This bill mandates that all unexpended, unencumbered, or unobligated funds received by the State from the settlement agreement with Orsted, related to canceled offshore wind projects, be appropriated to the New Jersey Board of Public Utilities (BPU). The BPU is tasked with utilizing these funds to provide ratepayer relief to customers of electric public utilities. The bill emphasizes that this appropriation is to occur notwithstanding any existing laws, rules, regulations, orders, or agreements that may contradict this requirement.

Additionally, the BPU is required to establish rules and regulations to implement the provisions of this bill, which will include setting a timeline and determining the form and manner in which the ratepayer relief will be administered. The act is set to take effect immediately upon passage.