJM must overhaul its markets, federal leaders must reverse harmful policy decisions, and Republican officials must stop standing in the way and start offering solutions. New Jersey deserves better and the time for action is now.”