The BGS Auction Manager has made available redlines between the Final 2024 BGS-CIEP and BGS-RSCP SMAs and the SMAs filed as part of the EDCs’ Proposal for the provision of Basic Generation Service for the period beginning June 1, 2025. The redlines are available on the Contract and Credit page of the “bidder info” tab of the BGS Auction website.

The data you request is not available. However, please find below a description of how broker quotes are used to calculate the forward market prices for purposes of the mark-to-market (“MtM”) exposure amount calculation.

Forward market prices are calculated using data from brokers, which is defined in the BGS-RSCP SMA to include both independent brokers and exchanges active in the energy markets. Data sources have changed periodically based on data availability. The sources currently used are Intercontinental Exchange, Inc. (“ICE”), NYMEX, TFS Energy LLC (“TFS”), and Amerex Brokers LLC (“Amerex”).

The forward market prices are calculated by averaging the available broker quotes and the broker quotes may be for individual months, two-month blocks, or quarterly blocks. The “MtM Exposure Amount Calculation Information” section of Appendix B describes how the EDCs unpack multi-month blocks to derive forward market prices for individual months in instances where a block and a component of the block are available. Using multiple sources and employing a method to unpack two-month blocks and quarterly blocks allows the EDCs to maximize the number of quotes used to calculate the forward market prices.

When quotes are available from more than one data source, the forward market prices are calculated by averaging the available broker quotes. When quotes are only available from a single broker or data source, and that source is ICE, then the forward market prices are calculated as the average of the ICE quotes over the preceding five (5) days. Forward market prices for the months, two-month blocks, or quarterly blocks where broker quotes are unavailable from any broker will be equal to the last available broker quote or in case they have not been quoted since the BGS-RSCP Auction closed, they will be equal to the marks set at the close of the BGS-RSCP Auction.

Please see Appendix B of the BGS-RSCP SMA for additional details surrounding the MtM calculation.

The New Jersey Board of Public Utilities (“BPU”) is expected to render its decision on the results of the BGS-CIEP and BGS-RSCP Auctions within two business days of the close of the BGS-CIEP or BGS-RSCP Auction, whichever occurs later.

If the BPU approves the results of a BGS Auction, the Auction Manager will notify any winning bidders of such approval that same day. Winning bidders will then be contacted directly by the EDCs regarding the execution of the BGS Supplier Master Agreement (“SMA”). Winning bidders must execute the SMA, and meet all credit requirements of the SMA, within three business days of the BPU’s decision.

For a winning bidder, the Pre-Auction Letter of Credit is cancelled once the SMA is executed and all credit requirements of the SMA are met.

Information regarding the number of tranches won by each BGS Supplier in each EDC territory is typically released in early May, approximately one month before the supply period starts. Results of previous BGS Auctions, including the 2024 BGS Auctions, can be found on the Past Results page of the BGS Auction website.

The New Jersey Board of Public Utilities (“Board”)’s order approving the results of the 2024 BGS Auctions can be found here.

JCP&L has confirmed that beginning August 1, 2022, the excess generation data reported in the BGS Data Room does not need to be summed with the corresponding load data in order to develop JCP&L load data consistent with how JCP&L load is reported to PJM for settlements purposes.

For data prior to August 1, 2022, to develop JCP&L load data that is consistent with how JCP&L load has been reported to PJM for settlement purposes, sum the excess generation with the load reported in the BGS Data Room. This calculation can also be used to develop JCP&L total hourly BGS Load, JCP&L total retail hourly load, and BGS-CIEP hourly load net of excess generation. To develop BGS-RSCP hourly load (for data prior to August 1, 2022), first subtract the developed BGS-CIEP load data from the developed Total BGS load data, then sum this value with the Total Retail Hourly excess generation data.

The BGS Auction Manager has posted an updated Data Description file on the monthly data page of the BGS Auction website.

