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 a projected increase in electricity rates set to take effect in June 2025, which could raise bills by approximately 17 to 20 percent. The bill emphasizes the necessity of electricity and gas as essential services and seeks to protect consumers from excessive rate hikes that could worsen the financial burden on households amid rising living costs. By implementing this reset, the bill aims to provide financial relief, prevent unwarranted profit inflation by utilities, and ensure that rate adjustments are fair and transparent, ultimately promoting affordable energy access for New Jersey residents.