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

S 4414 requires New Jersey's Board of Public Utilities (BPU) to establish best practices for electric utilities covering areas like generation, transmission, operations, consumer education, and cost management. The BPU must set measurable benchmarks for compliance and assess utilities' progress toward these standards during rate increase reviews, comparing performance to other utilities in the state. If a utility fails to show adequate progress, the BPU cannot approve the rate increase and must provide a compliance assessment with specific remedial steps for improvement. This directly affects electric utilities seeking rate hikes in New Jersey, linking their financial requests to demonstrated adherence to established industry standards.