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 the BPU must establish rules and regulations to implement this provision, including a timeline and the specific form and manner of administering the ratepayer relief.

The legislation aims to ensure that funds from the Orsted settlement are directed towards alleviating costs for electric utility customers, thereby promoting financial relief in the energy sector. The BPU will be responsible for the rulemaking process to effectively manage the distribution of these funds, ensuring that the relief reaches the intended recipients in a timely manner. The act is set to take effect immediately upon passage.