Resets electric and gas public utility rates to 2020 levels for a five-year period.

This bill mandates that electric and gas public utilities in New Jersey reset their rates to 2020 levels for a five-year period. It requires these utilities to submit an updated rate schedule to the Board of Public Utilities for approval, ensuring the rates do not exceed those of 2020. The board must approve the updated schedule within 30 days of receipt, after which the new rates will remain in effect for five years. This measure aims to provide financial relief to households and prevent excessive rate hikes, ensuring affordable and accessible energy services.

Resets electric and gas public utility rates to 2020 levels for a five-year period.

This bill mandates that electric and gas public utilities in New Jersey reset their rates to 2020 levels for a five-year period. It requires these utilities to submit an updated rate schedule to the Board of Public Utilities for approval, ensuring the rates do not exceed those of 2020. The board must approve the updated schedule within 30 days of receipt, after which the new rates will remain in effect for five years. This measure aims to provide financial relief to households and prevent excessive rate hikes, ensuring affordable and accessible energy services.