This bill establishes a framework to limit rate increases for electric public utilities specifically for low- and middle-income households. It prohibits these utilities from raising rates for eligible residential households by more than the all-items index, which reflects the rate of inflation as determined by the U.S. Bureau of Labor Statistics. If a utility fails to comply with this limit, it will face fines and other penalties as determined by the Board of Public Utilities. Additionally, the bill mandates that electric public utilities report annually to the board on the number of eligible households benefiting from the program, the financial impact on the utility, and any recommendations for program adjustments.

The bill also defines key terms such as "low-income household" and "middle-income household" based on their annual income relative to the federal poverty level, which is updated annually. The Board of Public Utilities is tasked with compiling this information and submitting an annual report to the Legislature summarizing the data received from the utilities. Furthermore, the board is required to adopt necessary rules and regulations for the implementation of the bill, including the establishment of a report submission process and the determination of fines and penalties for non-compliance.