This bill mandates that the Board of Public Utilities (BPU) must consider the affordability of electric utility rates to ratepayers when determining whether to approve any proposed increases, changes, or alterations to existing rates. Specifically, it amends the criteria used by the BPU in evaluating the justness and reasonableness of rate adjustments, which currently focus on factors such as the utility's property valuation, expenses, and rate of return. The new requirement emphasizes the importance of ratepayer affordability as a critical consideration in the decision-making process.

The bill is set to take effect immediately upon enactment and will apply to all petitions submitted to the BPU regarding electric utility rates from that date forward. This change aims to ensure that the financial impact on consumers is taken into account alongside traditional regulatory considerations, thereby promoting a more balanced approach to utility rate approvals.