This bill mandates that all unexpended, unencumbered, or unobligated funds received by the State from a settlement agreement with Orsted, related to canceled offshore wind projects, be appropriated to the New Jersey Board of Public Utilities (BPU). The BPU is then required to utilize these funds to provide relief to electric public utility customers. The bill emphasizes that this appropriation is to occur regardless of any existing laws, rules, regulations, orders, or agreements that may suggest otherwise.

Additionally, the BPU is tasked with adopting rules and regulations to implement this provision, which will include establishing a timeline and the specific form and manner in which the ratepayer relief will be administered. The act is set to take effect immediately upon passage.