Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

This bill requires the New Jersey State to transfer any unspent funds from its 2024 settlement agreement with Ørsted (the company behind canceled offshore wind projects) to the Board of Public Utilities (BPU). The BPU must then use these funds to provide direct ratepayer relief to electricity customers in New Jersey. The bill mandates the BPU to establish specific rules, timelines, and methods for distributing this relief through a formal rulemaking process. This policy change directly affects all electric utility customers in the state by directing unused settlement funds toward lowering their electricity bills.