The resolution directs the New Jersey Board of Public Utilities (BPU) to investigate the Reliability Pricing Model of PJM Interconnection, L.L.C. (PJM), which is responsible for managing electricity distribution in New Jersey and surrounding areas. The investigation aims to assess whether the model effectively ensures resource adequacy at the lowest possible cost, as rising capacity prices in PJM's auctions have contributed to increased electricity bills for consumers. The BPU is tasked with reporting its findings to the Governor and Legislature within 12 months. Additionally, the resolution emphasizes the need for New Jersey to collaborate with neighboring states to promote affordable energy practices and advocate for necessary market reforms within PJM.

The resolution highlights concerns regarding the impact of rising energy costs on low-income families and the delays in PJM's interconnection queue, which hinder the timely operationalization of new electric generation resources. These delays prevent new resources from competing in capacity market auctions, further exacerbating the issue of rising prices. The BPU has been actively working to incentivize new generation sources and protect ratepayers from price increases, while also coordinating with other states to push for reforms. The resolution underscores the importance of ensuring that energy practices are equitable and aligned with the principles of affordability and transparency as outlined in New Jersey's Electric Discount and Energy Competition Act.