This bill mandates that any material changes to third-party energy supply contracts, which include alterations to terms, duration, or pricing, require the express consent of the residential customer. The definition of a material change encompasses changes in price and shifts between fixed or variable pricing. The bill specifies that this requirement applies to contracts for electric generation or gas supply services entered into or renewed after the bill's effective date.

To ensure compliance, the bill stipulates that the consent from the customer must be documented in a verifiable format by the electric power supplier or gas supplier. Additionally, the Board of Public Utilities is tasked with adopting necessary rules and regulations to implement this requirement, following the Administrative Procedure Act. The act is set to take effect immediately and will only apply to contracts established or renewed post-enactment.