This bill mandates the Board of Public Utilities (BPU) to discontinue its Infrastructure Investment Program (IIP), which was established under existing rules and regulations. Effective immediately upon the bill's enactment, the BPU is prohibited from accepting any new IIP petitions or approving any pending petitions without conducting a full rate review for the respective public utility. Furthermore, any public utility with a pending IIP petition must either incorporate its investment proposal into its next base rate case or provide all necessary information for a full rate review within 90 days of a board order. If the utility fails to comply, the petition will be deemed retracted.

The intent behind this legislation is to address concerns raised by the Division of Rate Counsel regarding the IIP's single-issue ratemaking mechanism, which limits the ability to assess the overall financial health of utilities. The Division argues that the IIP leads to increased costs for ratepayers by allowing utilities to earn accelerated returns on capital investments outside of the standard base rate case process. The bill aims to ensure a more comprehensive review of utility proposals, ultimately protecting consumer interests.