Energy deregulation began in New Jersey in 1999 providing retail access to consumers who wanted to shop for new electric suppliers and lower their energy bills. New Jersey Board of Public Utilities (NJBPU)—the governing body for electric, oil and natural gas services—introduced the Electric Discount and Energy Competition Act (EDECA) to deregulate the state's energy industry (maketheswitchusa).
The act has helped New Jersey residents through:
- Price reduction. High volume energy users have particularly benefited from increased competition.
- More choices. Consumers aren’t stuck with energy suppliers whose service they don’t like.
- Green energy plans. Increased competition has created a market for green energy in New Jersey, giving consumers the option of buying energy provided by earth-friendly means.
Just one year later, the state saw almost half a million business and residential customers saving money because of the new service options. This is a good example of how the public can take advantage of competition in the marketplace.