New Jersey A2763 authorizes Rate Counsel to deny public utility rate increases if inflation exceeds 2% in any of the four preceding quarters.

New Jersey A2763 amends the law to authorize the Division of Rate Counsel to deny public utility rate increases if the all-items index, as determined by the United States Bureau of Labor Statistics, was greater than two percent in any of the four quarters before the utility filed its petition. The bill defines "all-items index" as the rate of inflation for all items in the Consumer Price Index reports. This act takes effect immediately.

New Jersey A2763 authorizes Rate Counsel to deny public utility rate increases if inflation exceeds 2% in any of the four preceding quarters.

New Jersey A2763 amends the law to authorize the Division of Rate Counsel to deny public utility rate increases if the all-items index, as determined by the United States Bureau of Labor Statistics, was greater than two percent in any of the four quarters before the utility filed its petition. The bill defines "all-items index" as the rate of inflation for all items in the Consumer Price Index reports. This act takes effect immediately.