This bill mandates that the Board of Public Utilities (BPU) must seek legislative approval before initiating any plan, program, or project that exceeds $1 million in cost and is not already included in the BPU's approved annual budget. The BPU is required to provide the Legislature with a detailed written explanation of the proposed initiative, which must include an outline, cost estimate, objectives, expected outcomes, and justification for the additional funding. The Legislature must then adopt a concurrent resolution to either approve or disapprove the funding. If the Legislature does not approve the proposal by the end of the fiscal year, the project will be deemed disapproved and cannot be implemented.

Additionally, the bill specifies that the requirement for legislative approval does not apply to emergency plans, programs, or projects that are implemented in response to federally-declared emergencies. In such cases, the BPU is obligated to report these emergency initiatives to the Legislature within 30 days of their implementation. This legislation aims to enhance oversight and accountability regarding significant expenditures by the BPU.