This bill establishes a natural gas power plant procurement program under the New Jersey Board of Public Utilities (BPU) with the goal of generating at least 1,100 megawatts of electric power through newly constructed natural gas power plants. It defines key terms such as "qualified project," which refers to BPU-approved natural gas power plants, and "allowable cost increase," which pertains to construction costs exceeding the verified total estimate. The BPU will issue a request for expressions of interest from entities wishing to construct these plants, evaluating proposals based on their potential impact on energy reliability and costs to ratepayers.

To support the financial aspects of these projects, the bill introduces a non-bypassable charge called the natural gas development charge (NGDC), applicable to all electric utility customers. The funds collected through the NGDC will be allocated to the newly established Natural Gas Power Plant Development Fund, which will help cover construction costs and any allowable cost increases for qualified projects. Additionally, the bill mandates the establishment of a natural gas energy certificate (NGEC) program, requiring electric power suppliers to source a percentage of their energy from qualified projects, ensuring that revenues from energy sales benefit New Jersey ratepayers.

Statutes affected:
Introduced: 48:3-60