Prohibits electric and gas public utility rate increases except in extraordinary circumstances.

This bill limits annual rate increases for residential electricity and gas utility customers in New Jersey to no more than 5% unless "extraordinary circumstances" occur. It directly affects residential customers by preventing most utility rate hikes, with exceptions for major disasters like hurricanes, earthquakes, or widespread grid failures declared by state or federal authorities. The law prohibits utilities from raising rates above this 5% cap during any single year without such approval. The bill takes immediate effect upon passage.