Requires BPU to procure and incentivize transmission-scale energy storage.

This New Jersey bill requires the Board of Public Utilities to create a program that procures and provides financial incentives for transmission-scale energy storage systems (those with at least 5 MW capacity) with a minimum total capacity of 500 MW for the first round of applications. The program will provide annual incentive payments of $60 million over a 15-year period to qualified projects, with applications evaluated based on cost, project readiness, and community benefits. The incentives will be funded through the societal benefits charge, and the BPU must report on the program's impact one year after initial procurement, assessing progress toward the state's 2030 energy storage target.