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 also requires the BPU to establish rules and regulations for the administration of this relief, including a timeline and the specific form and manner in which the relief will be distributed.

The legislation emphasizes the importance of ensuring that funds from the Orsted settlement are directed towards benefiting electric utility customers, thereby promoting financial relief in the energy sector. The BPU will be responsible for the implementation of these provisions, which will be developed through the rulemaking process as outlined in the Administrative Procedure Act. The act is set to take effect immediately upon passage.