This bill mandates that electric transmission owners in New Jersey must join and transfer control of their electric transmission facilities to one or more approved transmission entities. Specifically, no transmission owner can own or control an electric transmission facility in the state unless they are a member of a transmission entity that meets several criteria, including being approved by the Federal Energy Regulatory Commission, separating control of transmission and generation facilities, and implementing policies to minimize rate pancaking. The bill outlines a comprehensive set of specifications that these transmission entities must adhere to, ensuring improved service reliability, competitive market conditions, and independent governance.

Additionally, the bill empowers the Board of Public Utilities to adopt necessary rules and regulations for its implementation. The act is set to take effect immediately upon passage, reinforcing the state's commitment to enhancing the efficiency and reliability of its electric transmission system while promoting a competitive marketplace for electricity.