This bill mandates that electric public utilities must submit a transmission project proposal to the Board of Public Utilities (BPU) for approval before initiating any transmission project. The proposal must include an assessment of the project's potential environmental and safety impacts, a detailed documentation of associated costs, an evaluation of whether the project addresses a demonstrated need through public benefits, and identification of any alternative project ideas that could fulfill the same need at a lower cost. The BPU is required to review the proposal within 90 days and can approve it if deemed reasonable, in the public interest, and cost-effective.

The bill aims to enhance oversight of transmission projects by ensuring that electric public utilities receive necessary approvals from the BPU before proceeding. This requirement is intended to promote cost efficiency and ensure that projects are justified based on their necessity and benefits, as highlighted by the testimony of the Director of the Division of Rate Counsel during a legislative committee meeting. The bill also empowers the BPU to establish rules and regulations for the implementation of these requirements.