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 determine if it is reasonable, in the public interest, and cost-effective, ultimately approving it if these criteria are met.

The bill aims to ensure that electric public utilities receive necessary oversight and approval for transmission projects, which could lead to reduced costs and improved project efficiency. 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 intent behind this legislation is to enhance the regulatory framework surrounding transmission projects, as highlighted by testimony from the Director of the Division of Rate Counsel, who emphasized the potential benefits of requiring BPU review prior to project initiation.