The BGS Auction Manager no longer updates JCP&L excess generation data as part of the BGS Monthly Data update. The excess generation data reported in the BGS Data Room was last updated on January 17, 2024 and contains data through October 31, 2023.

As stated in section VI.D. of the BGS-CIEP Rules and section VII.D. of the BGS-RSCP Rules, each winner and each EDC will have three days from the time at which the Board approves the Auction results to execute the applicable agreement. Each winner will have these three days to demonstrate compliance with the creditworthiness requirements set forth in the applicable agreement. Please review the BGS-CIEP Rules and BGS-RSCP Rules for further information.

The documents and FAQs of the BGS Auction website are refreshed every year to include only content relevant for the upcoming BGS Auctions. The FAQ Archive page is for FAQs posted since the refresh of the BGS Auction website but that are no longer relevant at the present time. FAQs from prior BGS Auctions are no longer available.

The data in the BGS Data Room is reported in Eastern Prevailing Time (“EPT”).

A BGS-CIEP Supplier provides full-requirements service for the percentage of the EDC’s BGS-CIEP Load corresponding to the number of tranches won.  A BGS-CIEP Supplier receives the price determined at the Auction applied to the supplier’s share of the BGS-CIEP capacity obligation.  A BGS-CIEP Supplier also receives the following payments: (i) a fixed ancillary service payment rate applied to the supplier’s share of BGS-CIEP Load (energy); (ii) the “Hourly Real-Time Spot Price”, which refers to the PJM load-weighted average Residual Metered Load aggregate Real-Time Locational Marginal Price for the zone, applied to the supplier’s share of BGS-CIEP Load (energy); and (iii) the CIEP Standby Fee.

With respect to the rates paid by BGS-CIEP customers, the transmission rate is based on either a demand charge or transmission obligation charge, depending on the EDC.  The energy rate is the Hourly Real-Time Spot Price, which will be adjusted each hour by the relevant EDC loss expansion factor.  The ancillary service rate will be a pre-determined value based on the ancillary service payment rate to suppliers adjusted for losses.  The price for an EDC is the final Auction price for that EDC and will be assessed as a specific capacity obligation charge, demand charge, or energy charge.

Each tranche represents a set percentage of BGS (BGS-RSCP or BGS-CIEP) Load for the EDC. The tranches are neither specific to a set of customers or to a subzone. BGS suppliers are not paired with individual customers.

“BGS” refers to Basic Generation Service, which is the service that each Electric Distribution Company (i.e., Public Service Electric and Gas Company (“PSE&G”), Jersey Central Power & Light Company (“JCP&L”), Atlantic City Electric Company (“ACE”), and Rockland Electric Company (“RECO”)) provides to its customers. Each year since 2002, these four New Jersey Electric Distribution Companies have procured electric supply to serve their BGS customers through a statewide auction process held in February.

While the BGS Auction website contains some general information of interest to all stakeholders, most of the more detailed information on the BGS Auction website is directed to suppliers that bid to provide supply to BGS customers. The BGS Auction website maintains results from previous auctions (on the “past results” page of the “auction” tab) and provides historical load data in the BGS Data Room. The BGS Auction website does not maintain other historical data such as past auction documents or historical rates. Stakeholders may wish to consult other sources for information of that type, such as their Electric Distribution Company’s (“EDC’s”) website.

The Board issues an Order at the conclusion of the Auction Process. The Orders are found on the “bgs orders” tab of the “auction” page. If the Board approves the auction results, the Board certifies the final results of the Auctions, approves the closing prices, and orders the EDCs to execute the BGS Supplier Master Agreements by which the BGS suppliers sell full requirements supply to the EDCs.

In response to a request by the New Jersey Board of Public Utilities, the EDCs filed a proposal to procure supply to meet BGS load by July 1, 2024 (the “July Filing”). This proposal includes a tentative auction timeline. The proposed start dates are February 7, 2025 and February 10, 2025 for the BGS-CIEP Auction and the BGS-RSCP Auction, respectively.

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