Bill > S258

This bill requires electric public utilities to develop and implement "Grid Modernization Plans" to upgrade their distribution systems, with the goal of improving reliability, integrating renewable energy sources, and preparing for climate change impacts. The "Board" refers to the Board of Public Utilities, which will review and approve these plans. A "distributed energy resource" is defined as any power source or controllable load connected to the utility's distribution network. Utilities must submit their plans within one year of the bill's enactment, and the Board has 240 days to approve or reject them. If approved, utilities must begin implementing their plans within 90 days and are entitled to recover their costs. The bill also establishes a "Grid Modernization Ratepayer Relief Fund" and appropriates $300 million to provide grants to utilities to help offset potential rate increases for customers resulting from these modernization efforts. Additionally, the bill amends existing laws to allow funds from the societal benefits charge and the Regional Greenhouse Gas Initiative to be used for ratepayer relief grants related to grid modernization.

Agriculture and Natural Resources, Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S258