Requires BPU to establish best practices and to assess electric public utilities' compliance with BPU best practices during BPU's review of rate increase.

This bill requires New Jersey's Board of Public Utilities (BPU) to establish and publish best practices for electric utilities across six areas: generation, transmission, operations/maintenance, consumer education, business management, and affordability. The BPU must create objective benchmarks to measure utilities' progress toward these standards. During rate increase reviews, the BPU cannot approve any rate hike if a utility fails to demonstrate "adequate progress" toward meeting the benchmarks, and must provide a compliance assessment with remedial steps if denied. The law directly affects electric utilities seeking rate increases in New Jersey by linking their rate approval to demonstrated progress on these BPU-established standards.