Bill Text: NJ S1671 | 2014-2015 | Regular Session | Introduced

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Bill Title: Imposes a two-year moratorium on increases in public utility rates.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-03-17 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S1671 Detail]

Download: New_Jersey-2014-S1671-Introduced.html

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SENATE, No. 1671

STATE OF NEW JERSEY

216th LEGISLATURE

 

INTRODUCED MARCH 17, 2014

 

 

Sponsored by:

Senator  JAMES BEACH

District 6 (Burlington and Camden)

 

 

 

 

SYNOPSIS

     Imposes a two-year moratorium on increases in public utility rates.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning public utility rate increases and supplementing Title 48 of the Revised Statutes.

 

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

 

     1.    Notwithstanding any law, rule, regulation, or order to the contrary, the board shall not approve any adjustment to the rates charged to ratepayers of a public utility for a period of two years following the effective date of P.L.    , c.   (C.      ) (pending before the Legislature as this bill) unless the adjustment reduces the utility's rates or unless the board determines that an adjustment to the rates charged to ratepayers is necessary under the terms or conditions of the utility's contractual obligations and that the failure to approve such an adjustment would result in the impairment of those contractual obligations.

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill imposes a two-year moratorium on the approval by the Board of Public Utilities ("BPU") of any increases in rates charged by public utilities to utility ratepayers unless the BPU determines that the approval of a rate increase is necessary to fulfill contractual obligations of the public utility.

     This bill is intended by the sponsor to address continuously increasing public utility rates.