Establishes limits for electric public utility rate increases for low- and middle-income households.

This bill, S 724, limits annual electricity rate increases for low- and middle-income residential households in New Jersey. It prohibits electric utilities from raising rates for these households by more than the annual inflation rate (based on the U.S. Bureau of Labor Statistics' Consumer Price Index). Eligible households are defined as those with annual incomes at or below 200% of the federal poverty level (low-income) or 400% (middle-income). Utilities must report program participation and financial impact to the Board of Public Utilities annually, and non-compliance results in fines determined by the Board. The bill applies to all residential electricity customers meeting the income thresholds, not to commercial or other utility customers.