Authorizes Rate Counsel to deny certain public utility rate increases.

This New Jersey bill (A 2763) gives the Division of Rate Counsel the authority to block public utility rate increases when inflation exceeds 2% in any of the four preceding quarters. It directly affects utilities (like electricity, gas, and water companies) seeking rate hikes and protects consumers from price increases that outpace inflation. The key provision states that Rate Counsel can deny a rate request if the U.S. Bureau of Labor Statistics' Consumer Price Index (measuring overall inflation) was above 2% in any of the prior four quarters. The bill does not change how utilities calculate rates but adds a new inflation-based check on rate increases. This policy change aims to align utility rate adjustments with broader economic conditions.