This bill mandates that the Board of Public Utilities (BPU) adjust the societal benefits charge (SBC) if it collects excess funds beyond what is necessary to cover specified costs related to social programs, nuclear decommissioning, demand-side management, and consumer education. Specifically, if the SBC exceeds the required amount during an energy year, the BPU must either lower the charge for the following year or allocate the excess funds solely for initiatives aimed at reducing electric and natural gas usage by ratepayers. This new provision is intended to ensure that any surplus funds are used effectively to address energy consumption issues rather than being diverted for other purposes.

The legislation responds to concerns raised during a recent legislative hearing regarding the BPU's handling of excess SBC funds, which were previously used to provide one-time financial assistance to low-income residents rather than implementing long-term solutions for energy efficiency. The bill aims to compel the BPU to focus on sustainable measures that genuinely assist low-income households in managing their energy usage, rather than relying on temporary fixes that do not address the root causes of energy consumption spikes.

Statutes affected:
Introduced: 48:3-60