Get ready to pay more for electricity, but not until the summer. On Wednesday, the state Board of Public Utilities approved the results of the state’s annual electricity auction, which determines in part the cost of electricity for most New Jersey residents and many businesses. Starting on June 1, the average monthly bill will increase from 3.3% to 6.9% depending on a customer’s utility provider. For PSE&G customers, the increase will be 3.3%. For JCP&L customers, the increase will be 4.8%. Atlantic City Electric customers will see rates go up by 4.1%. Rockland Electric customers’ bills will increase by 6.9%.
Pharmacy chain CVS on Wednesday agreed to buy health care provider Oak Street Health, in a deal valued at $10.6 billion. Oak Street Health isn’t in New Jersey yet, but CVS is looking to open more Oak Street clinics. Since the onset of the COVID-19 pandemic, other pharmacy chains have been expanding into the provider business as a way to diversify their revenues.
In New Jersey and across the U.S., there is an economic divide between Black and white Americans, but a new report from Wells Fargo shows the wealth gap is narrowing. Since the pandemic, the average net worth among Black households has risen more than the average net worth among non-Black households. Jay Bryson, chief economist at Wells Fargo, says there are other positives. But the unemployment rate for Black workers remains higher than for white workers.
