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NJ S4372
NJ S4372Prohibits BPU approval of electric or gas public utility rate increase resulting in total increase to average residential customer bill in excess of two percent within five-year period.
summary
Introduced
05/12/2025
05/12/2025
In Committee
05/12/2025
05/12/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill prohibits the Board of Public Utilities from approving electric or gas public utility rate increases that are projected to result in a total increase to an average residential customer bill in excess of two percent during any five-year period.
AI Summary
This bill aims to limit the rate increases that electric and gas public utilities can impose on residential customers in New Jersey. Specifically, the bill prohibits the Board of Public Utilities (BPU), which is the state agency responsible for regulating utility services, from approving rate increases that would result in a total increase to an average residential customer's bill of more than two percent over any five-year period. This means that utility companies would be restricted from raising rates in a way that would significantly burden residential customers, potentially helping to keep utility costs more stable and predictable for homeowners. The bill would take effect immediately upon enactment, providing immediate protection for utility customers against substantial rate hikes.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee (on 05/12/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S4372 |
| BillText | https://pub.njleg.gov/Bills/2024/S4500/4372_I1.HTM |
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