NJ A4491

Requires the Board of Public Utilities (BPU) to issue a request for expressions of interest within 270 days of enactment for construction of natural gas power plants generating at least 1,100 megawatts of electric power in New Jersey.

Establishes a two-phase approval process where projects receive provisional qualification status before entering negotiations with the BPU on pricing, funding, and risk-sharing terms, with final approval contingent on meeting energy reliability and ratepayer cost reasonableness standards.

Creates a Natural Gas Development Charge (NGDC), a non-bypassable charge on all electric utility customers, to fund up to 5% of verified construction costs for qualified projects, with funds deposited into a new Natural Gas Power Plant Development Fund.

Establishes a Natural Gas Energy Certificate (NGEC) program requiring electric power suppliers and basic generation service providers to purchase certificates representing energy from qualified projects, with revenues from wholesale market sales returned to ratepayers as specified in project agreements.

Limits ratepayer exposure by requiring cost-sharing structures for construction overruns up to 20% above estimates, with project entities bearing costs of non-performance and reimbursing ratepayers if electricity is later sold to co-located users via direct purchase agreements.