Requires electric public utilities to implement flood mitigation plans for certain electric distribution substations; prohibits rate increase pending implementation of flood mitigation plans.

This bill requires New Jersey electric utilities with substations that previously caused widespread power outages (affecting at least 5% of customers in a municipality or county for 24+ hours) to create flood mitigation plans. Within 120 days of the Board of Public Utilities (BPU) setting flood-proof design rules, utilities must submit these plans. The BPU then reviews them within 180 days and orders implementation within one year. Crucially, the BPU cannot approve any rate increase for these utilities until the flood mitigation work is completed.