This bill mandates a comprehensive study of the potential for ocean energy, specifically wave and tidal energy, in New Jersey, with the goal of establishing the state as a leader in this emerging sector. The Board of Public Utilities (BPU) and the Department of Environmental Protection (DEP) are required to initiate this study within 30 days of the bill's effective date. The study will evaluate the feasibility and benefits of wave and tidal energy, including impacts on labor markets, energy prices, and environmental factors. Additionally, the BPU and DEP will authorize pilot projects to gather data that will inform the study and subsequent recommendations.

Furthermore, the bill requires the BPU and DEP to submit a report within three months of the bill's effective date, detailing the findings of the study and providing a strategic plan for the deployment of wave and tidal energy technologies. This plan must include specific generation goals for wave and tidal energy by 2030, 2040, and 2050. The Energy Master Plan Committee is also instructed to incorporate this strategic plan into the state's Energy Master Plan. The BPU will facilitate the initiation of pilot projects and coordinate with federal and state agencies to ensure the successful development of wave and tidal energy projects, ultimately aiming to enhance New Jersey's clean energy portfolio and economic growth in this sector.