The Public Utility Regulatory Reform Act proposes significant changes to the electric and gas public utility industries in New Jersey. It permits electric public utilities to own and operate electric generation facilities, a shift from previous restrictions under the Electric Discount and Energy Competition Act (EDECA). Utilities that opt for ownership must submit updated tariff schedules for approval by the New Jersey Board of Public Utilities (BPU), which will eliminate the option for customers to choose retail electric suppliers. Similarly, gas public utilities may also discontinue retail choice for residential customers, requiring them to file updated tariffs with the BPU as well.

Additionally, the bill establishes a detailed process for electric public utilities to obtain certificates for constructing new facilities, which includes public hearings and assessments by the BPU to evaluate the necessity of proposed projects. The BPU will consider projected electricity needs and the availability of more efficient alternatives. The legislation also outlines procedures for investigating accidents at electric facilities, ensuring that utilities can only recover costs from ratepayers if they are not found at fault. Overall, the bill aims to enhance regulatory oversight while balancing the interests of consumers and utility companies.