This bill aims to protect ratepayers from electric public utility rate increases specifically related to the installation of smart meters. It prohibits any electric public utility from raising rates for this purpose after the bill's enactment. Additionally, it mandates that utilities publish detailed information about any rate increases on their websites and in customer communications, including the amount, effective date, reasons for the increase, and anticipated impacts on bills. The Board of Public Utilities is empowered to impose fines of up to $10,000 for non-compliance with these requirements.

Furthermore, the bill requires electric public utilities to report to the federal Department of Energy any anticipated rate increases that would result in an average increase of five percent or more in ratepayer bills, at least 60 days prior to the effective date. This report must include similar details as those required for public communication. The bill also stipulates that utilities must provide annual reports on service interruptions and overdue bills. Importantly, it prohibits disconnection of service or late fees for affected ratepayers for six months following a significant rate increase.