The Power NJ Act establishes a procurement program for advanced nuclear energy facilities in New Jersey, aimed at promoting the construction of such projects to meet the state's growing electricity demands and support its economic and environmental goals. The legislation emphasizes the benefits of advanced nuclear energy, including its reliability, carbon-free nature, and potential for job creation. The New Jersey Board of Public Utilities (BPU) is tasked with issuing a request for expressions of interest within 180 days of the act's enactment, allowing interested entities 60 days to submit proposals that include technical details and a licensing pathway. The BPU will evaluate these submissions and can grant provisional qualification to projects that demonstrate a net benefit to ratepayers and contribute to energy reliability.

Additionally, the act introduces a Reliable Capacity Certificate (RCC) program, requiring electric power suppliers to purchase RCCs to support advanced nuclear projects, with revenues from these projects benefiting New Jersey ratepayers. The BPU is authorized to issue final orders for approved projects, ensuring they meet financial integrity and capital access conditions. The act also allows the BPU to adopt immediate rules and regulations for implementation, which will remain effective for 18 months before requiring reapproval. Overall, the Power NJ Act aims to align the development of nuclear energy projects with New Jersey's clean energy objectives while safeguarding the interests of ratepayers and the environment.