Prohibits BPU approval of electric or gas public utility rate increases resulting in total increase to average residential customer bill in excess of two percent within five-year period.

This bill prevents the New Jersey Board of Public Utilities from approving electric or gas rate hikes that would raise average residential customer bills by more than two percent over a five-year period. It directly affects utility companies and residential customers by setting a cap on cumulative rate increases within a specific timeframe. The law requires the Board to review projected bill increases before approval and denies any requests that exceed the two percent threshold during the five-year window. This measure aims to limit utility cost growth for home energy consumers without changing how utilities operate or generating revenue.