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Restructuring is attempting to bring the economic efficiency of competitive markets to the electric power industry. To at least some extent it is succeeding. New generation is being built in most areas of the country reversing the decades-long trend of declining reserve margins. Competition among generators is typically robust, holding down wholesale energy prices. Generators have shown that they are very responsive to price signals in both the short and long term. But a market that is responsive only on the supply side is only half a market. Demand response (elasticity) is necessary to gain the full economic advantages that restructuring can offer. Electricity is a form of energy that is difficult to store economically in large quantities. However, loads often have some ability to (1) conveniently store thermal energy and (2) defer electricity consumption. These inherent storage and control capabilities can be exploited to help reduce peak electric system consumption. In some cases they can also be used to provide system reliability reserves. Fortunately too, technology is helping. Advances in communications and control technologies are making it possible for loads ranging from residential through commercial and industrial to respond to economic signals. When we buy bananas, we don't simply take a dozen and wait a month to find out what the price was. We always ask about the price before we decide how many bananas we want. Technology is beginning to allow at least some customers to think about their electricity consumption the same way they think about most of their other purchases. And power system operators and regulators are beginning to understand that customers need to remain in control of their own destinies. Many customers (residential through industrial) are willing to respond to price signals. Most customers are not able to commit to specific responses months or years in advance. Electricity is a fluid market commodity with a volatile value to both producers and consumers. Fortunately too, only a percentage of loads need to respond elastically for all customers to benefit. This report explores mechanisms to reduce, when necessary, the peak load in New Jersey's electricity market. It examines load pricing and technical load reduction programs used in recent years in New Jersey and discuss how they can be made more effective in controlling summer peaks and attendant high prices of electricity. Particular attention is given to load curtailment programs now in place and utility opinions relating to them

Technical Potential for Peak Load Management Programs in New Jersey