Bill Text: NJ S414 | 2010-2011 | Regular Session | Introduced
Bill Title: Imposes a two-year moratorium on increases in public utility rates.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2010-01-19 - Transferred to Senate Economic Growth Committee [S414 Detail]
Download: New_Jersey-2010-S414-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Senator PHILIP E. HAINES
District 8 (Burlington)
Senator THOMAS GOODWIN
District 14 (Mercer and Middlesex)
SYNOPSIS
Imposes a two-year moratorium on increases in public utility rates.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
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 this act 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 would impose 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.
