Prohibits BPU approval of electric or gas public utility rate increase resulting in total increase to average residential customer bill in excess of two percent within five-year period.

This bill (S 4372) 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 bill by more than 2% over any five-year period. It directly affects residential utility customers in New Jersey by limiting cumulative rate hikes on their monthly bills. The key provision requires the BPU to reject any proposed rate increase that projects exceeding this 2% cap over five years. The bill takes effect immediately upon enactment.