This bill addresses the procedures for setting rates for electric and gas public utilities in New Jersey. It specifically prohibits the New Jersey Board of Public Utilities from approving any rate increases that utilize an income-graduated methodology for fixed or volumetric charges. This means that utilities cannot implement a pricing structure where lower-income customers pay less than higher-income customers for their utility services.

Additionally, the bill mandates that the Board conduct an economic impact study to assess how proposed rate increases would affect ratepayers before any such increases can be approved. This study must evaluate the impact of the proposed rates under each schedule, ensuring that the financial implications for consumers are thoroughly considered. The Board is also required to adopt necessary rules and regulations to implement these provisions.