This bill establishes a restriction on the Board of Public Utilities (BPU) regarding the approval of rate increases for electric and gas public utilities. Specifically, it prohibits the BPU from approving any rate increases that would lead to a total increase in the average residential customer bill exceeding two percent within a five-year period.

The legislation aims to protect consumers from significant increases in utility costs, ensuring that any adjustments to rates remain manageable for average households. The bill is set to take effect immediately upon enactment.