NJ S4414

Requires the Board of Public Utilities (BPU) to establish best practices for electric utilities based on national, state, and industry standards covering electric generation, transmission, operations and maintenance, emergency preparedness, vegetation maintenance, consumer education, business management, and affordability

Mandates BPU to create objective benchmarks to measure utility compliance with best practices and define what constitutes "adequate progress" toward meeting those benchmarks

Prohibits BPU from approving any electric rate increase for utilities that fail to demonstrate adequate progress toward meeting the established benchmarks at the time of their base rate case filing

Requires BPU to assess utility compliance with best practices during rate increase reviews, including comparing performance against other New Jersey utilities

If a rate increase is denied for insufficient progress, BPU must provide the utility with a compliance assessment and remedial action steps to achieve adequate progress