Prohibits BPU approval of electric and gas public utility rate increases resulting in total increase to average residential customer bill in excess of two percent annually.

This bill (A5446) prohibits New Jersey's Board of Public Utilities (BPU) from approving electric or gas utility rate increases that would raise the average residential customer's annual bill by more than 2%. It directly affects residential utility customers across New Jersey by capping annual rate hikes. The key mechanism requires the BPU to reject any proposed rate increase projected to exceed this 2% annual limit on average residential bills. The bill takes immediate effect upon enactment.