Prohibits electric and gas public utility rate increases except in extraordinary circumstances.

This bill caps annual rate increases for residential electric and gas utility customers at 5% per year, preventing frequent or large hikes. Utilities may exceed this limit only during defined "extraordinary circumstances," such as major natural disasters (e.g., hurricanes, earthquakes) or state/federal emergencies. It directly affects households receiving residential utility service by limiting how much providers can raise bills annually. The law establishes a clear, enforceable rate limit with specific exceptions for unforeseen crises.