This bill proposes 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 the specified five-year period.

The legislation aims to provide financial relief to New Jersey residents amid rising living costs and anticipated utility rate increases, which could raise electricity bills by approximately 17 to 20 percent starting in June 2025. By implementing this reset, the bill seeks to protect consumers from excessive rate hikes, promote fairness in utility pricing, and ensure that essential services remain affordable. The overarching goal is to alleviate economic pressures on households and businesses while maintaining regulatory oversight to align utility rates with consumer needs.