Prohibits BPU approval of electric and gas public utility rate increases resulting in total increase to average residential customer bill in excess of two percent annually.

This bill prohibits New Jersey's Board of Public Utilities (BPU) from approving electric or gas utility rate increases that would cause an average residential customer's annual bill to rise more than 2%. It directly affects residential utility customers and the BPU, which must deny any proposed rate hike exceeding this 2% annual cap on the average customer bill. The key provision sets a strict limit on total annual rate increases, regardless of individual utility company proposals or cost factors. The law takes immediate effect upon enactment.