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

This bill requires New Jersey to redirect unspent funds from a 2024 settlement with Orsted (the company behind canceled offshore wind projects) to the Board of Public Utilities (BPU). These funds - specifically unexpended, unencumbered, or unobligated money from the settlement - must be used by the BPU to provide ratepayer relief to electricity customers. The BPU will determine the exact timeline, method, and form of this relief through a rulemaking process. The bill does not create new policy but mandates the use of existing settlement funds to lower electricity costs for consumers.