Dear Reader,

Listen. New Jersey's newly inaugurated Governor Mikie Sherrill spent her first minutes in office signing executive orders.

Both aimed at addressing rapidly rising utility costs in the state.

Here's what she actually did. Guaranteed those costs will go higher.

Let me explain why.

The first order allows the New Jersey Board of Public Utilities to block utilities from increasing electric bills.

Stop right there.

I've been warning about this for decades. When the government controls prices, you get shortages. Every single time.

The order grants the BPU authority to "set just and reasonable rates" and investigate utilities.

Sounds great, right? Wrong.

The government has no idea what "just and reasonable" actually means. Markets do.

The order also directs the agency to provide bill credits to help offset power prices expected to rise this June.

Doesn't specify the amount. Of course not.

Those credits would be funded through a state fee on electricity providers.

Read that again. They're going to charge providers fees to give you bill credits.

You think providers won't pass those fees to customers? Really?

This is government math. It never works.

Sherrill's second executive order declares a state of emergency in New Jersey because of high electricity prices.

An emergency.

High prices aren't an emergency. They're a signal.

They tell the market: "We need more supply here. Big opportunity for anyone who can provide it."

In a free market, investors would flood in to build new capacity. Problem solved in months.

Instead? Government intervention.

The order directs the BPU to fast-track bids for new solar projects, energy storage, and energy distribution infrastructure.

Government picking winners again.

Maybe solar is the answer. Maybe it's not. Let the market decide.

It also mandates submitting plans to modernize existing natural gas-fired power plants.

And instructs the state to require electric utilities to report how much power data centers are requesting.

More reporting. More bureaucracy. More delays.

The order establishes a Nuclear Power Task Force to oversee "new advanced nuclear generation."

Evaluate financing options. Explore federal opportunities. Coordinate with other states.

You know what actually builds nuclear plants? Private capital and profit motive.

Not task forces.

"I hope you'll remember me when you open your electric bill and it hasn't gone up by 20 percent," Sherrill said.

Here's what voters will remember. Bills going up way more than 20 percent.

Because price controls create shortages. Shortages create blackouts. Blackouts create real emergencies.

Then they'll blame the free market. Even though the free market never got a chance.

Energy costs have surged partly due to the boom in data centers.

Big Tech companies building them to train AI systems.

More than 100 data centers now operate across New Jersey. Concentrated in Secaucus, Newark, and Piscataway.

Strong network infrastructure. Connectivity to major Northeastern markets.

High electricity demand follows.

This is actually good news.

High demand means high prices. High prices mean profit opportunity.

In a free market, that opportunity attracts investment. New power plants are being built. Supply increases. Prices stabilize.

Fast. Efficient. No bureaucracy required.

Instead, the government declares an emergency and imposes price controls.

Guaranteeing the problem gets worse.

On January 16, the Trump administration and bipartisan governors asked PJM Interconnection—the nation's largest power grid operator—to hold a one-time "emergency" auction.

To provide data centers with new sources of power.

Data center owners would bid on 15-year power purchase agreements.

PJM's most recent auction hit a record price of $333.44 per megawatt-day for 2027-2028 delivery.

These prices flow directly into customer bills.

The emergency auction could support as much as $15 billion in new power plants, according to the Department of Energy.

Data centers would be required to pay for new generation whether they use the power or not.

At least that part makes sense. Make the users pay.

But it's still government intervention in markets that should be free.

Here's what nobody wants to admit. Government intervention created this problem in the first place.

Big Tech got subsidies and favorable treatment to build data centers. Now demand exploded.Instead of letting markets respond naturally, politicians impose more controls.

Price caps. Bill credits funded by provider fees. Fast-tracked solar projects. Task forces.Everything except what actually works.

Let prices rise. They're signaling opportunity.

Private investors flood in to build new capacity. Nuclear, natural gas, solar, geothermal—whatever makes economic sense.

Supply increases. Prices stabilize. Problem solved.

No executive orders required. No emergency declarations. No task forces.

Just markets working the way they're supposed to.

Reagan decontrolled energy prices. Oil crashed from $40 to $7.

Markets work when the government gets out of the way.

But politicians can't resist meddling. They see high prices as a political problem.

So they impose controls. Create shortages. Make everything worse.

Then blame capitalism for the failures of government intervention.

Governor Sherrill could have simply removed barriers to new power generation.

Let anyone who wants to build, build. Markets would have solved this fast.

Instead, she chose price controls, subsidies, mandates, and task forces.

New Jersey's electricity bills are going higher. Way higher.

And when they do, remember this. The government did this.

Not markets. Government.

Don't say you weren't warned.

Robert Kyiosaki

Editor, Money Power and Profit

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