This bill mandates that electric public utilities must submit a transmission project proposal to the Board of Public Utilities (BPU) for approval before initiating any transmission project. The proposal must include an assessment of the project's potential environmental and public safety impacts, a detailed documentation of associated costs, an evaluation of whether the project meets a demonstrated need through public benefits, and identification of any alternative project ideas that could fulfill the same need at a lower cost. The BPU is required to review the proposal within 90 days and determine if it is reasonable, in the public interest, and cost-effective, ultimately approving it if these criteria are met.

The bill aims to enhance oversight of transmission projects by ensuring that electric public utilities receive necessary approvals from the BPU, thereby potentially reducing costs and ensuring that projects are justified and beneficial to the public. The definition of a transmission project is specified as either the construction of a new transmission line or the modification of an existing one. The bill also requires the BPU to establish rules and regulations for implementing these requirements, ensuring a structured review process for future transmission projects.