The New Jersey Natural Gas Modernization Act aims to address the state's energy affordability crisis and enhance the reliability of its electricity supply. The bill mandates the Department of Environmental Protection (DEP) to streamline the permitting process for natural gas infrastructure projects, ensuring timely issuance of permits while maintaining environmental standards. It establishes specific timelines for the DEP to assess applications, hold public hearings, and finalize agency actions. The act also defines "qualifying projects," which include modifications to existing natural gas facilities and the installation of new equipment, and requires these projects to achieve a CO2 emissions intensity of less than 1,000 pounds per megawatt-hour.

Additionally, the bill allows qualifying projects to temporarily operate outside of permit-specified limits during declared reliability events, provided they report emissions data to the DEP. It also restricts legal actions against the DEP regarding permit issuance unless specific criteria are met, including the submission of substantive public comments. Overall, the act seeks to modernize New Jersey's natural gas infrastructure, improve energy efficiency, and support the integration of renewable energy resources while protecting consumers from price volatility.