This bill proposes the abolition of the New Jersey Board of Public Utilities (BPU) and the transfer of all its functions, powers, and duties to the New Jersey Department of the Treasury. The transition will be executed in accordance with the State Agency Transfer Act, ensuring that all records, equipment, personal property, appropriations, and unexpended funds associated with the BPU are also transferred to the Department. The bill is set to take effect six months after its enactment.

The motivation behind this legislation stems from the rising electricity rates in New Jersey, which have raised concerns about affordability for ratepayers. By consolidating the responsibilities of the BPU within the Department of the Treasury, the sponsor aims to prompt a reassessment of the state's energy policies, with a focus on enhancing energy affordability and reliability for consumers.