This bill aims to reset electric and gas public utility rates in New Jersey to levels that were in effect during the calendar year 2020 for a duration of five years. It mandates that any electric or gas public utility operating in the state must submit an updated schedule of rates to the New Jersey Board of Public Utilities (the Board) for approval, ensuring that these rates are equal to or less than those from 2020. The Board is required to approve the submitted rates within 30 days, and once approved, these rates will remain in effect for five years.

The legislation is a response to rising utility costs, particularly in light of an anticipated increase in electricity rates set to take effect in June 2025, which could raise bills by approximately 17 to 20 percent. The bill seeks to provide financial relief to New Jersey residents by preventing excessive rate hikes and ensuring that essential energy services remain affordable. It emphasizes the need for regulatory oversight to promote fairness and transparency in utility pricing, ultimately aiming to alleviate economic pressures on households and businesses in the state.