Restructures electric and gas public utility industries.

This bill restructures New Jersey's electric and gas utility industries by allowing electric utilities to choose whether to own and operate generation facilities. If an electric utility elects to own generation, it must file updated tariffs with the Board of Public Utilities for approval, after which customers can no longer choose alternative power suppliers through retail choice. Similarly, gas utilities can discontinue retail choice for residential customers by filing updated tariffs with the Board of Public Utilities. The bill also establishes a new certificate process requiring utilities to obtain Board approval before constructing new electric facilities, including public hearings and environmental assessments, and includes specific provisions for handling costs related to utility accidents.