[vc_row][vc_column width=”1/2″][vc_column_text css=””]IMMEDIATE RELEASE
February 19, 2026[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_column_text css=””]

Contact: Caryn Shinske (609) 984-1795
Lawrence Hajna (609) 984-1795
Vincent Grassi (609) 984-1795

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DEP, BPU AND EDA JOINT STATEMENT ON EXECUTIVE ORDER #1

To deliver on Governor Mikie Sherrill’s mission of freezing electricity costs in the short-term and stabilizing bills in the long-term as outlined in the January 20, 2026 Executive Order #1, the following joint statement from NJDEP Acting Commissioner Ed Potosnak, NJBPU President Christine Guhl-Sadovy, and NJEDA Chief Executive Officer Evan Weiss is issued in accordance with Executive Order 1:

Following Governor Sherrill’s lead, the NJDEP, NJBPU, and NJEDA are committed to helping tackle energy costs head on. To do so, our agencies discussed using available uncommitted Regional Greenhouse Gas Initiative (RGGI) proceeds within existing statutory authority to help deliver on the Governor’s mission to make energy more affordable for New Jersey ratepayers while continuing to make prudent and strategic investments that get more energy online, reduce energy usage, spur economic development and innovation,  and bolster green and natural spaces to protect our communities against flooding.

Our agencies recognize that the current cost of electricity has reached the point of crisis for many residents and that from June 2023 to June 2025 the average residential electricity price in the State rose by well over 33 percent and that prices are expected to continue to rise. We also recognize that these increased rates are among the highest in the nation and that many of New Jersey’s low- and middle-income families struggle to afford basic necessities, including electricity, which is a critical resource for the health, safety, welfare, and prosperity of New Jerseyans.

To date, our agencies have committed nearly $950 million in RGGI funds into key program areas, including $88 million last year to support low- and moderate-income ratepayer relief.  In implementing Governor Sherrill’s EO 1, the BPU will use available uncommitted and future RGGI proceeds to offset bill increases stemming from the rise in the price of electricity, especially for vulnerable families struggling to make ends meet. Similarly, DEP and EDA are actively assessing potential approaches related to energy affordability and generation that align with existing statutory parameters for the use of RGGI funds. The agencies note that allocation of funds outside of these parameters would require legislative authorization.

Together, our agencies will work hard under Governor Sherrill’s leadership to provide relief to New Jersey’s four million residential ratepayers.

 

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