Requires BPU to determine and consider lowest reasonable return on equity before approving electric, gas, and water public utility base rate cases.

This bill requires New Jersey's Board of Public Utilities (BPU) to determine and consider the lowest reasonable rate of return on a utility's investment when approving rate increases for electric, gas, and water utilities. The BPU must develop or adopt an analytic model based on state, federal, and industry standards to identify this lowest rate. The bill affects all electric, gas, and water public utilities in New Jersey and their customers by changing how rate cases are evaluated. It mandates that the lowest reasonable return be a key factor in determining if rate increases are fair, without setting a specific rate or guaranteeing outcomes.