This bill prohibits electric public utilities in New Jersey from imposing a reconciliation charge on their customers. A reconciliation charge is defined as a positive dollar amount that utilities charge customers to recover the difference between estimated and actual costs of providing electricity service, which can include various costs such as basic generation service costs, administrative costs, fees, credits, taxes, and interest. The bill explicitly states that, notwithstanding any other laws or regulations, electric public utilities are not allowed to impose this charge.

The intent of the sponsors is to encourage electric public utilities to engage in long-term financial planning and reduce their reliance on ratepayers to recover financial losses stemming from the utilities' own business decisions. The bill is set to take effect immediately upon enactment.