Requires electric public utilities to develop and implement grid modernization plans; appropriates $300 million.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires New Jersey’s electric public utilities to create and implement grid modernization plans. It appropriates $300 million to the Board of Public Utilities (BPU) to provide grants to utilities to offset rate increases resulting from these modernization efforts. The plans must address projects like integrating energy storage, increasing system capacity, preparing for climate change impacts, and improving power outage resilience. The bill also defines key terms related to grid modernization and establishes a fund for ratepayer relief.
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