Requires electric public utilities to implement flood mitigation plans for certain electric distribution substations; prohibits rate increase pending implementation of flood mitigation plans.

New Jersey bill A1568 requires electric utilities to create flood mitigation plans for substations that caused 24-hour or longer power outages affecting at least 5% of customers in a municipality or county within the past decade. Utilities must submit these plans within 120 days after the state utility regulator establishes flood-resistance design rules. The regulator must approve or modify plans within 180 days and mandate implementation within one year. Crucially, utilities cannot request rate increases until their approved flood mitigation plans are fully completed. This directly affects all electric utilities operating in the state with affected substations.