Modifies certain requirements for transmission-scale energy storage procurement under BPU incentive program.

This bill modifies how New Jersey's Board of Public Utilities procures and incentivizes large-scale energy storage systems, primarily affecting developers and utilities seeking to build transmission-scale storage facilities. It establishes a two-phase program requiring projects to meet specific readiness milestones, such as completing interconnection studies with PJM or securing capacity rights, while setting a goal of awarding incentives for at least 1,000 MW of storage capacity by December 2026. The legislation also outlines application requirements, including proof of site control, permit acquisition plans, financial capability, and safety assurances, with a requirement that at least 350 MW be approved in the first phase by December 2025.