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Each year since 2002, the four New Jersey Electric Distribution Companies (EDCs) - Public Service Gas & Electric Company (PSE&G), Atlantic City Electric Company (ACE), Jersey Central Power & Light Company (JCP&L), and Rockland Electric Company (RECO) - have procured several billion dollars of electric supply to serve their Basic Generation Service (BGS) customers through a statewide auction process held annually in February. BGS refers to the service of customers who are not served by a third party supplier or competitive retailer. This service is sometimes known as Standard Offer Service, Default Service, or Provider of Last Resort Service. The Auction Process has consisted of two auctions that are held concurrently, one for larger customers on an hourly price plan (BGS-CIEP) and one for smaller commercial and residential customers on a fixed-price plan (BGS-FP).
