This bill amends the authority of the Division of Rate Counsel within the New Jersey Department of the Treasury, granting it the power to deny certain public utility rate increases. Specifically, the Division can deny a public utility's petition to increase rates if the all-items index, which reflects the rate of inflation as reported by the United States Bureau of Labor Statistics, exceeds two percent in any of the four quarters prior to the filing of the petition. This new provision aims to protect consumers from potentially excessive rate increases during periods of significant inflation.

Additionally, the bill enhances the Division's existing responsibilities by allowing it to deny rate increases as part of its jurisdiction over public utilities. The Division retains its authority to conduct investigations, initiate studies, and represent the public interest in regulatory proceedings. The changes are intended to ensure that rate increases are justified and do not place an undue financial burden on consumers, particularly in times of rising inflation. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:27EE-48