Requires electric public utilities to develop and implement grid modernization plans; appropriates $300 million.

This bill requires New Jersey's electric public utilities to create and implement grid modernization plans within one year. The plans must address projects like improving storm resilience, integrating renewable energy, and meeting climate goals, with cost estimates and timelines. Utilities can recover implementation costs through rate adjustments, while a new $300 million Grid Modernization Ratepayer Relief Fund will provide financial assistance to customers facing rate increases. The Board of Public Utilities reviews and approves these plans, ensuring they align with state climate objectives and cost-effectiveness. The bill directly affects all electric utilities operating in New Jersey and their ratepayers.