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 among ratepayers. This change is intended to ensure that surplus funds are utilized effectively to address energy consumption issues rather than being diverted for other purposes.

The legislation responds to concerns raised during a legislative hearing regarding the BPU's previous use of excess SBC funds, which included a one-time financial assistance check to low-income residents that critics argue did not address the root causes of rising energy costs. By enforcing stricter guidelines on how excess SBC funds can be used, the bill aims to promote sustainable energy solutions and better support low-income residents in managing their energy consumption. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 48:3-60