This bill mandates that electric public utilities must submit a transmission project proposal to the Board of Public Utilities (BPU) for approval before initiating any transmission project. The proposal must include an assessment of the project's potential environmental and public safety impacts, a detailed documentation of associated costs, an evaluation of whether the project meets a demonstrated need through public benefits, and identification of any alternative project ideas that could fulfill the same need at a lower cost. The BPU is required to review the proposal within 90 days and can approve it if deemed reasonable, in the public interest, and cost-effective.

The bill aims to ensure that electric public utilities receive necessary oversight and approval from the BPU before proceeding with transmission projects, thereby potentially reducing costs and ensuring that projects are justified. The definition of a transmission project is specified as either the construction of a new transmission line or the modification of an existing one. The bill emphasizes the importance of regulatory review in maintaining efficiency and accountability in the development of energy infrastructure.