Requires offshore wind project escrow funds to be remitted to BPU for certain ratepayer relief.

This bill (A6226) directs the State to transfer all unspent funds received from a 2024 settlement with Orsted (the company behind canceled offshore wind projects) to the New Jersey Board of Public Utilities (BPU). The BPU must use these funds to provide direct ratepayer relief to electricity customers, lowering their monthly bills. The BPU will determine the exact timing, method, and form of this relief through its own rulemaking process. This policy change directly affects electric utility customers in New Jersey by redirecting unused settlement money toward bill reductions.