Bill > S4260

This bill establishes a new regulatory framework for electric public utilities in New Jersey, requiring them to review and redistribute excess profits back to customers. Under the bill, utilities must conduct an annual review of their revenues compared to their approved total revenue requirement, with any profits exceeding that requirement by more than 0.5% being subject to redistribution. The redistribution is tiered: for profits up to 1% above the requirement, 50% will be refunded to customers; for profits between 1-2%, 75% will be refunded; and for profits over 2%, 100% will be refunded. These refunds will be distributed through bill credits, direct payments to customers with unpaid balances, and payments to customers enrolled in utility assistance programs. The Board of Public Utilities will oversee this process and has the authority to modify the redistribution requirements. Utilities that fail to comply or misrepresent their financial information can be fined up to 5% of their total revenue requirement, with these penalties allocated to supplement utility assistance programs. Before approving any future rate increases, the board must confirm that the utility has complied with these new excess profit redistribution rules.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S4260