Sponsored by:
Assemblywoman SHANIQUE SPEIGHT
District 29 (Essex and Hudson)
SYNOPSIS
Resets electric and gas public utility rates to 2020 levels for five-year period.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain public utility rates and supplementing Title 48 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. As used in this section:
“Board” means the New Jersey Board of Public Utilities or a successor agency.
“Electric public utility” means a public utility, as that term is defined pursuant to R.S.48:2-13, that transmits and distributes electricity to end users within the State.
“Gas public utility” means a public utility, as that term is defined pursuant to R.S.48:2-13, that distributes gas to end users within the State.
b. Notwithstanding any law, rule, regulation, or order to the contrary, an electric public utility or gas public utility that does business in this State shall file with the board an updated schedule of rates for approval, which schedule shall reflect utility rates equal to or less than the electric public utility’s or gas public utility’s rates at any point during the calendar year 2020.
c. The board shall approve an updated schedule of rates within 30 days of its receipt of the schedule. Upon the board’s approval pursuant to this subsection, an updated schedule of rates shall remain in effect for a period of five years.
2. This act shall take effect on the first day of the fourth month next following the date of enactment.
STATEMENT
This bill resets electric public utility and gas public utility rates to 2020 levels for a five-year period. Specifically, the bill requires an electric public utility or gas public utility that does business in the State to file with the Board of Public Utilities (board) an updated schedule of rates for approval, which schedule is to reflect utility rates equal to or less than the electric public utility’s or gas public utility’s rates at any point during the calendar year 2020. The bill then requires the board to approve an updated schedule of rates within 30 days of its receipt of the updated schedule. Upon the board’s approval, an updated schedule of rates is to remain in effect for a period of five years.
In June 2025, the board approved an increase in electricity rates, that, according to the board, raised 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. The bill is designed to prevent excessive rate hikes and ensure that essential energy services remain affordable and accessible. By temporarily resetting electric public utility and gas public utility rates, the bill seeks to: (1) provide financial relief for households experiencing rising expenses; (2) prevent unwarranted profit inflation by electric public utilities and gas public utilities; and (3) establish regulatory oversight to ensure fair rate adjustments that align with consumer needs. This measure is a crucial step in addressing economic hardships and promoting fair electric public utility and gas public utility pricing. New Jersey families, individuals, and businesses deserve reliable, affordable energy without facing undue financial strain.