This bill establishes a requirement that the Board of Public Utilities (BPU) must conduct a full rate review before approving any requests from electric public utilities to increase rates charged to ratepayers. The legislation aims to ensure transparency and thorough evaluation of rate increases, thereby protecting consumers from potential unjustified hikes in their electric bills.

The bill defines "electric public utility" as a public utility that transmits and distributes electricity to end users within New Jersey, as outlined in existing law. The act is set to take effect immediately upon passage, reinforcing the BPU's obligation to scrutinize rate increase requests comprehensively.