NJ S4289

Board of Public Utilities must approve incentive awards for at least 1,000 MW AC of transmission-scale energy storage capacity by June 30, 2026, with at least 350 MW AC approved by December 31, 2025

Eligible projects must have installed capacity of at least 5 MW AC, be interconnected with PJM Transmission Network in New Jersey, and have anticipated commercial operations by December 31, 2030

Creates 15-year incentive award payments funded through a new "Energy Storage Fund" receiving minimum $60,000,000 annually from the societal benefits charge and other sources including federal funding

Developers must provide pre-development security up to $100,000 per megawatt (maximum $10,000,000) and meet performance requirements including minimum availability hours for dispatch

After meeting initial 1,000 MW AC goal, BPU must evaluate program impacts on ratepayers and progress toward state energy storage targets before determining whether to extend procurement through subsequent tranches