Prohibits collecting of certain costs associated with offshore wind projects from ratepayers.

This bill prohibits New Jersey ratepayers from being charged upfront for subsidies related to offshore wind projects. It specifically bans electric utilities from collecting OREC surcharges or other fees meant to recover these costs before the projects generate revenue. Currently, utilities collect these surcharges from customers in advance and later refund them based on revenue from selling offshore wind renewable energy certificates (ORECs). The bill would require that subsidies be funded only after offshore wind projects generate electricity and revenue, shifting financial risk from ratepayers to project developers. This directly affects all residential and commercial electricity customers in New Jersey who pay utility bills.