Sponsored by:
Assemblywoman VERLINA REYNOLDS-JACKSON
District 15 (Hunterdon and Mercer)
Assemblywoman SHANIQUE SPEIGHT
District 29 (Essex and Hudson)
Assemblywoman GARNET R. HALL
District 28 (Essex and Union)
SYNOPSIS
Prohibits electric generation service and gas supply service rates from exceeding basic generation service and basic gas supply service rates.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning electric generation service and gas supply service rates and supplementing P.L.1999, c.23 (C.48:3-49 et al.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding any law, rule, regulation, or order to the contrary, an electric power supplier or gas supplier shall charge residential customers for electric generation service or gas supply service at a rate equal to or less than the price of basic generation service pursuant to section 9 of P.L.1999, c.23 (C.48:3-57) or basic gas supply service pursuant to section 10 of P.L.1999, c.23 (C.48:3-58).
2. This act shall take effect on the first day of the third month next following the date of enactment.
STATEMENT
This bill requires electric power suppliers and gas suppliers to charge residential customers no more than the price of basic generation service or basic gas supply service.
The Board of Public Utilities (board) approved an increase in electricity rates, which will become effective in June 2025. According to the board, this increase will raise electricity bills by approximately 17 to 20 percent, depending on a ratepayer’s electric public utility. Electricity and gas are not luxuries; they are essential services powering homes, schools, medical devices, and transportation. As the cost of living continues to rise and many wages stagnate, New Jersey residents need protection from utility rate increases, which exacerbate the effects of inflation on consumers.
This bill aims to safeguard ratepayers by implementing regulatory measures that promote fairness and transparency in pricing. It is the sponsor’s intent to prevent excessive rate hikes and unfair or deceptive practices by electric power suppliers and gas suppliers by capping rates charged to residential consumers at the price of basic generation service. This measure is intended to address economic hardships and promote fair electric generation service and gas supply service pricing. New Jersey families, individuals, and businesses deserve reliable, affordable energy without facing undue financial strain.