Requires legislative approval of increases in utility charges

This bill, S 1414 (the "utility ratepayer protection act"), requires electric, gas, and water utilities to get legislative approval before raising rates. Utilities must submit a detailed report 180 days in advance, including justification and their financial status, to the legislature. The legislature can deny an increase if it deems it unnecessary to cover service costs, and any approved increase requires a majority vote in both the Senate and Assembly. The bill takes effect immediately upon enactment.