NJ S724

Electric public utilities in New Jersey would be prohibited from increasing rates for eligible households by more than the Consumer Price Index all-items inflation rate from the previous calendar year.

Low-income households are defined as those earning at or below 200% of the federal poverty level; middle-income households are defined as those earning at or below 400% of the federal poverty level.

Electric utilities that violate the rate cap would face fines and other penalties determined by the Board of Public Utilities.

Utilities must submit annual reports to the Board of Public Utilities detailing the number of eligible households benefiting, financial impact on the utility, and recommendations for program adjustments.

The Board of Public Utilities must submit annual summary reports to the Legislature and adopt implementing rules and regulations.