In our spotlight on Business report as temperatures soared during this scorching summer, so did utility rates.

At a hearing in Trenton on Wednesday, lawmakers tried to find out why.

Bringing in representatives from the state's major utility companies to explain the rising costs and find solutions for burdened homeowners.

The big takeaway The supply just can't meet the demand for electricity.

Ted Goldberg reports on the big divide over how to meet these new power demands.

So it's safe to say, sir, that if we do nothing, we are going to pay the price.

If the state does nothing, that would be fair to say.

Millions of New Jerseyans have been paying the price this summer, namely higher electric bills, which was the subject of an assembly hearing Wednesday.

Far too often our officers have examples where a senior will have to choose between putting food on the table, purchasing the medicine they need, or keeping their home at a comfortable temperature.

Experts from New Jersey's four main electric companies testified to what drove up prices this summer.

They said there were multiple variables, including higher costs to produce and distribute power.

We're in the midst of a transition and we're seeing a tightening of supply and an increase in demand.

And they're going in opposite directions and they're going in opposite directions relatively quickly.

We experienced the second hottest June on record.

And nearly 8% temperature increase from June 2023 to June 2024.

There is a supply and demand delta that's been that smaller.

The cost of energy has gone up and that had an impact on bills.

Everyone agreed that not enough electricity is being produced.

Disagreements came from how that should be addressed, whether it be expanded renewable energy or the fossil fuels that the state has begun to gradually phase out.

The governor and the BPU are striving to see that generation come from clean resources, not just renewable.

But as the chairman mentioned, we have a significant nuclear generation fleet.

My constituents and yours cannot afford to continue down the Murphy Administration's yellow brick road.

Do you believe that there is a right time to mandate that we reach a certain threshold?

When you say, you know, when is the time, this is the time to act.

What my fear is, is that we aren't investing in the actual sources that are powering us right now that are standing up right now.

We need to strike a balance between affordable and renewable, because in the world of engineering, those two are diametrically opposed.

The picture in Trenton wasn't all doom and gloom.

Experts said that despite the sticker shock many of us received this summer, it could always be worse and that New Jerseyans aren't alone in facing higher utility bills.

New Jersey's rate increase of 2.8% is lower than the national average over the same time frame.

Especially when you compare it to those states in the Midwest and along the East Coast.

We didn't experience what Texas did during the winter a few years ago, where they had a complete blackout.

We didn't experience rolling brownouts.

Not to be outdone, Congressman Jeff Van Drew is hosting a hearing of his own next week to investigate higher power bills across South Jersey.

He'll gather experts in the field and elected officials next Tuesday in Trenton.

I'm Ted Goldberg.

NJ Spotlight News.