This bill mandates the Board of Public Utilities (BPU) to create a distributed capacity program aimed at facilitating the development of 500 megawatts of battery storage capacity by electric public utilities in New Jersey by the year 2030. The program's objectives include enhancing grid stability, reducing interconnection timeframes, and lowering system costs. The BPU is tasked with establishing minimum requirements for the program, which will cover aspects such as the amount of storage capacity each utility must develop, the specifications for participating storage resources, and provisions to ensure benefits for low- and moderate-income customers and those in overburdened communities.

Additionally, electric public utilities are required to submit an implementation and reporting plan to the BPU, detailing their approach to the program and the use of battery storage. They must also provide annual reports to demonstrate compliance with the established requirements. If a utility fails to meet the program metrics, the BPU has the authority to disallow cost recovery, unless the failure is due to uncontrollable factors. The bill emphasizes the importance of leveraging available funding sources to minimize costs for New Jersey ratepayers and aims to ensure that the program results in cost savings while promoting equitable access to the benefits of battery storage.