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, enhancing capacity for distributed energy resources, and improving resilience against climate-related hazards. Each plan must provide cost estimates and timelines for implementation, and the Board of Public Utilities (BPU) is responsible for reviewing these plans within 240 days, with the authority to approve, conditionally approve, or disapprove them. If approved, utilities must begin implementation within 90 days.

Furthermore, the bill establishes a grant program to assist electric public utilities in providing financial relief to ratepayers who experience rate increases due to the Grid Modernization Plans. A new fund, the Grid Modernization Ratepayer Relief Fund, will be created to support this initiative, funded through various sources including legislative appropriations and societal benefits charges. The legislation also amends existing laws to ensure that funding for demand-side management programs includes provisions for ratepayer relief grants associated with modernization efforts, ultimately aiming to enhance the reliability and efficiency of New Jersey's electric distribution system while mitigating financial impacts on consumers.

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