Bill > A5686

This bill authorizes the Division of the Rate Counsel to deny a public utility's request for a rate increase under specific circumstances. Specifically, the bill allows the Rate Counsel to reject a rate increase petition if the all-items Consumer Price Index (CPI) - which is an official measure of inflation published by the U.S. Bureau of Labor Statistics - was greater than 2% in any of the four quarters prior to the utility filing its rate increase request. The bill defines a "public utility" according to existing state law and provides the Rate Counsel with expanded authority to protect public interests by denying rate increases when inflation has been relatively high. This new power is an extension of the Rate Counsel's existing jurisdiction to investigate, research, and represent consumer interests in utility and insurance rate proceedings. The legislation aims to provide additional consumer protection by preventing rate increases during periods of significant inflation, potentially helping to mitigate economic pressures on utility customers. The bill would take effect immediately upon enactment.

Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/A5686