Requires electric transmission owners to join transmission entities.

This bill requires electric transmission facility owners in New Jersey (including utility companies) to join FERC-approved transmission entities and transfer control of their facilities to them. Transmission entities must meet specific standards, including separating transmission control from power generation, minimizing duplicate transmission charges ("rate pancaking"), ensuring fair grid access, and maintaining system reliability. The law applies immediately to all transmission owners operating in the state and mandates compliance through membership in entities meeting all nine specified operational criteria. It directly affects utility companies managing New Jersey's electricity transmission infrastructure.