This bill mandates the New Jersey Division of the Rate Counsel to engage a third party to conduct a study on the feasibility and cost savings associated with the de-privatization of electric and gas public utilities in the state. The study will explore various options for de-privatization, including the acquisition or operation of these utilities by public entities and joint ownership arrangements. The third party will have the authority to request information from relevant utilities and public entities to facilitate the study, which will assess the short- and long-term challenges and benefits of each option, including environmental impacts, service quality, and costs to ratepayers.

Additionally, the bill appropriates $100,000 from the General Fund to support the study's implementation. Within one year of the bill's effective date, the Division of the Rate Counsel is required to submit a report to the Governor and the Legislature detailing the study's findings and recommendations regarding the feasibility, need, and potential cost savings of de-privatizing electric and gas public utilities. This initiative aims to address rising utility costs and promote fair pricing for New Jersey residents, ensuring that essential services remain accessible and affordable amidst economic challenges.