Modifies rate-regulation over municipal electric utilities.

This bill (S 414) modifies New Jersey's rate regulation for municipal electric utilities. It limits the Board of Public Utilities' (BPU) oversight to municipal utilities serving more than 10,000 customers outside their city limits. If a municipality charges the same rates to all customers (inside and outside the city), it is exempt from BPU rate regulation, though it must approve rate increases via local ordinance. The bill also clarifies that utilities still pay BPU assessments and that surplus revenue may be transferred to local budgets under existing rules.