Energy continues to be top of mind among New Jersey business leaders – and their concern continues to grow.
The annual Business Outlook Survey from the N.J. Business & Industry Association, released Monday, found that more than three in four (78%) felt New Jersey was worse than other states when it came to controlling energy costs.
That number is significantly higher than a year ago, when only 53% of those surveyed felt that way.
Of course, that was before the substantial summer rate hike felt by business owners and residents.
The survey found 77% of the respondents (either owners or upper-level managers) felt they were substantially (32%) or moderately (45%) impacted by energy costs. Of those, 37% said they needed to raise prices to accommodate those largely unexpected costs.
What to do?
Governor-elect Mikie Sherrill and her team have run on a platform that would tackle energy prices. Sherrill repeatedly said she would declare a State of Emergency on utility costs, freeze energy rates and launch a rapid build-out of cheaper and cleaner power generation.
Key members of her team, at a recent Politico event, offered some details on what that might look like.
Tim Lydon, her incoming chief counsel, said Sherrill will push utilities to do their part. Lt. Governor-elect Dale Caldwell pushed collaboration at a recent event.
How much utilities can do is unclear. Most of what appears on your bill is connected to services they don’t provide.
PSEG Chair and CEO Ralph LaRossa said the current market rules make it impossible for utilities to deliver all the power that is needed.
All of this means the incoming administration will have its hands full.
Luckily for them, the bar is low.
According to the NJBIA survey, 81% said they were somewhat unconfident (35%) or not confident at all (46%) energy prices will go down.
Questions for NJBIA’s 67th Annual Business Outlook Survey were sent to New Jersey business owners and executive staff in September-October.
The report is based on 569 valid responses. Most respondents were small businesses, with 65% employing 24 or fewer people. The survey was conducted by Signet Research.
