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 (S 2707) caps annual electric and gas utility rate increases for residential customers in New Jersey, prohibiting the Board of Public Utilities (BPU) from approving hikes that would raise the average residential bill by more than 2% over any five-year period. It directly affects residential utility customers by limiting how much their monthly bills can rise through regulated rate changes. The key provision requires the BPU to reject any proposed rate increase that exceeds this 2% cumulative cap over five years. The bill takes immediate effect upon enactment and aims to provide predictable utility cost stability for households.