NJ A4507

Board of Public Utilities (BPU) must discontinue the Infrastructure Investment Program (IIP) and stop accepting new IIP petitions immediately upon enactment

Pending IIP petitions cannot be approved without conducting a full rate review for the public utility involved

Public utilities with pending IIP petitions must either include their investment proposals in their next base rate case or provide all information necessary for a full rate review within 90 days of a board order

Failure to provide required information within the 90-day deadline (or any board-authorized extension) results in the petition being deemed retracted and ineligible for consideration outside the base rate case

The bill responds to Rate Counsel testimony that IIP creates greater expenses for ratepayers by allowing utilities to earn accelerated returns on capital investments without examining the utility's overall financial health