Bill Text: NJ A3499 | 2024-2025 | Regular Session | Introduced

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Bill Title: Requires BPU to post on its website report from public utility on public utility's capital investments in response to petition from public utility to increase rates.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-05 - Introduced, Referred to Assembly Telecommunications and Utilities Committee [A3499 Detail]

Download: New_Jersey-2024-A3499-Introduced.html

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ASSEMBLY, No. 3499

STATE OF NEW JERSEY

221st LEGISLATURE

 

INTRODUCED FEBRUARY 5, 2024

 

 

Sponsored by:

Assemblywoman  SHANIQUE SPEIGHT

District 29 (Essex and Hudson)

 

 

 

 

SYNOPSIS

     Requires BPU to post on its website report from public utility on public utility's capital investments in response to petition from public utility to increase rates.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning certain reports on capital investments of public utilities and supplementing Title 48 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    As used in P.L.    , c.    (C.        ) (pending before the Legislature as this bill):

     "Board" means the Board of Public Utilities or any successor agency.

     "Confidential information" means any proprietary commercial or financial information or trade secret, as determined by the board, which is included in a report to the board on its capital investments required pursuant to section 2 of P.L.    , c.    (C.        ) (pending before the Legislature as this bill).

     "Public utility" means a public utility, as defined in R.S.48:2-13, that provides electric, gas, sewer, or water service to customers within this State.

 

     2.    When filing a petition with the Board of Public Utilities for an increase in a public utility's base rates, pursuant to R.S.48:2-21 or R.S.48:2-21.1, the public utility shall provide to the board a report that includes an analysis of the public utility's capital investments, in a form and manner determined by the board, for the purpose of determining the level of revenues necessary to afford the public utility an opportunity to earn a fair and reasonable rate of return on prudently incurred capital investments in the public utility's rate base.  Within 30 days of receiving the report, the board shall examine its contents and post the report on the board's Internet website.  Prior to posting the report on its Internet website, the board shall remove or redact from the report any contents that the board determines to be confidential information.

 

     3.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill provides that when filing a petition with the Board of Public Utilities (BPU) for an increase in a public utility's base rates, the public utility is to provide the BPU with a report that includes an analysis of the public utility's capital investments, in a form and manner determined by the BPU, for the purpose of determining the level of revenues necessary to afford the public utility an opportunity to earn a fair and reasonable rate of return on prudently incurred capital investments in the public utility's rate base.  Within 30 days of receiving the report, the BPU is to examine its contents and post the report on the BPU's Internet website.  Prior to posting the report on its Internet website, the BPU is to remove or redact from the report any contents that the BPU determines to be confidential information.