Establishes limits for electric public utility rate increases for low- and middle-income households.

This bill (A 3422) limits electric utility rate increases for eligible low- and middle-income residential households in New Jersey. It prohibits utilities from raising rates for these households by more than the previous year’s inflation rate (based on the U.S. Bureau of Labor Statistics’ Consumer Price Index). Eligible households are defined as those earning ≤200% of the federal poverty level (low-income) or ≤400% (middle-income). Utilities must report program details to the Board of Public Utilities and face fines for non-compliance, with annual reports to the Legislature summarizing impacts.