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 approval by the Federal Energy Regulatory Commission, separation of control between transmission and generation facilities, and policies aimed at minimizing rate pancaking. The bill outlines additional specifications for these transmission entities, such as improving service reliability, promoting a competitive electric generation marketplace, and ensuring independent governance.

The Board of Public Utilities is authorized to adopt necessary rules and regulations for the implementation of this bill. The act is set to take effect immediately upon passage. Overall, the legislation aims to enhance the efficiency and reliability of electric transmission in New Jersey while fostering a more competitive energy market.