Resets electric and gas public utility rates to 2020 levels for five-year period.

A4719

ASSEMBLY, No. 4719

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MARCH 16, 2026

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.