Electric rates for most New Jersey customers will go down on June 1 after the New Jersey Board of Public Utilities on Thursday approved annual auction results for wholesale power suppliers.

A typical residential bill for a Public Service Electric & Gas Co. customer using 650 kilowatt hours a month will decrease 1.9 percent, or about $2.16 a month. A similar customer with Atlantic City Electric will see a 4.65 percent decrease, or about $5.86 less a month, according to the BPU.

The BPU holds an auction every year to secure suppliers for Basic Generation Service.

This year's contracts will supply one-third of the state's residential and small business demand for the next three years, replacing expiring contracts from the 2015 auction. The price customers pay is a weighted average of contracts over a three-year period.