Resets electric and gas public utility rates to 2020 levels for five-year period.

This bill (S 4481) requires New Jersey's electric and gas public utilities to reset their rates to levels from any point in 2020 for a five-year period. Utilities must file new rate schedules reflecting those 2020 rates with the Board of Public Utilities (BPU), which must approve them within 30 days. The approved rates would then remain in effect until 2030, preventing further increases during that time. This directly affects all households and businesses that pay for electricity and gas in New Jersey by stabilizing their utility costs at pre-2020 levels.