This bill requires electric public utilities in New Jersey to create and implement Grid Modernization Plans within one year of the act's effective date. These plans are designed to modernize the electric distribution system and may include projects such as integrating energy storage systems and enhancing capacity for distributed energy resources. Each plan must provide cost estimates and timelines for implementation, and the Board of Public Utilities (BPU) is responsible for reviewing and approving these plans within 240 days of submission. Once approved, utilities must begin implementation within 90 days.

Furthermore, the bill establishes a grant program to offer financial relief to ratepayers who experience rate increases due to the modernization efforts. The BPU will develop criteria for prioritizing grant awards, particularly favoring projects that receive federal funding. A new fund, the Grid Modernization Ratepayer Relief Fund, will be created to support this program, with funding sourced from legislative appropriations and societal benefits charges. The bill also amends existing laws to ensure that funding for demand-side management programs includes provisions for these ratepayer relief grants, thereby enhancing support for those affected by the modernization initiatives.

Statutes affected:
Introduced: 48:3-60, 26:2C-51