This bill establishes a restriction on the Board of Public Utilities (BPU) regarding the approval of rate increases for electric and gas public utilities. Specifically, it prohibits the BPU from approving any rate increases that would lead to a total increase in the average residential customer bill exceeding two percent annually. This measure aims to protect consumers from significant increases in their utility costs.

The bill is set to take effect immediately upon enactment, ensuring that the new regulations are implemented without delay. By limiting the rate increases, the legislation seeks to provide financial relief to residential customers and maintain affordability in utility services.